When London commuters lose things on the city's public transportation system, the items are taken to Greasby's auction house, a family-run business founded in 1919. In addition to Transport for London lost and found, the auction house likewise sells museum lost property, police evidence, and items from household and shop clearances.
And for dedicated customers who frequent the shop, there are bargains to be found and profits to be turned.
Case in point, UK's The Telegraph recently published a piece on the auction house and spoke with one buyer in his 40s who once paid £500 for a Rolex he got at auction, that turned out to be worth considerably more.
The man, identified only as "Rupert," works part-time at HM Revenue and Customs (HMRC), the UK's tax, payments and customs authority. However, he supplements his income “buying and selling tech" and regularly bids on items at Greasby's. "I pick up stuff here and sell it on eBay," he said. Working with a partner, they spend "a couple of grand, on average, on devices, earbuds, headphones and stuff" at auction, with the hopes of doubling their money online.
But in the instance of the Rolex, he made his money back and then some; turning a profit for £10,000, a whopping 20 times what he paid.
"It obviously didn’t come with any papers," Rupert admitted. When asked if he used the money to go on a vacation, he shook his head and said that he instead "paid off some debts."
Considering the underground market for fake luxury watches, he was especially lucky that it didn't turn out to be a counterfeit Rolex. A fool and his money may soon be parted, but in this instance the gamble paid off.
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