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Second-Hand Rolex Fetches 20-Fold Profit at London Auction December 30, 2023 (0 comments)
London, UK--In a striking example of auction house success, a lost Rolex watch has been sold for 20 times its purchase price.
[Representative image via istock.com/felixmizioznikov]
This notable sale occurred at Greasby's auction house in London, an establishment handling various items ranging from lost property on public transport to police evidence since 1919.
A report in The Telegraph states that among Greasby's regular patrons is Rupert, a man in his 40s who combines his part-time role at HM Revenue and Customs with a venture into the world of online resale.
Rupert's strategy involves bidding on various items at Greasby's and selling them on platforms like eBay. This approach usually sees him investing in tech products to double his investment.
However, Rupert's most lucrative transaction emerged unexpectedly from a £500 investment in a Rolex watch acquired at the auction.
Without any accompanying authenticity papers, the watch remarkably fetched a £10,000 resale value – a return of 20 times the initial outlay.
Rupert disclosed that he opted to pay off debts instead of indulging in leisure pursuits with his earnings.
Learn more in the entire report in The Telegraph.