Buyer’s Guide
Traversing the world bringing its’ marketplace to you instantly. D.Gamble
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About Us At Watch Auction HQ we wish to make buying and selling of fine quality jewelry, gems and watches a pleasurable, transparent and memorable experience. We want everyone to bring buyers and sellers into a marketplace that is chock-full full of beautiful choices and values. Where buyers are astonished by the array of stunning jewelry, gems and watches. Our marketplace brings gorgeous jewelry with diamonds of great quality, watches from Patek Philippe, Audemars and Rolex to vintage Hamilton’s and Longines. You are guaranteed to see something that will dazzle your eye.
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How do I find about Watch Auction HQ Auctions? Online
magazine has our entire catalog for upcoming
The best way is to visit www.WatchAuctionHQ.
auctions.
com where the latest news on our auctions is
description of each item for sale and multiple
made available. You may also download our
pictures. Check the calendar to see what date
WA-HQ Mobile App so you can take us with you
the WA-HQ Magazine will be available.
You will find a comprehensive
wherever you may go. You may also register from our website to receive alerts and reminders. We
Browsing or searching for items
also have a convenient WA-HQ Calendar, both
Searching has never been so easy. Search our
online and mobile for your convenience.
website, search our blog, search our magazine, search online or search mobile. You can search
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WA-HQ Magazine
current items or past items. Further, we have
You can view our magazine in online or mobile
included many links from other auction websites
form at The Blog, Facebook, Google+, You Tube
where you can complete historic searches. We
and Twitter. Plus, you can view our magazine at
have it all just for you.
www.issuu.com. As a client, you may subscribe
Simply use the search bar on the home page or
and receive a magazine automatically from our
any page other page by entering the key words
website or at our social media sites. And, of
and pressing go. You can refine your search via
course, our e-magazines are free. Each monthly
the “advanced search� option.
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How do I Place a Bid? Standard Bid Increments
Viewing Condition Reports
this site and filling out the interactive registration
Up to $100
$10
Our WA-HQ Magazine has a full and detailed
form. When complete, click the submit button. You
$100-500
$25
description of each lot. However, you may click on
will receive a confirmation email. When approved,
$500-$1,000
$50
Condition Report in the catalog to review online or
you will receive notification. If you are registering
$1,000-$3,000
$100
print for your convenience. You may also request
at www.LiveAuctioneers.com, you will still need to
$3,000-$5,000
$250
a report to be emailed to you at salessupport@
complete our internal registration form available at
$5,000-$10,000
$500
watchauctionhq.com.
Registration Form. Once you have been approved
$10,000-$30,000
$1,000
Viewing an Item in Person
for bidding, you may place your bid.
$30,000-$50,000
$2,500
Our cyber marketplace does not allow us to permit
Live Online Bidding
$50,000-$100,000
$5,000
perusing items in person. But we do provide detailed
Once you have completed the registration process
over $100,000
$10,000
descriptions, condition reports and appraisals for
and are approved for bidding, you will able to log in
Register to Bid
and following the prompts to the auction to place
Register online by visiting our registration page on
your bids.
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Absentee Bids Online If you are unable to participate in our online auction, you can place your bid online prior to the start of the auction. Just sign in and peruse the online catalog for selected items. Click the Bid button and place the maximum amount you would like to bid. It’s that simple. If you are successful, you will be notified by email. Absentee Bids by Telephone, Email, or Fax You may choose to place your absentee bid by phone, e-mail or fax. Just fill out an Absentee Bid Form and we will handle the rest. You select the maximum hammer price you are prepared to pay. You may fill out the interactive form on the web or download it. You may also request one by contacting salessupport@ watchauctionhq.com. Charges and Commissions to Buyers Buyers are assessed the Buyer’s Premium. Sales tax is normally not assessed since the state of Oregon does not have a sales tax. However, there are some Telephone Bidding
instances where different tax rates will be charged
Online Results:
If you are interested in telephone bidding, please
on the hammer price. For questions regarding your
You can easily find auction results via www.
provide at least 48 hours notification so we may assist
invoice, please email accounting@watchauction.com
watchauctionhq.com. Just click on Auction Section
you in making the necessary arrangements for you. Contact us at: salessupport@watchauctionhq. com. 8
and Auction Results after the auction has concluded.
Your Invoice:
Your invoice will be directed to your registered email
Non-Payment Policy:
The final price is the amount declared as the hammer
address within 24 business hours after the close of the
falls. Plus, the buyer’s premium. State of Oregon has
auction. It will detail your purchases and all associated
Please contact us for any problems that may occur
no income tax. However, there may be an occasion
fees. Should you have any questions regarding your
regarding payments. In the absence of appropriate
where a sales tax may be applicable.
invoice please contact: accounting@watchauctionhq.
payment and/or explanation, the item will be
com.
auctioned again. Further, you will no longer be able
Payment Deadline:
to participate in our auctions and will be reported to
Winning lots must be paid for within 72 business
our partners.
hours after the action has closed. Methods of Payment: Checks:
We accept checks for payment of your
invoices.
