The secondhand items were among hundreds of auction items, from cars to jewelry to platinum bars, that had been seized by French customs officials as contraband. In total, the sale raised €1.36 million (US$1.35 million), compared to the €1 million expected by the Government.
A Rolex Sky-Dweller watch sold for €31,000, beating the pre-auction estimate of €25,000. However, the sale amount was less than the €40,000 average resale price for this watch, according to WatchCharts, a site that compiles online prices for pre-owned luxury watches.
A Rolex GMT Master II, known as “Batman”, sold for €17,500, almost three times the highest estimated pre-sale price. Rolex, the Swiss luxury watch brand, produces around a million watches a year and demand for most models outstrips supply, causing some to trade above retail prices on the market. Secondary market.
A similar phenomenon happens with Hermes products, as Birkin or Kelly bags tend to fetch higher prices on the resale market as new bags are in short supply. A size 40 Birkin fetched €11,400 at Friday’s auction, more than the €9,750 buyers would have to pay for a new one at a Paris boutique, a representative for the luxury brand said.
Interest in the auction was described as “exceptional” by French Budget Minister Gabriel Attal, who lowered the hammer on the first two lots Friday morning at the Finance Ministry. About 800 people attended the sale, while 5,000 signed up to participate online, he noted. The items for sale were seized by customs officials as part of the fight against organized crime and money laundering, he explained. About 350 lots were offered in total.
Source: Gestion
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