Buying watches at watch auction is a unique way to add an exceptional timepiece to your collection or to become a collector. But before you start bidding, it’s important to determine your maximum bid beforehand and consider other costs such as the buyer’s premium, taxes, and shipping fees. With these in mind, you’ll be able to avoid getting carried away during the bidding process and overspending on a watch.

Watch auctions have grown in popularity over the last several years and are an integral part of the global luxury watch collecting ecosystem. Some might even argue that the attention and profile generated by these sales have contributed to the increase in the desirability and prices of collector watches.

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Auction results often differ from one another and shouldn’t be interpreted as a reflection of prevailing market trends or the inherent value of a particular timepiece. The same model can go for $1,000 in one auction and $5,000 in another due to factors such as buyer emotions, competition, or supply and demand.

Before you can place your bids at a watch auction, it’s necessary to register with the auction house. You’ll typically need to provide your name, contact information, and credit card details to establish your financial eligibility. Some auction houses also require a deposit to ensure that you’re committed to the sale. Once you’ve registered, you can bid live in-person or online. If you’re successful in winning a bid, you’ll need to pay the auctioneer the final hammer price (the winning bid), plus any applicable taxes and the buyer’s premium.