The Evolution of Luxury Watch Auctions

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The evolution of luxury watch auctions has been characterized by the emergence of online platforms and the proliferation of online sellers. Many of the leading players are now making the leap from a brick-and-mortar operation to an online auction. The emergence of online auctions has led to a new wave of consumers and a shift in industry dynamics.

These auctions are popular with wealthy individuals because they offer a unique opportunity to purchase a luxury timepiece. Some brands also secretly bid on their own timepieces, often with the help of a proxy bidder. The resulting price is often significantly less than the open market price. In addition, auction houses are convenient for buyers.

While auctioning luxury watches is a great way to sell a valuable watch, it is also a risky business. Not all high-end watches are in demand, and they can take months to sell. Furthermore, you will have to compete with other high-end collectors to sell your timepiece.

Despite the competition in the luxury watch market, the numbers are still increasing. According to the Mercury Project, the Phillips auction house is overtaking Christie’s in terms of sales in 2020. The auction house’s average price per timepiece is 3.6 million dollars, whereas Christie’s average is only $4 million. This means that online auctions are increasingly popular.

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