How to Buy a Fine Watch Auction Lot

Whether it’s the excitement of a Patek Philippe record-breaker or the fervor for one of this year’s grail watches, the watch auction scene has never felt more alive. And it’s not just collectors who are drawn in: record-breaking results are getting media coverage that wasn’t there a couple of years ago, with news of big lots making the rounds on Hodinkee and other forums.

The big three fine watch auction (Phillips, Christie’s and Sotheby’s) have a lot of power when it comes to consignors choosing where to sell their watch collection. Their history, reputation and global offices help give them credibility and a sense of trustworthiness that’s hard to beat. And, while the watch departments make up only a small portion of their overall businesses, they’re still the go-to choice when it comes to selling a rare and beautiful timepiece.

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During the bidding process, it’s important to stick to your budget and not get carried away. Many experts advise setting a maximum bid beforehand, taking into account the buyer’s premium and potential taxes and shipping fees. Also, be sure to keep an eye on the auction house’s terms and conditions – they can be confusing, especially for first-time buyers.

Finally, once you’ve won a lot, be sure to settle your final payment promptly. Most auction houses accept payment by wire transfer, credit card or cash – but be sure to check the fine print on their website or with them directly to see if there are any limitations or additional fees.