Yesterday I was bidding over the phone on a 1850 regulator clock - sight unseen. The clock was in typical distressed condition: complete, but in desperate need of restoration. Starting with the mechanism itself, to the silver dial and the mahogany case. All three major components would require specialists work. Think thousands of dollars and months of hard labour.
The clock was auctioned by Sydney auction house which specializes in pretty much everything- from vintage cars, wine and furniture to even diamonds. The pre-auction estimate was $5,000- $10,000 but on Sunday morning, a couple hours before the auction, the lot was listed with a new estimate of $10,000- $20,000.
$10K was as far as I was prepared to go. Beyond that figure, there would be no joy of either acquiring the clock for stock or adding it to my private collection. In addition, a hefty 25% + GST buyer's premium would turn a ten thousand dollar bid into $13,000 purchase.
The bidding was fierce and in no time I was bidding against at least two bidders, sitting on $12,500. It was time to pull out. I like the clock but at $16,000 I had no choice but to let someone else have the joy of the restoration.
Losing at an auction is not a big deal, especially not so on a lazy Sunday morning. But I did end up a bit upset. The auctioneer acted as if he was on drugs. Auctioning a fine antique clock like calling a finish of Melbourne Cup was extremely annoying. And completely unnecessary. Not to mention the obvious: thanks to corona, the auction room was empty and bidders were competing simultaneously online and over the phone. I could not see what was going on in the room, who is placing the bids against me, at what speed and pace, or even if those bids were imaginary or real.
And my goodness - the 30% buyers premium is simply criminal. Mind you - there is a sellers premium as well, which most likely is 25% too. Which means that on $10,000 sale auction house makes $5,500 profit. That is a huge amount of money taking in to consideration zero investment in stock, zero risk and zero guarantee on sold items. Not to mention that almost every item that ends at auction would either have no provenance, would require restoration, repair or even just polishing and that there is no guarantee on authenticity or any guarantee on performance - whatsoever.
No names - but there is another auction house in Sydney which persistently advertises "Fine jewellery and watches recovered by Australian Federal Police". The modus operandi is simple: generate as much hype, in hope that sensationalist media would pick it up and turn it into a 'story'.
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