New York, October 26, 2017:
“It is history now!” With these words, star auctioneer Aurel Bacs ended the 12-minute bidding war for the Paul Newman Daytona. When the gavel finally fell, the watch had sold for an astonishing 17.75 million dollars (once all the fees were added). So who won the auction? That remains a matter of pure speculation. However, it’s these kinds of stories that make auctions so alluring.
The Rolex Daytona 6239, Patek Philippe ref. 1518, and Rolex Bao Dai sold at auction for almost 35 million dollars combined. To put it another way: That’s about the price of 4,000 pre-owned Rolex Submariners with the reference number 116610LN, one of the most popular watches on Chrono24.
In addition to the astronomical prices of rare timepieces — as was the case with the Patek Philippe 1518, of which only four copies exist — it’s the stories behind the timepieces that fascinate watch lovers around the world and create furore around auctions.
Starting September 20, 2018, you’ll be able to participate in exciting bidding wars for special timepieces right here on Chrono24, the world’s largest marketplace for luxury watches.
The first round of auctions begins on 09/20/2018 and ends on 09/30/2018. It will feature 50 exceptional watches from renowned brands like Rolex, Audemars Piguet, and Patek Philippe.
These timepieces were chosen from about 50 of the 2,500 active dealers from around the world on Chrono24. This means that only the best timepieces from select vetted Chrono24 dealers will earn a place in the auction.
Those who have experience using online auctions are sure to quickly find their way around auctions on Chrono24. That said, there are a few details that set auctions on Chrono24 apart. These include payment processing via Trusted Checkout, the ability to contact the dealers directly, and the international nature of the items up for auction.
All the Important Information for the Auction Process on Chrono24 at a Glance
Selecting an Item: Information and Description
It’s often the origin and unique history behind an individual timepiece that makes it so desirable to many watch fans. This is why every auction listing includes the watch’s origin and background in addition to a comprehensive description of its technical information, including its brand, reference number, caliber, and year of production. The dealer provides all of this information on the auction page, helping you to select the right timepiece. Unlike other online auctions, auctions on Chrono24 allow you to contact the dealer directly to discuss any questions you might have or any potential fees that might accrue such as customs duties. Once you decide on a watch that speaks to you, the bidding can begin. All you need is a Chrono24 user account and a complete profile.
Bidding: Minimum Price and Popcorn Bidding
Especially rare and storied timepieces come at a price. This is why every auction item on Chrono24 has a set minimum price. The minimum price is the amount the highest bidder must reach or surpass for the watch to be sold. To bid, prospective buyers choose their desired bid amount from a list on the respective offer page. Bidders are welcome to choose an amount higher than the lowest possible bid. Once the bid is placed, the bidder is kept up to date as to the current highest bid and if another bidder is bidding on the watch. Every bidder is informed whether they’ve won as soon as the auction ends. Despite the appeal of placing a last-second bid, the auctions are meant to proceed as fairly as possible. As is the case at famous auction houses, the remaining time for an auction on Chrono24 increases by 30 seconds any time a bid is placed within 30 seconds of an auction ending. This so-called “popcorn bidding” continues until no further bids come in and the time runs out.
It’s worth mentioning that the total price, including shipping costs, is always visible to the bidders. In keeping with complete transparency, the sales price is also shown converted from the dealer’s currency into that of the bidder.
Payment Processing: After the Gavel Falls
Every buyer on Chrono24 benefits from secure payment processing via the proven Trusted Checkout service. After a bidder wins, they transfer the total price to a secure escrow account. The dealer sends the watch as soon as they receive notification that the payment has arrived in the escrow account. It’s only after the buyer has received the watch that the payout is made to the dealer.
As Aurel Bacs so brilliantly put it, the auction is history now. However, the watch has only just begun its next chapter on the wrist of its new owner.