Watch Hunting at Auction Houses or Pawn Shops

[kenixck]

No sure if this topic has been discussed before, if yes, mod pls kindly remove.
I remember when I was around 12-13 years old, I went to Macau (big difference now for sure).

I walked passed a lot of pawn shops, people even pawned their Sony Discman !! There were a few a almost 40% off the normal price but I didn't get to buy because of warranty issue and my folks disapprove.

Next to it was endless rows of watches, I think mostly as Rolexes.

Just wondering if any members here bought before from pawn shops or even auction house/estate sale.
I think they are gems to be found.

Macau Pawn Shop(s) Watch Hunting Trip anyone ?

 

[tonykpk]

 The good ones would have been sapu up by the honky before we could even reach there.. just my opinion..

[horomas]

Saw so many watch shops likely stocking watches sold on the cheap by losing gamblers no doubt.dare not go in as dunno if any of them stolen or not.

[RaymondT]

Actually u won't even know , mayb some of the local preowned shop also get their stock from those pawn shop you saw

[Kennypane]

Rolex is a commodity. Commodity same as money. Money = casino. I saw them too when I was there 5 years ago. The Exp I, I heard was the popular "Sum Loke Kow" or 3,6,9 as being called residents of HK usually purchased when they "made" it. Or with first paycheck. Rolex is still popular and norm in HK. I believe 9 out of 10 HK ppl wear one.

[horomas]

Yup,saw so many ppl wear rolex,panerai.cosmetic counter salesgirls,one with a sub and the other a Panerai,no kidding at the estee lauder stand.Since most of them cannot afford their own home,probably got more disposable income for luxury goods

[STT1987]

People owning the pawn shops have a good idea of the stuff that they are selling. Don't expect a whole lot of discounts on the boxed watches with papers, and the ones without papers have a very good chance of being fakes or compromised (damages, mechanically broken, etc.) I've checked out pawn shops before and they consider tourists like chickens ready for throats to cut.

Caveat emptor - buyer beware!

[7thfort]

People owning the pawn shops have a good idea of the stuff that they are selling. Don't expect a whole lot of discounts on the boxed watches with papers, and the ones without papers have a very good chance of being fakes or compromised (damages, mechanically broken, etc.) I've checked out pawn shops before and they consider tourists like chickens ready for throats to cut.

Caveat emptor - buyer beware!

"There is a sucker born every minute"

[horomas]

Concur

[j0shua]

Rolex is indeed a commodity. It works both ways: people lose their watches off their wrists for gambling, and the luckier ones use these pawnshop Rolexes to discreetly move their winnings back to wherever they came from.

As always, when there's demand, there will be supply, and when there is supply, there will always be some guy trying to make a quick buck off a counterfeit.

[RaymondT]

Inexperience tourist like me will surely get cons buying fake rollies then 

Can i suggest a thread dedicated to identify/compare fake /genuine watches.

[STT1987]

Inexperience tourist like me will surely get cons buying fake rollies then 

Can i suggest a thread dedicated to identify/compare fake /genuine watches.

Sometimes it's not so simple. Pawn shop owners can also be cheated. An interesting trick that I have read is they take a busted Rolex and put in a cheap china/fake ETA movement into it. Without opening the caseback, they won't know that's its been altered (neither will the tourist know unless they can open the case in the shop). The other way around also can be done, a new fake casing with an old worn out (but real) Rolex movement - usually vintage daytonas; they get a higher price a complete watch albeit with a fake casing.

[IWCking]

well, dont think they will want to cheat any buyers on purpose. Do you know how much is the capex and opex to run a shop in HK or even Macau 

Of course, sometime even good eyes may make mistake too. Even very reputable watch auction houses like antiquorum sold a fake watch before too. I have also heard of an AD selling a fake watch before as well (guess its the particular dishonest sale person rather than the shop per se). Anyway, buying preowned watch involve certain risks. Facts are one will have to know the market and the model well in order to make informed decision.

[rusminag]

Even 'Pawn Star' made mistakes and bought fake Rolexes....

[dpkong]

Even 'Pawn Star' made mistakes and bought fake Rolexes....

and being a business, it only makes sense to pawn it off to the untrained buyer...

[nazren]

People owning the pawn shops have a good idea of the stuff that they are selling. Don't expect a whole lot of discounts on the boxed watches with papers, and the ones without papers have a very good chance of being fakes or compromised (damages, mechanically broken, etc.) I've checked out pawn shops before and they consider tourists like chickens ready for throats to cut.

Caveat emptor - buyer beware!

"There is a sucker born every minute"

and there's a sucker for every product....