Selling my collection

[Tim Fitzgerald]

Can you friends give me information on selling my American pocket watch collection? I'm getting old and would like to sell them so my wont have to.
Thanks
Timothy fitzgerald

 

[Tim Fitzgerald]

I am getting very old and would like to sell my american pocket watch collection, so my wife doesn't have to go through the bother. They all are running and in beautiful condition. I serviced and repaired every one myself & there is around 90 ,
Thanks Tim Fitz

 

[John Cote]

Tim,

I would recommend sending them to Jones and Horan Auction services. They are the premier auction house for American pocket watches and they are a good partner to the NAWCC. As you probably know, since around 2007-8 the values of pocket watches, but especially the more common American pocket watches, including RR watches has come way down. Quality is still king though so if your watches are in good original condition they will still do well.

 

[MrRoundel]

Sorry that it's come to that time. Few should understand time as much as an horologist, right? I'm sure it's a great collection to move on into the next right hands.

I agree with the Jones-Horan recommendation for selling off larger collections. With luck, some here will end up with one, or perhaps more, of your time-treasures? I'll keep an eye out. Best.

 

[topspin]

The good news is - you still have time to ensure they are all suitably catalogued / tagged, if they aren't already. You are in the best position to do this, as you already know what each watch is and any story that's associated with it.

You could consider selling off (say) 90% of the collection, and giving / bequeathing just a few treasured pieces to your nearest & dearest.

 

[musicguy]

Nice to see you again Tim. Sorry things are getting tough.

Rob

 

[Dr. Jon]

I regard Jones and Horan highly, especially their American and wrist watch expertise, but they are not the only option. First disclosure, I have a long relationship with Dan Horan of Schmitt Horan.

They are better known for clocks but they do have very good watch expertise and their expert is a very good watchmaker. They operate a bit differently from Jones Horan:

1) They take reserves
2) They charge a buyer's premium
3) The have built a large auction facility including warehouse facilities and host auctions in the premises. The feature in person only auctions (No internet and no phone) so they get very high attendance in person.
4) They are more cutting edge in internet software and on-line options.

As a case in point if I die before my wife, she will probably go to Jones Horan because she likes Patty and George, but if I sell, it will be with Schmitt Horan.

Both will travel to pick up collections.

There are several other options such as Heritage which I have not used but I have heard good things about them.

I have a good friend who sells almost exclusively on eBay, and, if interested, I will put you in contact by PM. He is very good and very proficient on American watches.

There are several viable options so if for any reason you have reservation about Jones and Horan there are alternates.

 

[John Cote]

.......but they are not the only option. First disclosure, I have a long relationship with Dan Horan of Schmitt Horan....

....There are several viable options so if for any reason you have reservation about Jones and Horan there are alternates.

I must say that I agree with all that my colleague and friend Dr Jon said. There are a lot of great options. I like and trust Dan Horan of Schmidt Horan too.

 

[geno55]

I must say that I agree with all that my colleague and friend Dr Jon said. There are a lot of great options. I like and trust Dan Horan of Schmidt Horan too.

I like both companies and the people involved, but as a business decision it is hard to give up an extra 20% as the consigner

 

[John Cote]

I like both companies and the people involved, but as a business decision it is hard to give up an extra 20% as the consigner

Geno,

I think it works out about the same if the 20% is a consignor fee or if there is a buyer's premium. I suppose some buyers are too stupid to take a buyer's premium into account but not many I hope. Buyer's premiums are getting to be more than 20% these days anyway.

 

[Bruce W Sims]

I feel a little tug when I read a post like this, but I would like to heartily commend you
on looking forward and using the time to make sure you have some choice over what goes where. I am old enough now to have witnessed heart-breaking outcomes when someone
passes or becomes infirm and less knowledgeable folks take h2G treasures, puts them in a box and dumps them at GOODWILL.

As suggested I endorse taking some time to identify your most cherished treasures and see them safely to the individual, organization or institute that will guarentee they won't wind-up on EBAY or ETSY. I also hold with having a single reputable house auction the rest of your collection. You didn't mention your tools but I would also make sure that those are cared for as well. If you have been servicing your own watches, your tools are in top shape and deserve to go someplace other than a listing of "Lot: Vintage Used Watchmaker Tools".

OH and BTW... you have been a solid custodian of your pieces and I, for one, would like to thank you for all it took to make that happen.

