Last year, 92 percent of Phillips auction lots had online bids. Of those, 52 percent were sold. These numbers show that Phillips clients increasingly want to participate in online bidding. One of these clients, Watch Pro Site’s Patrick Y, says the online bidding option makes it easier for clients to participate in the auction from different time zones.
Increasingly, the watch market is also attracting younger buyers, sellers, and collectors. The younger generations have an insatiable desire for change, and it is no surprise that more young people are now becoming interested in buying and selling watches. However, the value of a watch cannot be easily determined by auction results. Unlike other products, the auction results do not necessarily reflect its inherent value. Moreover, they can be affected by different factors, including the emotions and the number of people attending the event.
Christie’s and Sotheby’s are among the biggest auction houses that specialize in watches. These auction houses have offices all over the world and a long history. They are also well-known for their reliability and credibility. Moreover, they have an entire watch department. Choosing an auction house is a smart investment, especially if you have multiple assets to sell.
While the traditional brands of Patek Philippe and Rolex are still the dominant players in the watch auction market, newer brands are attracting younger audiences, and the excitement surrounding the newer models is attracting younger crowds. As a result, media coverage has increased substantially over the past few years. Before, it was limited to forum posts and reports on Hodinkee, but now the news of record-breaking sales and big lots is shared widely on the Internet.