WATCH COLLECTING HAS become something of a phenomenon. Less than nine months since its first auction, the company has racked up more than £8m in sales.
Add to this a number of international auction records, and it is clear that this fledgling platform means serious business.
Back in March 2021, its very first day of auctions brought its first record, for a ‘double sealed’ Patek Philippe 5711 Nautilus. The months since launch have seen a steady flow of world-beating auction prices across a wide range of watch brands and models.
This is no surprise when you look at the fee structure: sellers pay 0% commission and, other than photography should they need it, there are no other costs at all. Buyers pay a mere 5% plus VAT on sales over £10,000 and a flat £500 plus VAT below this level.
Compare this to the 5-10% commission typical at a traditional auction house with a Buyer’s Premium of 25% plus tax and you see that Watch Collecting buyers have the freedom to keep on bidding, achieving a higher hammer price and returning the seller more money.
It is usually a win-win, with the buyer paying less than they would elsewhere and the seller receiving more, but not always.
Watch Collecting’s already impressive reach has seen outright records set too, exceeding the all-in price of traditional auctions.
June saw an international record set for a 2015 Omega Speedmaster, Apollo 13 anniversary watch. Affectionately known as the Omega ‘Snoopy’, this watch returned an unprecedented £28,000 to its seller.
The following month a seller was referred to the platform with a 1993 Rolex steel and gold Submariner, but one factory-fitted with a rare lapis lazuli dial.
Watch Collecting not only beat the best trade offer she had received for the watch at £9,500, but it also eclipsed the previous auction record of £30,000 set in 2018 achieving an astonishing £64,000.
Watch Collecting is disrupting the watch auction market in many other ways, whether it is ease of listing, speed of turnaround or the industry leading photography it offers. Most auctions offer up to three photographs, dealer sites around eight. Watch Collecting insists on 20 to 30 high resolution photographs of the watch, and all attendant accessories, so buyers can see clearly what they are getting.
All this is backed by a team of watch enthusiasts aiming to provide the smoothest, best value way to buy or sell a watch online.
To buy or sell watches, see watchcollecting.com