Checks will be electronically processed
and therefore, requires no delay in shipping your purchases. Cash: We do not accept cash. Cashier’s Cheque/Bank Drafts/Money Order: All are accepted and subject to verification. Bank Wires:
All wires must state the relevant
auction number, lot number and paddle number. If transferring from a foreign currency, the amount we receive must be the total due after currency conversion and deduction of any bank charges. Bank Wire direction will be included with your invoice. Should you have any question please email: accounting@watchauctionhq.com Credit/Debit Cards: Visa and Mastercard 9
Watch Auction HQ makes it perfectly simple and easy.
Auction Terminology:
Auction: A method of selling property in a public forum through
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Absentee Bidder:
open and competitive bidding. Also referred to as:
A person (or entity) who does not attend the sale but
public auction, auction sale or sale.
submits in advance a written or oral bid that is the top
Auctioneer:
price he or she will pay for a given property.
The person whom the seller engages to direct,
Appraisal:
conduct, or is responsible for a sale by auction. This
The act or process of estimating value.
person may or may not actually call or cry the auction.
As Is:
Auction Block:
“As Is”: Also known as “as is, where is” and “in its
The podium or raised platform where the auctioneer
present condition.” Typically, this is a sign that no
stands while conducting the auction. “Placing (an
return privileges will be granted.
item) on the auction block” means to sell something
at auction.
or groundsmen.
choosing a property, which is then deleted from the
Bid:
Bidder’s Choice/Grouping:
group and so on, until all 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
Knowing the language makes it for you to succeed.
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 cancellation of a bid by a seller. During online
spot bidders and assist prospective bidders with
the high bidder’s selection, the property is deleted
auctions, sellers can cancel a bid if they feel
information to help them in their buying decision.
from the group, and the second round of bidding
uncomfortable about completing a transaction with a
Also known as ringmen, bid consultants, bid spotters
commences, with the high bidder in round two
particular bidder. 11
Touching the world with a keystroke. 12
Bid History:
Catalog or Brochure:
A historical list of all the bids made on a particular
A
auction during or after the auction.
property(ies) available for sale at public auction, often
Bid Increments:
including photographs, property descriptions, and the
The standardized amount an item increases in price
terms and conditions of the sale.
after each new bid. The auction service sets the
Caveat Emptor (Buyer Beware):
increment, which rises according to the present high
A Latin term meaning “let the buyer beware.” A legal
bid value of an item.
maxim stating that the buyer takes the risk regarding
Bidder (paddle) Number:
quality or condition of the property purchased, unless
The number issued to each person who registers at
protected by warranty.
an auction.
Clerk:
Buyer’s Premium:
The person employed by the principal auctioneer or
An additional service charge, for which the buyer is
auction firm to record what is sold and to whom and
responsible, may be added to the price of assets. If
for what price.
so, this will be indicated in the Notice to Purchasers,
Competing Bid:
auction description, asset detail page or other clearly-
The auctioneer may be accepting bids for an item
marked area.
from other sources these include (but not limited to):
Bid Retraction:
•
bids from an in-house audience
The cancellation of a bid by a seller. During online
•
telephone bids
auctions, sellers can cancel a bid if they feel
•
book bids
uncomfortable about completing a transaction with a
•
absentee bids
particular bidder.
•
other bidding platforms
CAI:
Commission:
Certified Auctioneers Institute. The professional
The fee charged to the seller by the auctioneer for
designation awarded to practicing auctioneers
providing services, usually a percentage of the gross
who meet the experiential, educational and ethical
selling price of the property established by contract
standards set by the Auction Marketing Institute, Inc.
(the listing agreement) prior to the auction.
publication
advertising
and
describing
the
B Consignee:
submitted in confidence to an online auction service’s
The auctioneer or auction house operator to whom
automated bidding system to facilitate proxy bidding.
goods are entrusted by another (consignor) for sale at
Lien:
auction.
An adverse claim or charge against an item when that
Consignor:
item is being used as collateral for a debt.
The person or authorized agent or entity who consigns
Lot:
goods to an auctioneer. The consignor is usually the
An item or set of items for sale in an auction, lots are
seller.
normally denoted by a “lot� number.
Deadbeats:
Low Estimate:
High bidders who fail to pay for the item they won.
The mandatory starting bid for a given auction, set by
Escrow:
the seller at the time of listing.
Money held in trust by a third party until the seller
Market Value:
makes delivery of merchandise to the buyer.
The highest price a property will bring in the open
Estate Auction:
market.
