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Huge Thanks, Carlo!!

Huge thanks for this report Carlo. If you can send me some additional photos of the Skipperrera, then I will be happy to post them.

So do we have Christie's PhotoShopping the hero image in the catalog?

When people ask "What's wrong with vintage Heuer?", seeing watches like this on the big stage, under the bright lights is a big part of the problem. Just for purposes of discussion, let's say that the market for a really nice, honest Skipperrera is somewhere in the $75,000 to $100,000 range. And let's say, again just for purposes of discussion, that Christie's sells this one for $40,000 to $50,000. People look at this result and conclude that the market is "off" by 50% from its peak.

In the current market, the delta in prices between the best pieces and the eBay-equivalent pieces is significant and increasing. It's a shame that we have to explain to some collectors that the sky is not falling, but rather we are seeing some real garbage hitting the market. Another aspect of supply and demand . . . the supply in the third or fourth leg of the market is not as good as in the early days.

Let's keep the discussion going, and thanks Carlo for supplying the information that Christie's seems to have glossed over.

Jeff

++++++++++++++++++++++++++++++++++

: I have been swamped with a new project, so not had much time to
: post or read for that matter on OTD.

: I do however want to take a quick moment and start a conversation
: about the upcoming Skipperera that is being offered by
: Christie's at the Geneva November 2018 auction.

: Many of you have read and also seen a photo of the watch on their
: website, and today, HODINKEE even posted a brief article about
: it as well. As many of you know, a Skipperera is one of those
: grail watches that I, and many others, have been wanting to add
: to their collection, but either the opportunity hasn't popped up
: or the price went for more than we were willing to pay at the
: time. So when I saw a Skipperera show up on the upcoming
: Christie's auction, I got very excited, as I'm sure many of you
: did as well.

: So of course, I asked to get a more detailed report as well as more
: photos of the watch, so I know exactly what I am dealing
: with......and this is where things went VERY south!!

: The photos and report I received didn't match the watch that was
: being shown on their website..... I got even more bothered by
: the fact that HODINKEE today wrote....."Be sure to watch
: what this piece realizes on Monday, as the stunning condition
: will surely make it a benchmark for all future
: sales."......which is not true, since the true condition
: does not match what Christie's is truly selling. I don't blame
: Isaac on his reporting, since he doesn't have the time to ask
: for every detailed report for each watch he writes about, but I
: do blame Christie's for not being forthcoming with what they are
: selling in actuality. If you look at the one photo they have
: posted and compare it to the photo they sent me, it looks like
: two different watches!!!

: Also, here is the "Condition Report" they have on the
: watch:

: "The movement is ticking at the time of cataloguing, the 30
: seconds counter is working. The watch has been professionally
: overhauled in the workshops of TAG Heuer in 2018, including full
: servicing of the movement, replacing of the register and
: chronograph hands and the crown. The dial was not touched during
: this intervention, it shows small scratches in places, a larger
: one above the T Swiss indication, the luminous material is
: original, discoloured and partially missing. Service central
: seconds hand. The case has been polished, with small surface
: scratches and dents in places. "

: Four things to think about:

: 1) ....replacing of the register and chronograph hands and the
: crown
: 2) ....dial was not touched during this intervention, it shows
: small scratches in places, a larger one above the T Swiss
: indication
: 3) ....Service central seconds hand
: 4) ....case has been polished, with small surface scratches and
: dents in places

: The biggest thing that bothers me is the fact that the photo of the
: watch on the website shows an example that looks pristine and
: perfect, but in reality the dial and case is no way near the
: condition of what it looks like in person.

: On a brief side note, I can admit that Heuer's have seen a
: "correction" of sorts in the market, but what some
: might not realize is that the vintage watch world is going
: through a phase of sorts. Simply put, a larger price gap is
: forming, where we see higher quality pieces being sold/traded
: for strong money vs your average/below average conditioned
: pieces showing weaker results. And what makes it more
: challenging is that the higher quality pieces rarely popup for
: sale in the open market, instead they are being sold/traded
: behind closed doors within collectors at strong values that many
: are not aware of. Hence why it is very difficult to say what
: true value's are when you don't have all the facts necessary to
: make such judgment.

: So to go back to the Skipperera's conversation, I am not expecting
: strong results due to the fact that the condition is not there
: to justify a strong price. This is not to say that it won't sell
: for "crazy" money since a buyer didn't do their due
: diligence and chose to bid on the watch based on the one simple
: picture Christie's posted on their website. BUT if we do see a
: poor performance, we can now say that we know why! All this
: said, I am still going to bid on it, and hopefully be able to
: pick it up for a "steal", but not willing to pay a
: premium for this condition....so let's see what happens! LOL!

: And to help this discussion along, here are the comparison of the
: picture that was posted on the website vs the photo they sent me
: after requesting for one....so you be the judge....

: BEFORE
:
:

: AFTER
:
:

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