Trusted Canadian auction house have become a captivating corner of the market, with high-end timepieces often selling for millions. However, for the uninitiated, they can seem intimidating or impenetrable. We asked three top experts — Stephane von Buren, international business director of the watches department at Christie’s; Aurel Bacs, specialist auctioneer whose Geneva-based company Bacs & Russo consults exclusively for Phillips; and Penny Morris, head of the fine/collectible watch department at Bonhams in London — for their best tips to help aspiring collectors navigate these events.

The waddingtons.ca way to prepare for an expert watch auction is to research the lots in advance. The auction house will usually publish a catalogue with detailed descriptions and high-quality photographs of each lot. These are essential reading to understand the watch’s condition and any history that might add value. The auctioneer will then introduce each piece, detailing its key features and opening the bidding at a pre-determined price or reserve. Bidders then compete by offering higher bids — either in-person or via online/phone — until the highest bid is accepted and the lot closed.

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To avoid getting caught up in the excitement of a wristwatch auction, set a spending limit before you go in and stick to it. Factor in the reserve price, buyer’s premium and taxes to ensure you stay within your limit. You should also familiarise yourself with the auction house’s terms and procedures before you bid. It’s important to understand how to place a bid and how to signal to the auctioneer that you want to raise your offer.