Best Wishes,

Bruce

 

[bruce linde]

selling one clock or watch is not trivial... selling many increases the difficulty geometrically. 20% doesn't seem that bad in that context, especially given the exposure to much wider potential audiences. i also agree with other bruce's comments about decisions, tools, etc.

i think about my clocks and what's going to happen to them when i go... just about every day. i have a designated 'clock executor' in my estate plan... a member here who has become a friend, has some idea what he'll be dealing with, seen the collection in person, etc. i have lots of photos of each piece on my website, along with notes on how they're installed, how to de-install (and move) safely, when acquired and for how much, updated pricing thoughts, etc.; those notes only show for those with admin access to the website. admins can also click a link next to each clock listed to automagically download a .zip file containing the images and notes for potential buyers and/or auction houses. more photos + more info generally = better ROI.

it's a bit depressing that... other than online here... most people don't appreciate the horological pieces they're looking at. i want my friends to appreciate them as much as i do, but very few do. i've come to realize that the best i can do is enjoy my collection while i can, and ensure the best possible chances of survival for as many of the pieces as possible. the better ones, no prob.... marriages and/or the lesser clocks, hope for the best.

i collect mostly seconds beating regulators... short math is 86,400 ticks per day, 31.5+ million ticks per year... and they're all over 100 years old... which means billions of ticks and they're still running. effing awesome.

we are caretakers.... finding our replacements is getting more difficult all the time.... good luck!

 

[geno55]

Geno,

I think it works out about the same if the 20% is a consignor fee or if there is a buyer's premium. I suppose some buyers are too stupid to take a buyer's premium into account but not many I hope. Buyer's premiums are getting to be more than 20% these days anyway.

Hi if I am going to bid a 1000 at Jones I can bid a 1000, at Schmit i bid 800 or 850 to equal a thousand. The consigner gets a hammer price of 1000 at Jones and nets out about 850, at Schmit the hammer is 850 he nets out 725 it's not rocket science

 

[bruce linde]

Hi if I am going to bid a 1000 at Jones I can bid a 1000, at Schmit i bid 800 or 850 to equal a thousand. The consigner gets a hammer price of 1000 at Jones and nets out about 850, at Schmit the hammer is 850 he nets out 725 it's not rocket science

totally confused by this... why not compare how much the consigner gets with equal hammer prices? or are you saying hammer prices are typically higher at jones?

how much would i get for a clock sold at jones with a hammer price of $1k, and how much if it were sold at SH for the same hammer price?

i've also seen listings with simply wrong info at both places... is that on the seller/consigner? the auction house? i suppose in my case my clock executor will be handing them info and double-checking descriptions...

would appreciate more insights into how it works at both houses, for small and larger collections.

 

[geno55]

totally confused by this... why not compare how much the consigner gets with equal hammer prices? or are you saying hammer prices are typically higher at jones?

how much would i get for a clock sold at jones with a hammer price of $1k, and how much if it were sold at SH for the same hammer price?

i've also seen listings with simply wrong info at both places... is that on the seller/consigner? the auction house? i suppose in my case my clock executor will be handing them info and double-checking descriptions...

would appreciate more insights into how it works at both houses, for small and larger collections.
[/QUOTEOnce again I bid 1000 at Jones, no premium, I bid 1000 at Schmit which would be hammer price of 850 plus the 20% to equal the same as Jones. THe consigner in both cases is paid on the hammer price minus the commission to the auction house. The buyers premium is a misnomer the consigner pays for all fee's, the so called buyers premium is factored into the bid. Nobody I know would bid 1000 and then pay an extra 20%, that's why the bid would be 850

 

[John Cote]

totally confused by this... why not compare how much the consigner gets with equal hammer prices? or are you saying hammer prices are typically higher at jones?

I think Geno and I are making the same point but I am not confident that most auction bidders are as analytical.

Here is the point. You would be a fool to bid the same $1,000 for a watrch you would see at a Jones & Horan auction that had no buyers premium, for the same watch at an auction with a buyers premium. With the buyers premium your $1,000 purchase price turns into $1,000 + the premium percent. You are paying more for the same object.

There will always be a debate among auction aficionados about which system nets more for the seller. We all know that there are fools out there who get carried away and forget about the total price they will pay at an auction with premium but I think Geno's math makes sense. Buyers premiums are good for the auction house but not really for either the buyer or the seller....IMHO.

 

[hc3]

"The feature in person only auctions (No internet and no phone) so they get very high attendance in person."

Do they send out paper catalogues by pony express, and light the room with whale oil lamps?

