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Re: To Be Expected -- Way Too Much Nonsense / Noise

: That's not surprising at all.

: The dealers and auction houses couldn't get enough Heuers when the
: market was flying high. They fanned the flames and earned some
: good profits and commissions.

: Then we saw the nonsense / noise -- top-tier auction houses
: offering "put together" or Franken watches, and
: getting called out for it, in some cases very publicly. In other
: instances, buyers discovered what they had bought and tried to
: put them back to the auctions houses / dealers. So in some
: instances, we saw a bit of "pass the trash" . . . the
: same watch being relisted, but in this instance with the
: previous auction buyer becoming the new seller.

: There was so much garbage being offered (post Heuer Parade) that
: many buyers were scared away. I bought one fantastic watch, that
: drew only one bid, at the opening price (one quarter what it
: would have fetched at the peak of the market). GVM just did the
: same thing (with an Autavia GMT) at a Bonhams auction that was
: full of lousy Heuers.

: So if you were an auction house, with little real expertise in the
: vintage Heuers, how many would you be accepting for your next
: big auction? They are afraid of the fakes; they are also afraid
: that the buyers are afraid.

: I believe that most of the "good stuff" is still OK, and
: selling quietly in private transactions.

: Would love to hear more about other recent experiences.

: Jeff

: ++++++++++++++++++++++++++++++++++++

i agree with your view. . and this was a polished case which i disclosed up front so perhaps this watch did not qualify as "the good stuff" but still it was a panda and very attractive. i agree its very much time to buy the "good stuff" if you can find it!

i have 2 analogies in the art world. . damien hirst pretty much obliterated his market by holding his enormous direct sale at the peak of his prices. the market has never recovered (and never well). similarly. . photographs by andreas gursky went parabolic before the financial crisis and then crashed with everything else. if you bought the "good stuff" of his work in 08/09 you made multiples. . .

my lesson is that quality does eventually win and the best 60s heuers compare favorably to any of the big boy watches trading at (now) multiples of the price

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