Watch carefully: Here's how to buy a tip-top timepiece on the internet

For all the technological savviness of Apple watches, Fitbits and Microsoft Bands, a new survey by an international internet auction portal has revealed that wrist and pocket watches continue to be the most popular item purchased at online auctions by British buyers.

Famous brand like Rolex and Patek Philippe have lost none of their appeal for style and investment conscious buyers in the UK, according to Barnebys. the Swedish-owned internet portal.

Whilst buyers in Germany and France love to bid online for ceramics and sculpture, watches, antiques and cars are the three most popular purchases by British bidders on the 1,300 auction house websites accessed by Barnebys.

“The watch market is very buoyant, and watch collecting, particularly vintage watches, is become increasingly popular,” said Javed Butt, the owner of West Yorkshire-based watch dealer vintagewatchspecialist.com “Men tend to build watch collections they can also wear, rather than as something to keep in a safety deposit box.

“They also like to buy stuff that they can enjoy and then make money on when they come to sell later.

“Investment pieces are big business, but it’s a tricky market. My own view, and it’s one shared by many dealers, is that you should always buy with your heart.

“Making money is all well and good but it’s a lot more fun if you can enjoy a watch at the same time.”

The surging interest in collecting watches is inevitably squeezing supply, which puts up prices and provides added incentive for rogue sellers to cash in on a hungry market.

“There are some fantastic watches on the market but there’s also a lot of unscrupulous people out there so buyers need to be very careful,” said Mr Butt.

“Buying at auction has always come with its risks and so too does buying from anywhere on the internet without knowing what you’re letting yourself in for.

“Some people are adept at passing themselves off as dealers, when in reality they’re just chancers looking to avoid the tax man catching up with them.”

One of the biggest potential problems buyers can face is what dealers refer to as ‘Frankenstein watches’ built from cannibalised parts of other watches and lacking the provenance needed to justify their price.

“I was recently offered a Rolex Explorer 1 watch from someone who said he was a dealer in Liverpool,” said Mr Butt.

“Explorer 1’s normally sell for between £4,000 and £5,000 but the watch was also associated with the actor Steve McQueen, and they’re worth around £12,000 This ‘dealer’ said his watch was a Steve McQueen watch that had had a new case put on it by Rolex, and that all the other parts were original.

“He didn’t have any paperwork - Rolex do supply a case reference number, model reference number and movement reference number - so I declined his offer to sell it to me for £8,000 ‘because he needed to move it quickly.’

“Anyone who hadn’t done their research could have paid double what the watch was really worth.”

Mr Butt’s advice to buyers is to do their homework before committing to purchasing, both about the watch, the auction house if purchased online, or the dealer.

“Look for testimonials from previous customers and check to see how long a dealer has been in business,” he said.

“Buy the best you can afford, whether it’s a watch you’re going to wear, one you’re buying as a gift or one that’s going into a collection.”

The ten most popular auction items for UK buyers, according to Barnebys, are as follows:

1 - Watches (wrist and pocket)

2 - Antiques

3 - Cars

4 - Jewellery (diamond rings)

5 - Clocks

6 - Stamps

7 - Motorcycles

8 - Royal Crown Derby

9 - British Coins

10 - Cameras