For serious, why would an auction house admit that they exclude the seven billion potential customers who can't fit in the room?

And why would a consignor want to sell to fifty, as opposed to seven billion, customers?

 

[Tom McIntyre]

From the consignor's perspective, it should be the total premium that matters. The only other relevant factors are the reserve price and how it may be executed and any costs assoicated with preparation of particular lots for sale.

If the house charges the seller a 10% commission and charges a 20% buyer/s premium then a $3,000 hammer price will result in a commision of $300 and a premium of $600. If buyers discount their bid to account for the buyer's premium, then they bid $2400 to allow for the premium and the consignor will receive $2160 instead of $2700 he would have gotten if the buyer had not made that adjustment.

If the house charges the seller 20% and there is no buyer's premium, the item should sell at $3000 and the consignor will receive $2400. The house receives $600 in the second case and $840 in the first case.

I believe those numbers are typical, but that information is actually confidential, so no one except the seller and auctioneer know their agreement.

If the house charged the buyer and seller each 10% (which might seem fair) the item would sell for $2700 to a wise seller and the consignor would receive $2430. The house would get $540 or substantial less than the $840 they might get from a confused buyer with premium.

The biggest difference is between those who sell with a reserve and those who do not. That makes the calculation much more difficult to account for the situation where the item does not meet the reserve. Professionals who sell at auction do nor normally consign to a house that does not allow reserves. They want a hand in managing the sale.

 

[John Cote]

The biggest difference is between those who sell with a reserve and those who do not. That makes the calculation much more difficult to account for the situation where the item does not meet the reserve. Professionals who sell at auction do nor normally consign to a house that does not allow reserves. They want a hand in managing the sale.

Hmmmmmmmm....I think I might be considered a "professional' and I hate reserves on both ends. I do want to be involved in managing the sale so with anything of real value that I consign I ask to be a part of writing or at least editing the catalog description. I also want to know about the extent to which an auction house will advertise into the specific market to which my consignment might appeal. For instance, if I consign a German watch I want to make sure that the German market will see it.

After that I don't want a reserve. If I consign something I want to sell it. I believe in the market. If it doesn't sell for as much as I might have thought, I figure my thinking was faulty.

I sell. I don't dream.

 

[bruce linde]

premiums are the same as 'convenience' fees...

as for reserves... i've heard a couple stories lately from dealers about overly optimistic sellers who had reserves on high ticket items that ended up not selling... and they got hit w fees from the auction houses when reclaiming their clocks. does anyone know how that part works?

 

[John Cote]

as for reserves... i've heard a couple stories lately from dealers about overly optimistic sellers who had reserves on high ticket items that ended up not selling... and they got hit w fees from the auction houses when reclaiming their clocks. does anyone know how that part works?

A seller who puts a reserve on an item should absolutely 100% have to pay fees associated with that reserve price to the auction house. The auction house did the same amount of work for the piece that did not sell as the piece that did sell. Auction houses are not in it for the fun of it.

I hate reserves and I hate buyer's premiums. If you want to sell things then sell them. If you want to fantasize that your stuff will make you rich then do that.

 

[Tom McIntyre]

J&H are the only prominent auction house I know that does not "allow" reserves. I believe they try to persuade people that they do not want to set a minimum sale price and if the seller insists they generally treat it as a minimum starting bid.

I don't like buyer's premiums either but it is difficult to find an auctioneer that does not use them. My presumption has always been that they became commonplace when the auctioneers discovered how often the bidders forgot about them during the bidding.

I sold a substantial part of my collection starting in the Fall of 2019 and kept careful records of profit and loss on over 200 lots. Many lots sold well below what I had paid for them and a few of those really surprised me. Some others sold for more than I expected. Like John said, I had decided to sell them, so the price did not really matter.

 

[musicguy]

I have seen many times people buy watches on J&H and then turn around and
re sell them on Ebay the next month. This is very common. Ebay does take a lot
of time and energy initially understanding
how to sell effectively, but the learning curve is not too high.
After you make a few auction posts the next ones are much easier
(and do not take an hour per item). Ebay does make money too,
but the sky is the limit if the people find your item and fight for it.
The ebay phone app is very fast to list too.

I would tell my wife J&H but I would myself sell on eBay


Rob

 

[John Cote]

I am just a grumpy old man who learned the old school auction biz from his dad back in the '50s, '60s and '70s going to old school farm auctions and house auctions. Auctions were to dispose of estates and there was no reserve and no buyer's premium. People needed to see their goods.

