It would seem that the sun-beams of marketplace recovery have not reached all shores just however. On September 23rd, the 4th edition of the biennial charity auction ONLY WATCH closed having a result of EUR four,563,000. This may possibly sound like an outstanding result on the face of things, but a closer examine the particulars of the auction certainly shows that the market has not really returned towards the heady excess of pre-GFC instances, a minimum of not this year anyway.
An exciting physical exercise would be to compare the final price of each watch with its initial estimate, recognized properly just before the commencement of the auction. Obviously these estimates are just just that; estimates and nobody can really say for particular what will happen on auction day. Nonetheless, undoubtedly some of those "in the know" would have been predicting that a lot more than several of these exquisite pieces would far exceed their initial appraisals.
Inside the finish though, the results were in my opinion somewhat disappointing. Admittedly it really is difficult to draw any solid industry conclusions as the final outcome is dependent on numerous factors, including the line-up of watches as well as the efficiency of the auctioneers on the night. Even so, the figures speak for themselves. Far more than 60% of the watches had been sold under their estimate. Within the mean, all watches sold at two.9% under and if we exclude the rather huge outlier of the Patek Philippe ref. 3939 , whose final cost was a staggering +155% above its estimate, that number jumps as much as 6.8 % under estimate.
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