Spanning the Globe
Seller’s Guide
There’s nothing better than the sound of “sold”.
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Welcome to Watch Auction HQ
Watch Auction HQ was created in 2011, the result of a merger between a private jewelry wholesale company and a private and discreet watch and jewelry auction company.
Both companies catered to a private and discreet clientele. Their
combined resources create a one-of-a-kind global auction house dedicated solely to the auction of fine jewelry, gems and watches. Our Mission is to be the world’s most trusted and efficient marketplaces thru cutting-edge technology for buyers and sellers of fine jewelry, gems and watches. Unlike other auction houses, jewelry, gems and watches are our only business. All of our resources and efforts are dedicated to marketing these items. Watch Auction HQ is dedicated to provide every client with exceptional customer service and a wonderful experience in selling or purchasing exceptional pieces of jewelry. We are confident that our collection will entice and intrigue every potential customer. We guarantee every item is as described and of the highest quality. We welcome the business of both sellers and buyers.
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See why Watch Auction HQ is always the preferred choice. Free Appraisals
your items and possible consignment.
By Mail We are experts in jewelry, gems and watches. We
Mail us a detailed description, clear photos and
have a staff of professionals who are jewelers,
appraisals of your items to:
GIA Appraisers and members of NAWCC. We
• Watch Auction HQ
will use our vast expertise to provide you with a
• 534 SW 3rd Avenue, Suite 211
realistic estimate for your item. You may request
• Portland, OR 97204
a free appraisal by selecting one of the following
We will contact you to give our appraisal and
methods.
discuss the best option for selling your items.
By Email
Infield Visits
Email a detailed description and high-resolution
While making personal visits are difficult, we do
photos of each of your items to info@
travel for Trust and Estate evaluations. Contact
watchauctionhq.com.
Make sure your digital
us at info@watchauctionhq.com. We will contact
photos are in focus and display details of your
you, evaluate your needs and, if appropriate, the
items. If you have an independent appraisal please
property.
include this in your email. Once your information has been reviewed we will contact you regarding
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There’s a voice that keeps on calling me. 5
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How to Consign with Watch Auction HQ Consignment
Transporting Your Property
apply. Some countries apply import and export
You may arrange for transportation of your
regulations for some types of goods. It is your
Selecting the most suitable auction and date to sell
item yourself – or you may contact us to make
responsibility to ensure compliance with these.
your property
arrangements for a fee. If you are shipping your
It is also your responsibility to bear the expense
Our experienced staff will advise you regarding the
item, it is imperative that you insure your item with
of international shipping costs.
appropriate auction for your items. We may opt
the carrier of your choice for the maximum value of
shipping@watchauctionhq.com in advance if you
to place your item in one that emphasizes gems
your item. Signature required. Send it to:
have any questions. We will try our very best to
or watches rather than gold jewelry. There are
• Watch Auction HQ
assist you.
many auction factors, so we want to ensure your
• 534 SW 3rd Avenue, Suite 211
items receive the greatest demand and greatest
• Portland, OR 97204
competition between buyer. This equates to higher
If you are consigning items from outside the U.S.,
payouts.
shipping charges, taxes and import duties may
Please contact
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Reserve Amount Your Watch Auction HQ specialist will assist you at setting a “Reserve Price� (the minimum price a seller is willing to accept for an item to be sold at auction). This amount is records on the Receipt for Consignment Form.
Receipt for Consignment When we have agreed to sale your items, you will be provided a Receipt for Consignment Form that details your items we are taking possession of and will represent you in the auction process. This form also details the agreed upon Reserve Amount.
Contract When you have agreed to consign your items for sale with Watch Auction HQ, your specialist will discuss the auction process and answer any questions. You then will be provided with a Contract for Auction. This instrument is significant because it specifies the complete terms and receipt for the property you have consigned.
This form will provide your
Account Number and a specific number for your item. When communicating with us, please reference both numbers.
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Charges and Commissions to Sellers
No Seller Commissions!
• Seller Commission: None. Most auction houses assess 15% to 35% of the hammer price as a Seller
No Sales Tax. Ever!
