We publish what we paid

On every watch we bought at auction or from the trade, you will see our cost next to our price.

We do not publish what we paid private sellers. That is their business, not ours.

Why this matters

A margin you can see is a margin you can argue with. If you know what I paid and what I am asking, you know exactly what the business makes on the watch. Nobody else in this trade publishes that, and there is a reason: it is uncomfortable. It is also the only way to prove that the number I gave you was built on the market rather than on what I thought you would accept.