Watch Collecting, a British online auction site that formally launched earlier this year, is claiming that a 90% sold rate for its very first timed sale set a new world record.
The auction took place on March 26 and was remarkably well-supported for a debut.
A 2016 ‘Double Sealed’ Patek Philippe 5711 Nautilus, the blue dialed model that was already on the discontinued list at the time of the auction, sold for $113,751 after a battle between 101 bidders.
A 2020 Rolex GMT Master II Pepsi in white gold hammered for $40,000 while two unicorn watches brought in their usual market value: a 2020 steel Pepsi sold for $19,450 and a Hulk went for $20,700.
There were bargains to be had. A Hublot Big Bang Aero Bang in black ceramic, which might have expected to sell for over $13,000 was snapped up for $6,200.
A 2019 Patek Philippe Calatrava Travel Time in rose gold sold at watchcollecting.com for $38,950. The same watch costs over $50,000 brand new.
Watch Collecting is attracting sellers by guaranteeing them 100% of the sale price for every watch while UK-based buyers pay a 6% premium on top of the hammer price.
Outside the UK, there is an additional 5% buyer’s premium.
“This streamlined charging structure allowed bidders to go further than at a traditional auction house, achieving outstanding prices for brands including Rolex, Omega, Hublot and Tudor,” says Edward Lovett, founder of Watch Collecting and its sister company Collecting Cars.
“Our team have worked hard to produce this website and assemble this first offering of watches. I feel honoured and humbled by the trust placed in us by our consignors for this new auction model and the landmark prices achieved today are a vindication of our process.”