Ignorance is bliss?
An amazing result for the “Elvis Presley” Omega Constellation, hammering at an astounding $42,000 today at Antiquorum’s New York auction. This is particularly incredible considering that the exact same watch sold for $15,535 on December 13, 2011 — a mere six months ago. This illustrates to me how incredibly inefficient buyer and seller knowledge is in the secondary watch market — how else to explain such an astronomical increase in price?! As for me, well, for the reasons I outlined here last week, I would not have paid a dime for this watch. I think it is clearly the Seller of this watch who gets the last laugh this week – an almost 3x return in six months…not bad!
Elvis Presley Omega Constellation Sells June 12, 2012 for $42,000 (Antiquorum)
Same watch sold December 13, 2011 for $15,535 (Heritage)