WatchOut!! Auctions

[J. Alan]

Periodically, the wife and I like to attend traveling jewellery and watch auctions for amusement. They usually advertise Rolex watches and other brands for sale with the come-on that they have been "seized" by customs or for non-payment of taxes, whatever that means.

This particular auction house is well known in Canada and travels from city to city taking out official looking ads which can be deceptive as they appear to be government generated although a small disclaimer at the bottom of the ad states they are not a government agency. They usually rent a conference room at a highend hotel to conduct their business.

As usual they had a selection of approximately 30 watches of various brands (Cartier, Omega, Frank Muller, IWC, Tag Heurer, Breitling, Corum, Audemars Piguet, etc) with about 6 Rolex models. Most of the watches were dripping with aftermarket bling. Obviously, there has been previous difficulties with Rolex and other manufactures as it clearly states on every page: "Each Lot Guaranteed Authentic. "Custom Added" Parts are non Rolex." Most of the Rolex watches had "Custom Added" diamond bezels, dials, or bracelets. Suprisingly, most of the watches did not bring any bids as in previous auctions we have attended where insane prices were bid for some of watches auctioned.

There were two interesting Rolex models that were presented for bids. One was a 18k W.G. diamond dripping (all "Custom Added" bezel, dial, case, and bracelet) Model 18039 DayDate President, appraised at $125,000 Canadian (our dollar is currently at par with USD). The reserve was $37,500 for a Rolex that if ever sent to a RSC you would receive the famous notification that in it's present condition, Rolex cannot service the watch!! It attracted no bids.

The second Rolex that was presented was a BNIB 116300 Datejust II with a silver stick dail. Again, a "Custom Added" gaudy diamond bezel was included. Appraised value: a crazy ridiculous $26,500!! I had to look at the description again to see if they had the wrong model number and the watch was actually White Gold!! Nope - stainless steel. Now the last time I purchased a Datejust II from a local AD for the wife with the W.G. fluted bevel and a Rolex pink wave diamond dial, I paid a little north of $8000 including all taxes. Well, the bidding started, and the winner paid $11,000 PLUS an additional 27% for auction fees and taxes for a total of $13,970!!! The wife had to gag me from bursting out laughing, or, crying - I can't remember!!


Anyways, it was an entertaining "free" afternoon and I have added to my list of where to never purchase a Rolex: Craigslist, eBay, and this auction house!!

J. Alan