 

[John Cote]

I have seen many times people buy watches on J&H and then turn around and
re sell them on Ebay the next month.

Rob,

Both of us have seen as many people buy stuff at JH, list it on eBay and lose money as make money. It goes both ways. There has always been the possibility that items at auction whether on eBay or at an auction house sell for a bargain price. That's what we are all looking for. We all make mistakes about what is really a bargain too.

 

[musicguy]

Both of us have seen as many people buy stuff at JH, list it on eBay and lose money as make money. It goes both ways.

I absolutely agree



Rob

 

[Clint Geller]

As others have been saying, no matter what they may call any particular fee, unless a mistake is made, all fees ultimately come out of the the consignor's pocket. Here is a useful formula to use:

P is the total sales price of the item including tax, if any, (i..e, the market value of the item),
C is the net proceeds realized by the consignor (i.e., you),
A is the auction fee as a percent of the hammer price,
B is the buyer's premium, if any, as a percent of the hammer price, and
T is the sales tax, if any, as a percent of the hammer price plus the buyer's premium.
S is all the miscellaneous seller fees, if any, which may be tacked on by the auction house (e.g., insurance, storage, catalog listing, photography, shipping, etc.)
F is the final percentage of the sales price realized by the seller, (C/P)x100

Then:

C = {[100x(100 - A)]/[(100 + B)x(100 + T)]}xP - S
And the final percentage, F, of the sales price realized by the seller, (C/P)x100, is:

F= (C/P)x100 = 100x{[100x(100 - A)]/[(100 + B)x(100 + T)] – (S/P)}

So suppose: A = 15%, B = 20%, T = 6%, and S = 0.1P. Then: F = 65.82%

 

[bruce linde]

So suppose: A = 15%, B = 20%, T = 6%, and S = 0.1P. Then: F = 65.82%

that would seem like an argument in favor of ebay, for those organized and willing enough to deal with creating listings, adding photos and verbiage, and dealing with packing items safely for shipping, ebay's protect-the-buyer-at-all-costs policies, and seller fees.... which in turn is an argument in support of auction houses doing the heavy lifting for you, and letting the market determine what something is really worth.

as tom said, some will sell for less than expected, some for more... the best strategy is probably to make sure you get your money's worth while you can, and then ultimate ROI is no longer an issue.

 

[hc3]

I figure that on ebay, I'll net about half of what the buyer actually pays. (Remember to take a third off for that 1099!) And I still have to do all the work.

 

[Clint Geller]

that would seem like an argument in favor of ebay, for those organized and willing enough to deal with creating listings, adding photos and verbiage, and dealing with packing items safely for shipping, ebay's protect-the-buyer-at-all-costs policies, and seller fees.... which in turn is an argument in support of auction houses doing the heavy lifting for you, and letting the market determine what something is really worth.

as tom said, some will sell for less than expected, some for more... the best strategy is probably to make sure you get your money's worth while you can, and then ultimate ROI is no longer an issue.

I have both bought and sold on ebay, as recently as last Monday in fact, and I have found both, but especially selling there, to be a very mixed experience. For high value items, I would much rather be dealing with J&H than with ebay.

 

[Bruce W Sims]

I have an ask of you folks and its because you Obviously have more experience with this than do I.

Might one or more of you translate whats being said from the view of the seller (ie. venue) and the buyer to that of benefits to be expected by the selling individual for each of the options mentioned. In all honesty I am not really following the whole bit about reserves and who runs into what. I think the person who started the thread might appreciate a bit of insight into where the "pot-holes" are for him, if you know what I mean.

I Know I would. Help?

Best Wishes,

Bruce

 

[John Cote]

I have an ask of you folks and its because you Obviously have more experience with this than do I.

Might one or more of you translate whats being said from the view of the seller (ie. venue) and the buyer to that of benefits to be expected by the selling individual for each of the options mentioned. In all honesty I am not really following the whole bit about reserves and who runs into what. I think the person who started the thread might appreciate a bit of insight into where the "pot-holes" are for him, if you know what I mean.

I Know I would. Help?

Bruce,

I think a lot of the reason why this thread seems to be hard to completely understand it that it is full of contradictions. It is full of contradictions because, aside from the math part, which should be pretty easy to understand, a lot of the rest is just a matter of perspective and opinion. For instance, I dislike reserves both as a buyer and as a seller but a lot of people seem to like them. I think just about everything a person needs to know is here.