Fee. Watch Auction HQ has no Seller Fee. • Catalog and Processing Fee: 2% of the hammer price. This fee is for catalog processing. • Insurance Fee: 1.5% of the hammer price. This fee covers loss or damage of your item. • Administration Fee: 4% of the hammer price • Unsold Charge: None • Return of Item(s): Shipping Insurance costs only • Illustration Charges: None • Web Illustration Charges: None • Tax: None. The State of Oregon does not have sales tax. However, there may be an occasion where a tax would be applicable. • Advertising Charges: None • Minimum Auction Commission Fee: None • Reserve Fee: None
After the Auction Auction Result Notification: After your items have successfully sold, an email notification of auction results will be sent to your registered email address. This notification will detail your individual lots and their realized prices. 9
You may also check our website, Auction section under Auction Results after the auction has concluded.
Payment: Payment is normally made by check after the auction date, assuming we have received full payment from the buyer. We will send with your payment a settlement statement detailing the charges. Relevant charges are normally deducted before your settlement check is prepared and sent. We have some clients who prefer to receive payment by bank wire. Please be informed you will be asked to meet all associated charges with the wire.
Trust Accounting: At all times, client’s money is held in an account entirely separate from the rest of our business. This trust accounting procedure is a critical offering to our valued clients.
Unsold Lots: There are no unsold minimum fees. If your item(s) does not sell or meet its reserve, you may elect to re-offer your item(s) in a future auction. We recommend you discuss this matter with our sales department at salessupport@watchauctionhq.com. If you would prefer not to re-offer your item(s), we will return it to you for the shipping and insurance costs only. 10
Auction Terminology:
Auction:
Absentee Bidder:
A method of selling property in a public forum through
A person (or entity) who does not attend the sale but
open and competitive bidding. Also referred to as
submits, in advance, a written or oral bid that is the
public auction, auction sale or sale.
top price he or she will pay for a given property.
Auctioneer:
Appraisal:
The person whom the seller engages to direct, conduct
The act or process of estimating value.
or is responsible for a sale by auction. This person may
As Is:
or may not actually call or cry the auction.
“As Is”: Also known as “as is, where is” and “in its
Auction Block:
present condition.” Typically, this is a sign that no
The podium or raised platform where the auctioneer
return privileges will be granted.
stands while conducting the auction. “Placing (an item) on the auction block” means to sell something
at auction.
or groundsmen.
is then deleted from the group and so on, until all
Bid:
Bidder’s Choice/Grouping:
properties are sold.
A prospective buyer’s indication or offer of a price he
A method of sale whereby the successful high bidder
Bid Caller:
or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
The person who actually “calls,” “cries or
We strive to provide you the very best tools. to help you make the vesy best decisions.
Bid Assistants:
“auctions” the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.
Individuals who are positioned throughout the
wins the right to choose a property or properties from
Bid Cancellation:
attendees at the auction to assist the auctioneer,
a grouping of similar or like-kind properties. After the
The cancellation of a bid by a seller. During online
spot bidders and assist prospective bidders with
high bidder’s selection, the property is deleted from
auctions, sellers can cancel a bid if they feel
information to help them in their buying decision.
the group, and the second round of bidding begins. In
uncomfortable about completing a transaction with a
Also known as ringmen, bid consultants, bid spotters
round two, the high bidder chooses a property, which
particular bidder. 11
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Quality last for a lifetime.
Bid History:
it will be indicated in the Notice to Purchasers, auction
A historical list of all the bids made on a particular
description, asset detail page or other clearly-marked
auction during or after the auction.
area.
Bid Increments:
Bid Retraction:
The standardized amount an item increases in price
The cancellation of a bid by a seller. During online
after each new bid. The auction service sets the
auctions, sellers can cancel a bid if they feel
increment, which rises according to the present high
uncomfortable about completing a transaction with a
bid value of an item.
particular bidder.
Bidder (paddle) Number:
CAI:
The number issued to each person who registers at an
Certified Auctioneers Institute. The professional
auction.
designation
Buyer’s Premium:
who meet the experiential, educational and ethical
An additional service charge, for which the buyer is
standards set by the Auction Marketing Institute, Inc.
responsible, may be added to the price of assets. If so,
awarded
to
practicing
auctioneers
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Proxy Bid/Absentee Bid:
bidders.
