ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX
|
13 March 2018, 12:19 PM | #1 |
Banned
Join Date: Jan 2018
Real Name: Tyson
Location: Canada
Watch: 116520
Posts: 41
|
Paul Newman Daytona auction
I recently watched the $18 mil auction video. I was wondering why would a person bid $10mil right at the start (I'm sure insanely rich people don't way to pay alot for an item). Do auctioneers/sellers actually "shill" their items?
|
13 March 2018, 12:38 PM | #2 |
Banned
Join Date: Jul 2016
Location: Toronto
Watch: YM2SS,SD43,HULK
Posts: 558
|
There's rumour going around that Rolex SA bought the watch. They would have paid anything to get it back.
|
13 March 2018, 12:40 PM | #3 |
Banned
Join Date: May 2012
Real Name: CJ
Location: Kashyyyk
Watch: Kessel Run Chrono
Posts: 21,112
|
$10 hard at the start is an auction strategy.
Didn't work this time. $10 or $18 who cares. If you can get $10, the next $8 is easy. Plus buyers premium and fees. |
13 March 2018, 12:41 PM | #4 |
Banned
Join Date: Aug 2016
Location: Kuala Lumpur , Ma
Posts: 2,011
|
I thought Aurel Bacs of Philips actually announced that he had a US$ 1 million dollars absentee opening bid for the Paul Newman Daytona. In was the second bid from an Asian client coming in at US$10 million dollar within 1 second after the first that got the crowd all electrified
|
13 March 2018, 12:43 PM | #5 | |
Banned
Join Date: May 2012
Real Name: CJ
Location: Kashyyyk
Watch: Kessel Run Chrono
Posts: 21,112
|
Quote:
Some were phone. Some were IM. Some were in person rep. Some were text. Some paddles. Whoever went $10 went to set the tone. |
|
13 March 2018, 12:44 PM | #6 | |
"TRF" Member
Join Date: Aug 2016
Location: Chicago
Watch: Daytona
Posts: 5,572
|
Quote:
I read the thinking was that the $10 million bid right away knocked a lot of potential bidders out before they could even get involved.
__________________
Datejust w/black Tapestry dial (1985) / Daytona (2016) |
|
13 March 2018, 12:47 PM | #7 |
Banned
Join Date: May 2012
Real Name: CJ
Location: Kashyyyk
Watch: Kessel Run Chrono
Posts: 21,112
|
Remember, if bidding started at $1. That's technically the bid. Even if you say $10, it's still 2 bids with the $1 gone instantly replaced by the $10.
(Splitting hairs) |
13 March 2018, 12:57 PM | #8 |
2024 SubLV41 Pledge Member
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 78,135
|
They didn’t get my text
|
13 March 2018, 01:43 PM | #9 |
Banned
Join Date: May 2012
Real Name: CJ
Location: Kashyyyk
Watch: Kessel Run Chrono
Posts: 21,112
|
|
13 March 2018, 01:59 PM | #10 |
2024 Pledge Member
Join Date: Oct 2014
Real Name: Chadri
Location: LI, NY
Watch: 116610LV
Posts: 11,357
|
haha. Congrats btw Brian. Surely A more significant watch than the Paul Newman Daytona. Worth more for sure
|
13 March 2018, 08:38 PM | #11 |
2024 SubLV41 Pledge Member
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 78,135
|
|
13 March 2018, 01:18 PM | #12 |
"TRF" Member
Join Date: Dec 2017
Location: New Orleans
Posts: 1,175
|
I thought it was smart as those rooms were full of people who would have spent a couple million, but coming out strong at 10m denied all the small fish a chance to bid it up and moved the bidding directly to the elite participants. Also made it harder for a coterie of dealers to cobble their cash together as the price got even out of that range.
|
13 March 2018, 01:46 PM | #13 |
Banned
Join Date: Oct 2005
Real Name: Peter
Location: Australia
Posts: 603
|
I suspect Rolex SA bought it. They told Paul Newman's daughter that the Daytona she was given by Paul Newman was priceless and she shouldn't wear it. It will probably end up on display in Rolex HQ as soon as it's serviced.
|
13 March 2018, 08:49 PM | #14 |
"TRF" Member
Join Date: Jan 2018
Location: Tennessee
Posts: 169
|
If memory serves my correctly Mr. Newman gave the watch to his daughter's then boyfriend. He had previously asked him for the time and, when they boy answered that "he didn't have a watch", Newman gave him the Daytona saying something to the effect of "now you have one". Please correct me if I'm wrong.
|
13 March 2018, 09:40 PM | #15 | |
Banned
Join Date: Oct 2005
Real Name: Peter
Location: Australia
Posts: 603
|
Quote:
Sent from my SM-J120ZN using Tapatalk |
|
14 March 2018, 09:38 AM | #16 |
Banned
Join Date: Dec 2014
Location: NZ
Posts: 2,600
|
|
13 March 2018, 01:57 PM | #17 |
Banned
Join Date: Feb 2018
Real Name: Tom Wentworth
Location: Los Angeles
Watch: Rolex 116610 Sub
Posts: 541
|
Auction houses have language in their contracts that allow them to shill their auctions. It is a violation of ebay rules and then becomes wire fraud, but for auction houses, it is very standard to place bids on behalf of the seller of a hidden reserve item.