The fact is that there is no absolutely sure way to know that you will get the most possible for every watch in your collection. This fact leaves a lot of people who want to sell their collection paralyzed. This fact and this paralysis are the reasons why a lot of widows are stuck with a collection after the collector dies even though the collector had the best intentions.

If you want to sell your collection before you pass away you have to make compromises...whatever choice you make. Just make a decision and do it. If that is too much for a collector to deal with then they just have to face the fact the widow or the kids will have to take care of it. It would probably be best to just tell them about this up front.

 

[John Cote]

I just want to say one more thing....and I hate the word "should." Should is a ridiculous word. That said, if an auction cosigner/seller wants a reserve, the auction house should simply tell them to place a bid at their reserve price either before the auction or during the live bidding and to pay the fees like anyone else. For a cosigner/seller these fees would obvioulsy be the fees on both ends. This is reasonable and rational and fair. If you want to use the services of an auction house you should pay for their services just like anyone else.

If an auction house does anything else they are not really running an auction.

 

[Bruce W Sims]

Wow..... thanks, guys. Guess its not as cut-and-dried as I thought. Makes me think that maybe its not such a good idea
to wait until the last minute to start getting some of this stuff organized.

Something to think about.......

 

[Bernhard J.]

Ebay in Germany has recently cancelled seller´s fees for private sellers. This makes a substantial improvement for high value products sold via eBay.

Last Saturday I had bid for a longcase clock from about 1800 with local significance (but no well known maker) in a conventional "classical" auction. Case very(!) rough, enamel dial damaged, glas missing. Starting price: 300 €. After having had a look at it (preview was in Berlin, a really large auction house) I thought I might get it for 300 € and have a project to the time being. And decided that in case another person is interested, I might go up to (imo unjustified) 1,000 €. Ha ha. It sold for more than 4,000 € (incl. premium), but not to me . If I compare this to my older, lovely and unmolested Knox clock bought last year for 900 €, including free delivery ...

By this occasion I looked at their conditions. 20% sellers fee and 27% (incl. about 2% tax) buyers premium. Means that the seller received 53% of that what the buyer paid. Or: Seller gets about half the market value. That made me once again wonder why classical auctions are still favored.

 

[hc3]

I think that generally the seller gets about half to 60% of what the buyer writes his check for. Jones Horan is the one national market house that gets the seller more, maybe 70-80%.

Of course in the early days of ebay, a seller got about 90%, and no sales tax. But those days are long gone.

A prospective seller just has to do the math. The auction house will tell him the numbers to calculate with.

I've never understood the irritation that the buyer's premium causes buyers. If the auction house wants 40% off the top, they will take it out of your high bid one way or another, whether they call it a buyer's commission or a consignor's commission.

 

[Tom McIntyre]

By this occasion I looked at their conditions. 20% sellers fee and 27% (incl. about 2% tax) buyers premium. Means that the seller received 53% of that what the buyer paid. Or: Seller gets about half the market value. That made me once again wonder why classical auctions are still favored.

The large international houses base their business model on fine art sales. I believe that on those there is no buyer's premium when the lot passes a threshold although the fee is still charged for the premium up to the threshold. i.e. if the hammer price is over $100K they "only" take their $25,000 of the $100K.

I hate to sound ike I am touting J&H and I do consider the whole gang there to be friends of mine, but they have no buyer's premium and I think you get reasonable value for the commission they charge.

If you are selling a substantial collection with values over a few $100K you should be able to negotiate a reasonable commission with any auction house. I suspect that 10% is rarely available until you are talking in the $1M+ range.

 

[Clint Geller]

By this occasion I looked at their conditions. 20% sellers fee and 27% (incl. about 2% tax) buyers premium. Means that the seller received 53% of that what the buyer paid. Or: Seller gets about half the market value. ...

Your numbers aren't accurate, because the seller's and buyer's premium are both computed based on the hammer price, not on the total price paid for the item, which is the item's true market value. That's why I provided the formula in Post #27. In the example you gave, the consigner realizes 61.76% of the total market value of the item, not 53%.

 

[bruce linde]

By this occasion I looked at their conditions. 20% sellers fee and 27% (incl. about 2% tax) buyers premium. Means that the seller received 53% of that what the buyer paid. Or: Seller gets about half the market value. That made me once again wonder why classical auctions are still favored.

