About a month ago I wrote about a new online-only auction house called Auctionata, which is attempting to digitise the way traditional auctions are run. You may recall at the time that I was writing about their upcoming “Luxury Watches, Pocket Watches, Wrist Watches” auction, the first of its kind for the Berlin-based newcomer and one that would include a highly collectible Patek Philippe Ref. 2499 (pictured above). Well the results are in from the June auction and it seems that in-person or online, if a watch is collectible, somebody, somewhere, wants it!
A New Record!
Despite being their first ever watch auction, Auctionata was confident they had pulled together a very strong offering that would attract serious bidders from around the globe. By all accounts it seems they were right. Over 1,000 users were involved online in the real-time auction on Friday, with 86 of the 100 lots offered sold on the night for at or above estimates, with total sales topping EUR890,000 (US$1.2million).
The big story of the evening however was the sale of the Patek Philippe Ref. 2499 for EUR427,000 (US$621,000), EUR290,000 above its estimate and, according to Auctionata, the highest price ever achieved for a luxury watch in an online auction.
Of course it goes without saying that this incredible result can be attributed in large part to the undeniable desirability of the Ref. 2499 to collectors, with many willing to do whatever it takes for their chance to get their hands on one. However it is also a sounding endorsement for the Auctionata online, real-time auction model, which is attempting to disrupt the way we think of and participate in traditional auctions.
The Final Word
All in all a very positive result and one that bodes well for the auction house’s recently announced partnership with online watch marketplace Chrono24.com, which will see the two join forces to offer weekly watch auctions beginning in the fall. It’s hard to say what the future will hold but it certainly seems that digital is the way to go, potentially opening up the auction experience to a whole new market of budding enthusiasts.