In the year 2020 health measures have considerably accelerated the trend in the development of digital auctions. Many operators have been able to take advantage of this by developing their business and gain new customers. The spring period has seen an abundance of lots put up for sale, which is unparalleled and adds to the already high volume of watches and jewelry that has been customary for several years. In France, the leading player in online auctions thus saw an increase in sales from 400 monthly events in 2019 to 600 in 2020 for all themes combined.
More and morefirst-timebuyers
The circumstances have made the digitization of sales necessary, which has met with an enthusiastic response since the number of subscribers to online sales this year has grown by an average of 30% in the second half of 2020.
A real godsend for some, this digital revolution has allowed the entire sector to renew itself and enter a new era while addressing new clientele.
Strongly challenged by players in the online sale of second-hand watches, the auction houses were thus able to react and broaden their audience and international visibility.
An increasingly sophisticated virtual offer for demanding buyers
Another lesson noted, and not in the least by auction professionals: the record level conversion rate. Thus, the number of deals auctioned and sold in 2020 is 60% while it peaked at 39% in 2019. However, not all players have benefited from this success generated by the multiplication of live sales, which are easier to organize than a sale in a room.
More specifically, it is the more agile (and therefore smaller) structures that have been able to adapt their operations to absorb a large part of these sales. In addition to these success factors, the closure of sales outlets considered as "non-essential" has directed regular customers towards virtual salesrooms.
But then, is buying at the auction house safe?
The lightning speed and ease for buyers offered by this new distribution channel for second-hand items are not without danger. The indispensable expertise on objects such as timepieces will, in the very near future, require objective guarantees within a standardized framework.
Does the law protect buyers?
Unfortunately not enough. In October 2020, the Court of Cassation handed down its verdict and this case law could very well apply to the watchmaking sector, which is particularly affected by counterfeiting.
The case being judged is in this case a compass table by Jean Prouvé.
In 2007, a bidder acquired several lots at an auction. As these acquisitions were not paid in full, the auction house summoned the purchaser to pay the price of each of the sales. In response, the buyer requested their resolution and cancellation. The sales were declared perfect, with the exception of one lot - a compass table by Jean Prouvé - for which an expert opinion was ordered. The expert's report concluded that the compass table was authentic. He noted, however, that its top was made of oak veneer, and not oak as indicated in the sales catalog.
The buyer requested the annulment of the sale on the grounds of an error as to the substantial qualities of the compass table (in particular the material of the plate), an error resulting from the inaccuracy of the references in the catalog. His request was rejected by the judges on the merits of the case; he appealed to the Court of Cassation, in vain.
A difficult mistake to prove
The judgment of the Court of Justice dismissed the appeal: it said, in a classic manner, that the inaccuracy of the particulars in an auction catalog is not sufficient to prove the purchaser's error as regards the substantial qualities of the lot acquired, nor to justify the annulment of the sale, despite the particular importance of those particulars in the context of such sales.
The court considered that the buyer had not proved \the error related to the construction of the tray (solid oak or veneer) was a determining factor in his consent. It would have been different if the error had concerned the attribution of this table to Jean Prouvé, whose main attraction was its compass base, characteristic of the designer's style. Although not every error necessarily leads to the cancellation of a sale, the attention paid before any sale to the verification of each mention in the catalogs certainly avoids many disputes and lengthy legal disputes.
The Watch Certificate™: the answer to this need for standardization
The technology developed by the Watch Certificate™ was born out of this desire to secure each transaction through authentication (by an expert watchmaker) and then certification (by an independent expert) of each timepiece prior to its transfer of ownership.
The Watch Certificate's™ double digital display allows the buyer to be reassured about the authenticity of his watch in all its components (more than 45 checkpoints that can be consulted at any time by its owner).
The certificate also offers many other services, more information here : WatchCertificate.com
