Jaeger-LeCoultre Grande Reverso Ultra Thin Boutique Edition Rouge (278856J)

An unwritten auction rule says that a third party will always be a better consultant than the brand in question, which is the raison d'être of an auctioneer. However, it stands to reason that the brand will have the best knowledge of its own timepieces. Who, for example, would know more about the Deep Sea model than Jaeger-LeCoultre?
For the buzz
This is the reason why some manufactures have staged their own private auctions for a few years now. "But that's not the only reason," Isabelle Gervais, international public relations director for Jaeger-LeCoultre, immediately adds. She should know: her brand recently staged its own auction. "Online, private auctions allow us to reach a broader audience and increase brand awareness,"she explains. Generally, such auctions will accompany a brand's involvement in a given philanthropic cause. In other words, it is above all a way to cast a light on the corporate and social responsibility (CSR) positioning of the brand.
Olivier Collin du Bocage, independent auctioneer and watch expert, continues, "It's above all a great buzz operation for a small budget. In fact, these manufactures just realized what we, auctioneers, have understood for years: our main strength lies in our ability to turn an auction into an event."
A new standard?
Still, online auctions are not open to everyone, as Gervais underscores: "It has to be consistent with the digital strategy of the brand." In other words, a brand that is not b enough on the social networks won't have the legitimacy to stage online auctions - and would also not draw any benefit from it.
Collin du Bocage estimates that the frequency of such auctions will remain marginal. "There is no risk of multiple online private auctions in the watchmaking industry, as only a very, very limited number of companies have the iconic product range to stage them."Stamps and wines on the Web
The watchmaking industry is not the only area to note the occurrence of private auctions; stamp and wine collectors are already taking advantage. These industries are used to auctions staged by privately owned websites or done directly by the wine producer. Collin du Bocage explains how they turn out: "As years go by, sellers come back to us. Some pieces had reached a really wild price and the market needs regulation." Such auctions are thus cool and trendy experiences, but can lead to unexpected results.
Julien Schaerer, managing director of Antiquorum, describes the current auction scene. "Ten years ago, it was quite normal to have 200 or 300 people present in the auction room. Now with the process also going through the Internet, there are ten times fewer people physically present. I'm pretty sure the next mobile revolution will allow people to make bids on their iPads and BlackBerrys. That's where we're heading: even less people in the room, but more virtual bidders."
A question of cost
In the watchmaking industry, private auctions could also impact the consumer. "There is a risk that private auctions could start to slightly alter the market price of a watch," Collin du Bocage explains. "Some manufacturers have no idea of the current estimate price of their own piece. If they begin selling some of their watches without third-party expertise, there is a risk that clients could pay an unfair price."
Private and online auctions do remain an option for manufacturers. In the end, though, it might be a short-term process - a great communication operation, but negatively influencing the price of their own watches and bypassing the experts. Antiquorum's Schaerer sums up, "If manufacturers want to keep these operations as impactful as they are today in terms of communication, they'd better not stage them too frequently. People will get bored. I don't foresee any growth of online sales for at least ten years or so."