Expert advice on watches and jewellery
With the auction season in full swing during the next two months, it may be a good time to check out that rare Patek Philippe watch or the Art Deco bracelet you've coveted. Many people assume that auctions are only for the rich, but the variety of watches and jewellery available caters to all tastes and budgets. Terry Chu Yin-yee, deputy director of Sotheby's China Southeast Asia, says some Asian customers are wary about buying at auction, mainly due to doubts about the source of the items and superstitious beliefs. Chu says there are two main reasons people sell.
'Many do so, not because they're in need of money, but because of a change of lifestyle, or because they want to upgrade their existing collection,' he says.
Buyers should bear in mind that the quality of the watches and jewellery sold at reputable auction houses has to meet certain standards or criteria.
So, buying from auction houses is an assurance of quality and authenticity, which gives them an advantage over discounted watch stores, for example.
Chu also says many watches put up for auction by collectors have hardly (sometimes never) been worn by the seller, meaning that a buyer could get a brand new watch at a fraction of the retail price.