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Introducing ‘Loupe This’: An Online Watch Auction Platform Designed By Collectors, For Collectors
So where did the idea come from? Says Ku: “Justin and I have been frequent buyers and sellers at auctions for quite some time. The genesis of Loupe This was a discussion we had over dinner a few years ago about what we liked and didn’t like with regards to our experiences working with the various auction houses. The main point is that we always felt that auction houses work for the consignor exclusively. But why can’t they represent both the buyers and sellers? There had to be a way.” The collector community is all-year round too. As Justin explains: “Auctions generally follow a Fall/Spring cycle. What about during the summer and winter months? People are hungry to buy watches all year! Over a great meal and way too much sake at a restaurant off the beaten path in Las Vegas, we formed the framework from which Loupe This would be born.”
Gruenberg continues, “I am the second generation in our family business. We’ve had a presence in Beverly Hills since the 1980s and have great stories about important watches that passed through our hands in the old days.”
There have been other online watch auction platforms launched recently. So what makes Loupe This unique? Justin picks this up. “There have been several launched before us, and I’m sure there will be even more to come. However, we believe there are four key points that make us different. The first is Eric and I; we’re an auction house run by experts and between us we have decades worth of experience of handling the full range of watches. Be it hyper-rare vintage Rolex, modern independents or classic Patek or Cartier watches. We have it covered. Secondly, we run Loupe This like a traditional auction house. We hold the items, authenticate them, we take all the photography and create the listings. In our model, the consignor is taken out of the picture which is unique in the online sector. We are the seller and as such, there is an added layer of security for buyers.” Eric picks up the third and fourth points.
Loupe This includes a community platform where collectors, enthusiasts and experts alike can enjoy discourse about each lot. We truly want the community to congregate and discuss the lots. We aren’t perfect and mistakes will be made, but you can be sure that somebody out there will notice, and we want them to chime in and have a voice. This openness makes us unique and
increases buyer confidence too.”
So, like a traditional auction house, Loupe This holds the watches that are consigned. “This allows us to standardize photography,” explains Eric. “We will get the watches in our hands so that we can accurately authenticate and describe them. Also, just like traditional auction houses, we act as an agent selling the watches and handle the fulfilment so there is no issue with “trust” and the word escrow never has to be used!”
The last 18 months has witnessed a growth in online auctions, but many traditional houses aren’t geared for such online sales. What is the advantage of Loupe This over these more traditional routes? “We move quickly and more efficiently,” explains Justin. “In the normal auction model, up to a third of the total price derived from an auction goes to the house, around 26 percent buyer’s premium and up to five or six percent seller’s premium. We do our job with a 10 percent buyers fee and a flat $500 consignment fee for sellers. In addition, the standard auction process can take six months or more from negotiating a consignment to finally getting paid. We are trying to make this process much quicker and seek to turn consignments, schedule allowing, into payments in a significantly shorter timeframe.”
Eric is confident that Loupe This will be a disruptor in the sector.
For more information: www.loupethis.com