How It Works
How We Work
Our auctions are designed to provide the best experience for sellers and buyers.
The auction process starts with sellers submitting their watches through the website. We select the most interesting and work with the seller to compile a detailed listing for the watch. Auctions typically run for 7-days. To ensure you can buy and sell with confidence, a 3rd party authenticates and holds every watch before the buyer wires the seller.
- What makes us different?
- How do I submit a watch?
- How do live auctions work?
- How does bidding work?
- What is the post-auction process?
- What are the buyer and seller fees?
- How does authentication work?
- What happens if the reserve isn't met?
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What makes us different
After an auction closes, the buyer sends us proof of funds, and the seller sends the watch to a 100% insured and secure 3rd party authentication center. Once the watch checks out, the buyer wires funds to the seller, after which the watch is shipped to the buyer (the seller pays for shipping to the authentication center & the buyer pays for shipping from the authentication center). This process and authentication is provided for free on every auction.
How do I submit a watch?
All submissions are done from the submit a watch page. We offer three levels of service based on the needs of the seller; classic, premium and white glove.
$49 without Reserve
Sellers get a custom-written auction listing by one of our Auction experts, a 7-day auction and free escrow services
How it works
- 1. You submit your watch
- 2. We accept the ones that fit+
- 3. You pay for the listing
- 4. We write the auction listing
- 5. You approve the listing*
- 6. Your listing goes live
- 7. Watch sells & buyer sends proof of funds
- 8. You send the watch to the authentication center**
- 9. Buyer wires you funds
- 10. Watch ships to buyer
For significant watches and collections, give us a call and we'll handle the rest.
How it works
You submit your watch
We'll help you with the rest.
After choosing a service level, sellers answer questions on the submission form and upload photos so our auctions team can evaluate if it’s a good fit for our audience.
If a watch is accepted, the seller pays the listing fee, and we work with the seller to gather all necessary information (including photos, paperwork, and service documentation).
With the information and photos provided by the seller, our Auction Specialists craft an honest and informative listing for the watch. This entire process usually takes 2 business days.
How Our Live Auctions Work
Every auction goes live with an informational listing, photo gallery, and additional seller features that help ensure a great result.
- Each auction has a comment thread where our community discusses the watch and asks the seller questions.
- Sellers are encouraged to participate actively in the comments section by answering questions and engaging with the community to increase bidder confidence.
- Each seller can lower their reserve while the auction is live.
You must register to place bids.
- A credit card hold verifies all bids to ensure the commitment of potential buyers. When a bid is placed, we place a hold on the credit card on file for 5% of the bid amount. When the auction closes, the hold is released for all bidders who didn't win the watch.
- Sniping protection extends the auction clock by two minutes each time a bid is placed in the auction’s final moments. The auction isn’t over until two full minutes have elapsed since the highest bid was placed.
- We encourage all potential bidders to read the listing and review the entirety of the comment section before placing a bid. It is important that bidders do their due diligence to understand all the details of the watch and insights offered by members of the community.
- Prior to payment, every watch is authenticated and confirmed to be accurately represented in the listing by a 3rd party authentication center.
The Post-Auction Process
If the auction reserve is met when the listing ends (or the auction is no reserve), the winning bidder sends us proof of funds within 24 hours. Once the funds are validated, the seller sends the watch to the 3rd party authentication center. After the watch is authenticated and confirmed to match the listing, the buyer wires the funds to the seller, after which the watch is shipped 100% insured to the buyer (the seller pays for shipping to the authentication center and the buyer pays for shipping from the authentication center).
If the auction reserve is not met when the listing ends, we will attempt to work out a deal between the seller and the highest bidder.
How Our Fees Work
Sellers pay a $99 ($49 if without reserve) listing fee, with the option to upgrade to premium for an additional $400 ($250 if without reserve). There are no other seller fees...
Buyers pay a 5% fee on top of the final sale price to us, with a minimum of $250, and capped at $5,000.
Still curious about something?
We have the answers to most common questions in our Frequently Asked Questions
How Authentication Works
Our authentication partner is Bennisson, in West Palm Beach, Florida. They are a level one service center that has been in business for over 20 years. They ensure every watch is as it was described in the listing. This includes authenticity, condition and included accessories. Once authentication is complete they send you a report so you can buy with confidence.
Our closing process is designed specifically for luxury watches. It guarantees both the seller and the buyer a secure sales process.
- The buyer sends us proof of funds
- Once the funds are validated, the seller is notified
- Seller ships the watch insured for its full value to a 3rd party secure authentication center
- Once the watch is authenticated and confirmed to match the listing, the buyer will wire the seller the funds, after which the authentication center ships the watch insured for its full value to the buyer.
What happens if the reserve is not met?
First, we try and negotiate a deal with the high bidder. If that is not successful, the watch is added to our Last Chance Offers page, where prospective buyers can submit an offer directly to the seller and get a reply within 24 hours (usually much faster). These offers are binding and cannot be canceled. If the seller accepts and you do not complete the transaction, the service fee & your Grailzee account will be forfeited the same as if you did not complete a finished auction.