Here is a quote from a website on the practice:"Chandelier Bidding (aka: Rafter bidding. Off-the-wall bidding. Consecutive bidding. Vendor bid. Consignor Bid.) A practice where the auctioneer pretends to take a bid from the room in order to encourage bidding, create the appearance of demand, or to push bidding closer to the reserve price. Chandelier bidding is legal, as long as such bids stop short of the reserve. Auction houses prefer to describe the practice with the blander term “consecutive bidding.” The terms and conditions section of an auction catalogue will typically state that the house may place consecutive bids on behalf of a consignor. Auction houses claim that the practice promotes competitiveness and that if bidders knew the reserve price they would be less inclined to bid beyond it. Critics argue that chandelier bidding is deceptive and distorts the true level of interest for a particular lot. Former democrat assemblyman Richard Brodsky spent 19 years attempting to ban chandelier bidding. After his ninth bill finally passed through the Assembly in 2007, it was subsequently quashed in the Senate. Republican State Senator John Flanagan also attempted to pass a companion bill in 2007." |
13 March 2018, 02:19 PM | #18 | |
Banned
Join Date: Jan 2018
Real Name: Tyson
Location: Canada
Watch: 116520
Posts: 41
|
Quote:
|
|
14 March 2018, 08:07 AM | #19 |
"TRF" Member
Join Date: Jan 2018
Location: Tennessee
Posts: 169
|
|
13 March 2018, 02:05 PM | #20 |
2024 Pledge Member
Join Date: Oct 2014
Real Name: Chadri
Location: LI, NY
Watch: 116610LV
Posts: 11,357
|
btw, don't think there was a link. I'm watching it now. Pretty cool to watch...
https://www.youtube.com/watch?v=X0tjSUOvi5k |
13 March 2018, 02:10 PM | #21 |
2024 SubLV41 Pledge Member
Join Date: Nov 2012
Location: USA
Watch: addiction issues
Posts: 37,355
|
Aural bacs hinted in a post interview that the watch went to a private individual aka not Rolex.
The 10 out of the gate was a bidding strategy as mentioned above. They figured it was worth over ten million so by starting there they shock some bidders and prevent them from entering the ring. Forgive me but I don’t think Rolex would feel the need to buy this watch.
__________________
|
13 March 2018, 02:06 PM | #22 |
"TRF" Member
Join Date: Oct 2017
Location: USA
Posts: 6,545
|
I’m sure buying an $18 million item goes beyond just a hobby and he’s dead sure he can get $20 million in a year or two!
__________________
Wear the watch you like, not the one they tell you to wear! |
13 March 2018, 11:16 PM | #23 |
2024 SubLV41 Pledge Member
Join Date: Dec 2010
Real Name: PaulG
Location: Georgia
Posts: 42,024
|
Paul Newman Daytona auction
By dropping the $10 million into the second bid, it signaled “serious bidders only” and helped eliminate well-funded emotional tit-for-tat bidding that can lead to a higher final value winning bid.
I know it eventually went for more than that high bid. But had a war erupted in the room (where emotion can be spurred on by a bidding war) then $20-25+ could’ve been the result. Sent from my iPhone using Tapatalk
__________________
Does anyone really know what time it is? |
14 March 2018, 01:33 AM | #24 |
"TRF" Member
Join Date: Aug 2016
Location: Chicago
Watch: Daytona
Posts: 5,572
|
Here’s a few pics from my well-timed trip to L. A. that happened to coincide with a showing the weekend before the auction:
Sent from my iPhone using Tapatalk
__________________
Datejust w/black Tapestry dial (1985) / Daytona (2016) |
14 March 2018, 08:21 AM | #25 |
2024 SubLV41 Pledge Member
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: Love em all
Posts: 5,920
|
I was at the auction. All of the power houses in the watch world were there. The reason for the jump to $10 million as the second bid is because it eliminated all of the in room bidders and got right to the meat and potatoes so to say. It's worth mentioning that there were only a handful of pre-approved bidders in the room capable of bidding on this watch. The room was electric to say the least. I have no clue who took home the prize but I personally imagine it to be Rolex - eventually they will open a Rolex museum and I would imagine this to be a centerpiece.
__________________
Remember what matters. Value everyday |
14 March 2018, 08:30 AM | #26 | |
2024 Pledge Member
Join Date: Feb 2010
Real Name: Neil
Location: UK
Watch: ing ships roll in
Posts: 59,369
|
Quote:
|
|
14 March 2018, 08:55 AM | #27 |
2024 SubLV41 Pledge Member
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: Love em all
Posts: 5,920
|
Ha Ha I am sure Rolex is more than flush with cash. This isn't a drop in the bucket and they can even write it off for tax purposes as a company advertising expense lol
__________________
Remember what matters. Value everyday |
15 March 2018, 12:37 AM | #28 |
2024 Pledge Member
Join Date: Feb 2010
Real Name: Neil
Location: UK
Watch: ing ships roll in
Posts: 59,369
|
Must have been fun to be there, it was great stuff following it here, and that opening bid was pretty smart as it threw everyone off including the auctioneer, who was desperately repeating himself like an amateur, so as to buy others time to formulate bids. I think a slow boil bidding war would have seen it pass 20m easily.
|
14 March 2018, 08:34 AM | #29 |
"TRF" Member
Join Date: Mar 2017
Location: Canada
Watch: Royal Oak Chrono
Posts: 301
|
I was there too! It was awesome seeing all the Hodinkee people and some of the people in their "Talking Watches" videos in the room (Goldberger was there). An awesome experience!
__________________
Audemars Piguet Royal Oak Chronograph 26331OR Audemars Piguet Royal Oak 15400OR Rolex Day-Date II 218235 Rolex GMT-Master II BLNR 116710 |
14 March 2018, 08:59 AM | #30 |
2024 SubLV41 Pledge Member
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: Love em all
Posts: 5,920
|
Ha like a Talking Watches reunion - definitely lots of watch folks filled the room. Cool to witness a piece of history.
__________________
Remember what matters. Value everyday |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
|
|
*Banners
Of The Month*
This space is provided to horological resources.