A Hamilton watch like the one below, sold on eBay for $103.50 with $8 shipping. You can find the listing, here.
Eight bidders, made 20 bids for a watch with no back, it’s regulator pegged to fast – probably a worn mainspring, uncertainty about the shape of the balance, a missing case screw and a much filthier dial than mine. This auction had 226 page views.
My first thought? No one read the description. The seller has to feel happy.
This item should have brought around $25 at most.
What lesson can we take? Well, let’s start with value. It’s a salvage timepiece. Rarely do cases work with backs from other watches. I would give the case a $0 value. The hands about $7.50. The dial on the one offered on eBay, $10. The 987 broken movement, obviously exposed to the elements, maybe $20. The crown? $2.50.
If I parted it out, I would expect to sell it for $40. Then we have to consider the 10% final value fee, 3% paid to Paypal and the cost of shipping. eBay also charges a final value fee on the shipping.
Now, let’s take into consideration the time disassembling it, taking photos, listing it and shipping it.
If I had bid and won it, I needed to bid at least $106. Add shipping and this junk would cost $114.
This isn’t the first time that I’ve seen an auction like this. It doesn’t make sense.
Let’s compare.
I listed 1938, Hamilton Harris with a serviced movement, a new band, crystal, refinished dial and hands.
To make things interesting, I started the auction at $55 with a buy-it-now of $99. It went through three weekly listings cycles. The item saw 108 page views and 20 watchers. I listed it at the same time as the watch above. This item never garnered a single bid.
On April 14, 2014, a working Morely on eBay, sold in an auction for $29.01 with $6 shipping. You can see it here. The auction opened at $25 and had three bids.
I sell unserviced, but working 987A movements for $59. The usual time from listing to end is less than 24 hours. I do this every week or two.
I missed the April 14th auction.
What does this tell you?
Did buyers miss it? No, it had 94 pages views. That’s a typical count.
The buyers were misinformed. That’s the only explanation of which I’m aware.
Ending the auction on April 14th before noon didn’t help the watch that went for $29.01. I have no idea what the seller was thinking or not thinking.
I’ll let you draw your own conclusions and get a strategy for finding “good deals” and avoiding bad deals.
I have a simple strategy if you care to use it – “Read the description the seller wrote and look closely at the photos. If something seems out of place, write the seller and ask for an explanation.”
I think, I’ll go fishing now.
1927 Hamilton Watch with 987 Movement
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