Auction
Also called watch auction
A watch auction is a sale where buyers bid against each other, run by an auction house either in a saleroom, online, or both.
Auctions can achieve strong prices for rare and collectible pieces, and their published results are a useful source of comps. They also carry costs on both sides: a seller's commission and a buyer's premium added to the winning bid.
When comparing auction results with dealer prices, check whether the figure includes the buyer's premium, and remember the seller received less than the published result.
Related terms
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Learn the trade, not just the word
Plain-English guides to buying, pricing and selling watches as a business. Free, and written to be used at the counter.