The sale of property left by a person at his or her
National Auctioneers Association:
death. An estate auction can involve the sale of
A U.S. association of individual auctioneers united
personal and/or real property.
to promote the mutual interests of its members;
Grading:
formulate and maintain ethical standards for the
The process for determining the physical condition
auction profession; promote the enactment of just
of an item. Different items have different grading
and reasonable laws, ordinances and regulations
systems.
affecting auction selling; make the public more aware
Hammer Price:
of the advantages of auction selling; and generally
Price established by the last bidder and acknowledged
improve the business conditions affecting the auction
by the auctioneer before dropping the hammer or
profession.
Bid on one-of-a-kind items from around the world.
gavel. High Estimate: The highest price a buyer will pay for an item, 13
Extraordinary collections from around the world.
NR:
Other bidders cannot view your absentee bids in the
Short for “no reserve.” This indicates in the item
“Other Bids” section. All bids are kept confidential
description line that the auction has no reserve price
from the auction house and other bidders.
specified.
Registered User:
On-site Auction:
A person who has registered as a member of an online
An auction conducted on the premises of the property
auction service. All online auction services require
being sold.
registration prior to buying and selling.
On-site Bidder:
Reserve:
A bidder who is physically participating at the auction
The minimum price that a seller is willing to accept for
venue.
a property to be sold at auction. Also known as the
Outbid:
reserve price.
To submit a maximum bid that is higher than another
Reserve Price:
buyer’s maximum bid.
The minimum price a seller will accept for an item
Preview:
to be sold at auction. This amount is never formally
Specified date and time property is available for
disclosed.
prospective buyer viewing and audits. Also known as
Shill Bidding:
Open House or Inspection.
Fraudulent bidding by the seller (using an alternate
Proxy Bid/Absentee Bid:
registration) or an associate of the seller in order to
A procedure that allows a bidder to participate in the
inflate the price of an item. Also known as bid rigging
bidding process without being physically present.
and collusion.
Generally, a bidder submits an offer on an item prior to
SMS Alerts:
the auction. Absentee bids are usually handled under
Alerts sent via text message to your mobile device to
an established set of guidelines by the auctioneer or
inform you when another bidder has placed a bid on
his representative. The particular rules and procedures
an item.
of absentee bids are unique to each auction company. To keep LiveAuctioneers a safe place for buyers, LiveAuctioneers masks the absentee bid amount. 14
Starting Price:
Reserve Auction:
Timed Auction:
The likely starting bid for a given auction, set by the
This is an auction in which the item for sale has a
Bidders may only leave absentee bids that will be
seller at the time of listing.
reserve price. The reserve price is the lowest price at
executed by the auctioneer after the listed ending
TOS/Terms of Service:
which a seller is willing to sell an item. Although the
time of the auction. A “Timed” auction does not have
TOS is a legally binding agreement that outlines an
reserve price is not listed per se (the auction posting
a live audience participating, therefore you will leave
auction site’s operating policies. All registered users
will be marked as “reserve met”), it can be extrapolated
your maximum bid that is only increased when you
must agree to a site’s terms before using the service.
when a bidder bids at or above the reserve price. The
are outbid. The current high bid will be made public
Grading Abbreviations:
high bid will automatically be elevated to the reserve
on the item listing, but your identity will remain
AG/About Good A/O/All original BV Book value. C1-
price, providing the current high bidder with what the
anonymous to both other bidders and the auction
C10 Complete/Almost Complete EX/Excellent EXMT
seller would agree to sell at.
house. If your absentee bid is the high bid, then you
Excellent-Mint. Superior to Excellent, closer to Mint.
Straight Auction:
will be contacted by the auctioneer as the successful
F/Fine G/Good GMMT/Gem Mint MIB/Mint-in-Box
Also referred to as an absolute auction, this is an
buyer.
MIMB/Mint-in-Mint-Box MOC/Mint-on-Card MOMC/
auction in which there is only one item up for sale and
Mint on mint card MT/Mint NR/No reserve NRFB/
there is no reserve price. The seller sets the opening
Never Removed from Box OOAK/One of a kind. OOB/
bid and must respect the final price at the end of the
Out of box. OOP/Out of print Pristine VG/Very Good
auction.
o/c (oil on canvas)
Absolute Auction:
Auction Types:
An Auction where the property is sold to the
Dutch Auction:
highest qualified bidder with no limiting conditions,
This is an auction in which the seller lists multiple
contingencies or amounts.
quantities of an identical item. With multiple items up
Online/Virtual Auction:
for sale, multiple bidders can win. Also, one bidder can
An auction that is for online bidders only and is not
try to buy more than one quantity. All winning bidders
conducted in front of a traditional live audience. These
pay only the lowest successful winning bid amount.
auction types may have reserve items in which the
Yankee auction:
auctioneers may bid in order to protect the reserve.
Each winning bidder pays his or her exact high bid.
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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