A procedure that allows a bidder to participate
Registered User:
in the bidding process without being physically
A person who has registered as a member of an online
present. Generally, a bidder submits an offer on an
auction service. All online auction services require
Catalog or Brochure:
item prior to the auction. Absentee bids are usually
registration prior to buying and selling.
A publication advertising and describing the
handled under an established set of guidelines by
Reserve:
property(ies) available for sale at public auction, often
the auctioneer or his representative. The particular
The minimum price that a seller is willing to accept for
including photographs, property descriptions and the
rules and procedures of absentee bids are unique
a property to be sold at auction. Also known as the
terms and conditions of the sale. Specified date and
to each auction company. To keep LiveAuctioneers
reserve price.
time that property is available for prospective buyer
a safe place for buyers, LiveAuctioneers masks the
Reserve Price:
viewing and audits. Also known as Open House or
absentee bid amount. Other bidders cannot view your
The minimum price a seller will accept for an item
Inspection.
absentee bids in the “Other Bids� section. All bids are
to be sold at auction. This amount is never formally
kept confidential from the auction house and other
disclosed.
What does that word mean?
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Shill Bidding:
Absolute Auction:
Fraudulent bidding by the seller (using an alternate
Auction Types:
An Auction where the property is sold to the
registration) or an associate of the seller in order to
Dutch Auction:
highest qualified bidder with no limiting conditions,
inflate the price of an item. Also known as bid rigging
This is an auction in which the seller lists multiple
contingencies or amounts.
and collusion.
quantities of an identical item. With multiple items up
Online/Virtual Auction:
SMS Alerts:
for sale, multiple bidders can win. Also, one bidder can
An auction that is for online bidders only and is not
Alerts sent via text message to your mobile device to
try to buy more than one quantity. All winning bidders
conducted in front of a traditional live audience. These
inform you when another bidder has placed a bid on
pay only the lowest successful winning bid amount.
auction types may have reserve items in which the
an item.
Yankee auction:
auctioneers may bid in order to protect the reserve.
Starting Price:
Each winning bidder pays his or her exact high bid.
Timed Auction:
The likely starting bid for a given auction, set by the
Reserve Auction:
Bidders may only leave absentee bids executed by the
seller at the time of listing.
This is an auction in which the item for sale has a
auctioneer after the listed ending time of the auction.
TOS/Terms of Service:
reserve price. The reserve price is the lowest price at
A “Timed” auction does not have a live audience
TOS A legally binding agreement that outlines an
which a seller is willing to sell an item. Although the
participating,therefore you will leave your maximum
auction site’s operating policies. All registered users
reserve price is not listed per se (the auction posting
bid which is only increased when you are out bid. The
must agree to a site’s terms before using the service.
will be marked as “reserve met”), it can be extrapolated
current high bid will be made public on the item listing,
Grading Abbreviations:
when a bidder bids at or above the reserve price. The
but your identity will remain anonymous to both
AG/About Good A/O/All original BV Book value. C1-
high bid will automatically be elevated to the reserve
other bidders and the auction house. If your absentee
C10 Complete/Almost Complete EX/Excellent EXMT
price, providing the current high bidder with what the
bid is the high bid, then you will be contacted by the
Excellent-Mint. Superior to Excellent, closer to Mint.
seller would agree to sell at.
auctioneer as the successful buyer.
F/Fine G/Good GMMT/Gem Mint MIB/Mint-in-Box
Straight Auction:
MIMB/Mint-in-Mint-Box MOC/Mint-on-Card MOMC/
Also referred to as an absolute auction, this is an
Mint on mint card MT/Mint NR/No reserve NRFB/
auction in which there is only one item up for sale, and
Never Removed from Box OOAK/One of a kind. OOB/
there is no reserve price. The seller sets the opening
Out of box. OOP/Out of print Pristine VG/Very Good
bid and must respect the final price at the end of the
o/c (oil on canvas).
auction.
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We trust that your experiences with Watch Auction HQ will be rewarding. If we can assist you in anyway, please contact us at: salessupport@watchauctionhq.com.
Watch Auction HQ
Fine Jewelry and Watch Auctioneers www.watchauctionhq.com salessupport@watchauctionhq.com