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. Before the auction Experts advise that you study the catalogue of sale that interests you. Another way to familiarise yourself with items going under the hammer is by visiting pre-auction viewings. These usually take place several days before auction. They're free and open to everyone. Chu advises examining each item closely and getting a specialist to answer any queries. Ask to see the condition report, which describes an item in detail. For watches, the report will reveal how old and worn it is. Also check the item's estimated price. Do market research before the auction, especially if the item is available on the retail market. Auction day For first-time bidders, arrive at least 20 minutes before the sale to register. You'll need to provide contact details and identification, such as your HKID or passport. Attending the live auction is advisable, but if you can't, you can bid by telephone or place an absentee bid, which is a written instruction directing the auction house to bid on your behalf. Chu advises absentee bidders to place their bids early. Bids are time sensitive, so if two bids are of identical value, priority is given to the first one received. Your bid should be the highest amount you're willing to spend. If you choose to bid by telephone, someone from the auction house will call you when your item (known as the 'lot number') is up for auction. Bids and payment are in the currency of the country where the auction takes place. If you're successful, you can settle the payment by credit card, bank draft or cheque. Cash is accepted only if the item costs less than a certain amount. Upcoming auctions: Sotheby's Suites 3101-3106, One Pacific Place, Admiralty, tel: 2524 8121 October 6 - Important watches. For the first time, a thematic sale of 45 Panerai watches and military compasses are up for auction. Panerai has specially made two watches for Sotheby's Hong Kong. Sotheby's will be the first to pre-release five models from Panerai's 2006 novelties, which aren't on the retail market yet. October 8 - Magnificent jewels and jadeite. Highlights include a pair of pear-shaped diamond earrings. It's the first time that a matching pair of fancy, intense purple-pink diamonds weighing more than 3 carats will be sold at a jewellery auction in Asia. Pink diamonds of intense saturation and more than 5 carats are particularly rare in the market. Christie's 22/F Alexandra House, Central; tel: 2521 5396. One of the highlights is an automatic minute repeating watch from Patek Philippe (estimate: HK$1.2 -HK$1.8 million). Created in 1989 to celebrate the 150th anniversary of Patek Philippe, it's no longer made. November 29 - Important watches November 30 - Magnificent jewellery and jadeite jewellery
