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drifttube123
12-02-2011, 11:18 PM
I heard there is auction this Sunday at the Sheraton Cavalier. I believe there will be watch brands such as Patek Philip, Rolex etc.. Has anyone else heard of this or know if it's worth checking out?

rob the knob
12-02-2011, 11:36 PM
rob

Pacman
12-02-2011, 11:59 PM
I've been 3 times, and it's been a complete waste of time.

To give you an example, they had a 6 year old Rolex Explorer II with no boxes or papers, which was $4,500 brand new, and has a used market value of around $3,000. The "valued" it at $8,500 which is the MSRP for the current new model, and started the bidding at $6,500.

Out of 40 or so watches, most didn't even get 1 bid, as there starting price was thousands over the current used market value.

They must run their business model on waiting for suckers to come along and buy stuff.

roopi
12-03-2011, 01:52 AM
i've been to one of these in Edmonton and it was a waste as already stated. Overpriced for sure.

drifttube123
12-03-2011, 09:58 AM
Good to know, I won't be wasting my time there. Thanks all.

rage2
12-03-2011, 10:39 AM
Originally posted by Pacman
I've been 3 times, and it's been a complete waste of time.

To give you an example, they had a 6 year old Rolex Explorer II with no boxes or papers, which was $4,500 brand new, and has a used market value of around $3,000. The "valued" it at $8,500 which is the MSRP for the current new model, and started the bidding at $6,500.

Out of 40 or so watches, most didn't even get 1 bid, as there starting price was thousands over the current used market value.

They must run their business model on waiting for suckers to come along and buy stuff.
That's pretty much the auction business right there. It's no different than Antiquorum, except since it's a worldwide auction (they have staff that can bid in person for you on your behalf over the phone) you have a much higher chance of finding a sucker!

I've tried bidding market value at several Antiquorum auctions and have yet to win anything. I did miss out on a really cool TAG prototype that actually sole for slightly over market value though.