The emergence of online auction sites and online bidding services has revolutionized luxury watch auctions. Sotheby’s recently recorded its best year ever for watch sales. This is largely due to the online market’s transformation. The number of watches sold at auction soared eight times – in value, volume, and price – over the previous year.
However, the process of buying a watch from a large auction house can take a lot of time. During a single event, hundreds of lots are put up for auction. In addition, it is time consuming to sort through the auction catalogs to discover what is available. Most auctions are well organized and categorised, but the sheer quantity of watches for sale can make it difficult to keep track of what is available at any given time.
Luxury watches are usually made from the best materials, and they are built to last. They are also designed to be comfortable and reliable to wear. Buying a luxury watch can be a very smart investment for a collector. But you should remember to choose the right brand. Luxury brands like Rolex, Omega, and Cartier are always in style, and their watches will never go out of style. But if you aren’t a fan of expensive brands, you may want to opt for a lesser-known brand. The quality of a lesser known brand can sometimes be better than the well-known ones.
Luxury watch auctions are often fueled by bidding wars among wealthy individuals who are fueled by champagne and free wine. Oftentimes, there is a huge gap between pre-sale estimates and final sale prices. The final sale prices often include a 25% buyer’s premium.