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Charlie

Why is this Lange 1 for sale for CHF 9500?

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Hi everyone - first post for a long time lurker, wanted to get your expert advice (and hopefully get someone a bargain!)...

Sotheby's upcoming auction has an estimate up for a Lange 1 from 2001 for CHF 7500-9500

Lot | Sotheby's

Isn't the going price for a Lange 1 30k? What am I missing here?

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'Usual market' value to me is what a consumer may expect to pay at a reputable seller of pre-owned pieces. Since they often buy at auction, pay a 25% buyer's premium on top of hammer price, then add their 25-50% mark-up, the auction price will be much less. You can do a search of previous recent hammer prices at Sotheby's, Christies, Bonham's and Antiquorum as a gauge. Just looking at Sotheby's (since I was on their site from your link), for similar gold Lange 1s on strap, I see a 36mm (as this is) sold 2011 for 11,000 and a 38mm sold in 2012 for 13,000 (both CHF and before buyer's premium). I would think that 36mm is much less desirable than the 38mm (I wouldn't even bid on a 36mm since it would be too small for me to enjoy wearing). This pricing is why it can be worthwhile to buy watches, antique furniture, art, etc at auction. Just remember, you will pay 25% more than hammer price (buyer's premium).

 

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36mm is a small watch by modern standards, and while it is appropriate for a dress watch, the design of the Lange 1, with the busy design and the subdials doesn't lend itself well to that size. For example, my Patek Philippe 5119 is a 36mm watch, but it works okay as it uses the entire dial to display the hours and minutes. In contrast, the Lange 1 in 36mm will probably have a hour and minute subdial that is comparable in size to the dial of a 26mm Rolex Ladies Datejust.

 

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Thanks for all the replies, learnt a lot from that. Just for reference, there's also another Lange 1 from 2005 (39mm) estimated for CHF 8000-12000

Lot | Sotheby's

If someone round here ends up buying from the auction, I'd love to hear about your experience.

 

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Both sold for well above estimate, even before buyer's premium.

It doesn't cost you anything to view a Sotheby's, Christie's, Bonham's or Antiquorum auction live on-line. Instead of hearing from another, you should observe one first hand (which you can do even if you have no intention of bidding). All houses accommodate bids from attendees in the room, by phone (you bid through an auction house employee who calls you just before items you intend to bid on come up), or on-line where you can live stream a video of the auctioneer, see what the current bid is, whether it is yours or another's, and have a box you click to bid the next increment (which is shown). It's all very idiot-proof. The only problem can be the time difference. The 10am Christie's auction in Geneva started at 3am Dallas TX time.

 

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