Your numbers aren't accurate, because the seller's and buyer's premium are both computed based on the hammer price, not on the total price paid for the item, which is the item's true market value. That's why I provided the formula in Post #27. In the example you gave, the consigner realizes 61.76% of the total market value of the item, not 53%.

is that correct? doesn't the seller pay the seller's fee, and the buyer pays the buyer's premium? i.e., the auction house is kind of double-dipping by charige both buyer and seller separate fees for the privilege? i'm confused as to why those two premiums would get added together.

 

[Tom McIntyre]

The reasoning is that the only one who gets money is the seller and the buyer discounted the amount he was willing to pay because of the premium.

At the end of the day the buyer got the item for the hammer price + buyers premium (it is all one to him) and the seller gets the lower hammer price less the agreed commission.

 

[Clint Geller]

is that correct? doesn't the seller pay the seller's fee, and the buyer pays the buyer's premium? i.e., the auction house is kind of double-dipping by charige both buyer and seller separate fees for the privilege? i'm confused as to why those two premiums would get added together.

Yes, it is correct, Bruce. Developing and solving methematical models to describe physical phenomena has been my living for over 45 years, so I'm pretty good at this kind of thing.

 

[bruce linde]

Yes, it is correct, Bruce. Developing and solving methematical models to describe physical phenomena has been my living for over 45 years, so I'm pretty good at this kind of thing.

i'm not doubting your formula… It makes perfect sense. I'm asking the two premiums.…??

 

[roughbarked]

Despite all of the above, If I am likely to expend my hard earned on a good pocket watch, in preference, I'd go straight to the seller to negotiate and cut out the middlemen completely. I'd be happy to give a premium price direct to the seller.

 

[Bernhard J.]

Your numbers aren't accurate, because the seller's and buyer's premium are both computed based on the hammer price, not on the total price paid for the item, which is the item's true market value. That's why I provided the formula in Post #27. In the example you gave, the consigner realizes 61.76% of the total market value of the item, not 53%.

Right, my fault .

However in case of the auction house I spoke of, they charge the seller additionally for catalogue, photos and storage. And, if applicable, insurance for higher valued items. These charges are made also, if the item does not sell.

By the way, this auction house is silent about seller´s premium, and additional charges, see above, in the FAQ for sellers. Only buyer´s premium is dealt with in the FAQ for buyers. So be aware and read and understand the conditions of sale carefully. Hard stuff for persons not familiar with legal texts, but nevertheless managable.

I might mention that I am not talking about some dubious auction house, but a long established one.

 

[Bernhard J.]

Despite all of the above, If I am likely to expend my hard earned on a good pocket watch, in preference, I'd go straight to the seller to negotiate and cut out the middlemen completely. I'd be happy to give a premium price direct to the seller.

Since the beginning I had been wondering why there is no (free) market place in this forum, allowing this.

 

[roughbarked]

Since the beginning I had been wondering why there is no (free) market place in this forum, allowing this.

There is on the ground at chapter meets, if you have a chapter within cooee. (an Australian term for how far your call can be heard across the bush).

 

[Bernhard J.]

There is on the ground at chapter meets, if you have a chapter within cooee. (an Australian term for how far your call can be heard across the bush)

Cooee is the problem in my case .

Decades ago there used to be a watch fair around here once or even twice a year. Long past times ...

 

[roughbarked]

Cooee is the problem in my case .

Decades ago there used to be a watch fair around here once or even twice a year. Long past times ...

Like I have to travel at least 550km to the nearest.

 

[Clint Geller]

Right, my fault View attachment 755901 .

By the way, this auction house is silent about seller´s premium, and additional charges, see above, in the FAQ for sellers. Only buyer´s premium is dealt with in the FAQ for buyers. So be aware and read and understand the conditions of sale carefully. Hard stuff for persons not familiar with legal texts, but nevertheless managable.

I might mention that I am not talking about some dubious auction house, but a long established one.

Yes, indeed. That is why there is an "S" in my formula, to cover all the extra fees you mentioned that may be tacked on.

 

[Clint Geller]

Despite all of the above, If I am likely to expend my hard earned on a good pocket watch, in preference, I'd go straight to the seller to negotiate and cut out the middlemen completely. I'd be happy to give a premium price direct to the seller.

That is indeed a major point of joining the NAWCC and getting to know the other players directly. And they don't need to be in driving distance. I've made most of my purchases from other collectors via email, telephone calls, and the registered mail. One of those friends I've never even had the pleasure of meeting in person.