The first week of October showed how competitive the watch auction market can be: a Voutilainen made more than eight times its low estimate at Phillips, and a Paul Newman Daytona drew 15 bids at Sotheby's Paris, as reported by Haute Time. With more sales to come this month, here is how to approach buying at auction.
1. Read the estimate correctly
The estimate is the auction house's view of the likely hammer price, not a ceiling. Rare or fresh-to-market pieces often go far above it, while common references can fall below. Look at recent results for the same reference before you decide your limit.
2. Add the buyer's premium
The price you pay is the hammer price plus the buyer's premium, which is a percentage set by each house, plus any taxes and import duties. At Sotheby's Paris, the Paul Newman Daytona hammered at €350,000 and cost €448,000 with premium. Set your limit on the total, not the hammer.
3. Ask for a condition report
Original dials, hands and cases matter enormously to value. Request a condition report, ask whether the watch has been serviced or polished, and check what box and papers come with it.
4. Understand the format
Many sales are now timed online auctions, where lots close one after another, sometimes a minute apart. Some extend if a bid arrives in the final moments. Live sales allow telephone and commission bids. Register early, as some houses require a deposit or references for higher-value lots.
5. Have a plan B
If a lot goes beyond your limit, the same reference may be available privately. Sometimes the best outcome of an auction is a clearer sense of the market price.
How we help
We help clients research lots, register and set budgets, and we source comparable watches privately through trusted channels. Purchases can be settled in fiat or crypto.
Frequently asked questions
What is a hammer price?
The winning bid when the auctioneer closes the lot, before the buyer's premium and taxes.
Can I bid without attending?
Yes. Most houses accept online, telephone and commission bids.
Can Instacoins Concierge source a watch outside an auction?
Yes. Tell us the reference, condition and budget and we will look privately.
