Is It A Good Idea To Buy Watches From An Online Auction
Auctions are one of the best ways to get high-quality products at a relatively cheaper cost. How exactly do auctions work? Sellers contact auctioneers who conduct the entire process of the auction either at a physical location or in online sites. Interested buyers can then bid on the item on sale and it is then usually sold to the highest bidder. As the selling price of the product is determined by the bidding process, it is a great chance for prospective buyers to get a unique product at a lower price. If it goes above the budget that they had in mind, they can always stop the bidding process and drop out of the auction.
Watches today are available for costs starting at a few bucks and go up to thousands of dollars per piece. If you want to buy a new watch to add to your collection, an online watch auction can be just what you are looking for. Christie’s, Sotheby’s, Antiquorum, among others are some of the best online auction sites if you are looking to buy a watch.
Arriving at the right value for your bid when buying a watch
Bidding processes generally become intense due to fierce competition among the bidders. In some cases, the auction price of items even reaches millions. But are they really worth so much money? More often than not, items for sale at auctions are sold at values much higher than their actual price.
So how do you ensure that you arrive at the right price when placing a bid? The following tips can help you out.
Make and brand of the watch
With information today available literally at our fingertips, it is not difficult to identify and research a particular brand. Auctioneers generally list their catalog weeks before the auction goes live. This gives you plenty of time to research on the listed watches and get a ballpark estimate of their cost.
Check for complications
What makes expensive watches expensive? Apart from being high quality, high precision, sometimes handmade equipment, complications determine the cost of a watch. What are the complications in a watch? Apart from the primary function of showing time, any additional feature in the watch is called as a complication. While simple complications such as alarm clock, chronograph, retrogrades are relatively cheaper to make, grand complications such as tourbillons can make the watch extremely expensive. A general rule of thumb is that the cost of the watch goes higher if there are more complications built into it.
Parts and movement
Choosing a watch having swiss parts, movement or make can turn out to be more expensive than its competition. Swiss-made watches are known for high precision engineering and superior quality.
Seek expert advice
No amount of research can match a professional’s advice. If you are considering to pick up a high-value watch, consulting a professional expert in watches can give you vital information that can assist you in making a well-informed decision.
What to look for during the bidding process?
With online auctions for watches making the entire process quite simple and streamlined, you can bid for your favorite watch from any part of the world with just a click of a button. However, staying prepared for the auction beforehand can ensure that the process goes smoothly without any hiccups.
Look out for the following things:
Keep a close eye on other bidders
More often than not, people who bid at high-value auctions are seasoned and experienced investors. Watching their actions can help you better understand the worth of a product.
What are the payment options available
Though most online auction sites today accept major modes of payment such as wire transfers, debit/credit cards, and others, double-checking the terms and conditions is important. For instance, how much time do you have to complete the payment after winning the bid? Can you cancel a bid?
Don’t bid above your budget
As bidding wars can get heated and intense, keeping a cool head can help you avoid making rash decisions. If bids are soaring way past your expected budget, dropping out of the auction is the most sensible approach.