Auction follow-up

Bottom line appears to be nothing hit reserve. The auction totaled 3 million or so w/1.2 going to one watch.
Contrary to prior statements, the Rolex were sparse but those in the auction were not bad. the 16800 was as nice a package as you would see here but reserve had to be well over the last bid 6k. $6k was a fair price for a 16800 full set, maybe even low for one that nice but it was certainly not a $9k package. The 5508 had a story during the auction with power going down with someone winning at $11k then they restarted and it was $14k. While the 5508 was "ok", it was not pristine and I think $14k was way too much for that particular piece.
The 1655 was the biggest joke getting up to $13.5k for a 7 million swiss t <25 model (nice one too) but what could the reserve possibly be? I mean come on, I have sold 6 of those in the last 2 months none selling over $12k.
I think everyone is a little gassed up from the Vegas show and AQ sales. While stuff is moving, it has to be priced right. take a look at the VRM and it tells the story. same stuff overpriced to begin with sitting and sitting. stuff priced right is sold with two and three back up buyers. Now the big "matzo ball" is the perfect piece. OH YES, QUALITY AND PERFECTION IS STILL KEY!!
To a degree, yes it is. But again, if someone pops a perfect red sub full set on at $25k it is not going ANYWHERE.
The big lift in pricing over 2005-8 was fueled by cheap American money with $200k yr guys getting in and buying up many times "sub par" stuff. now people are looking for either a deal, or they want perfection at the right price.

Look at VRM and it shows price point. I do not like Ebay as a barometer though it is helpful.

Here is a prediction for IWJG and some may not like it. Prices will not be right. Dealers are too gassed up and you will hear the old "I can get more in Munich or Ebay". It will be a good show for smaller items, parts, and other stuff but there will not be any watches a dealer can buy and then sell here on VRF. Why should there be? all the dealers at IWJG are reading this lol!

All in all is fair to say the P & Co. sale taught us a few things. first off you have to know the market before telling someone you can sell their watch for stupid money. next though it is nice for buyers, the "no commission" hammer price is not good for sellers and it shows. sellers have to pad their stuff in order to not get hurt, thus high reserves.