The Asset Management and Tracing Agency (ARMA) completed the sale of the last arrested watch from the collection of former deputy Viktor Medvedchuk. In accordance with information, published on the Prozorro.Sales platform, the final auction took place on October 14 according to the scheme of a hybrid Dutch auction, which provides for a price reduction until one of the participants stops. The starting price of the lot was UAH 461,231.50, and the winning bid was UAH 285,000.
The final lot, a Dolce & Gabbana #7/10 wristwatch in a yellow metal case with a black strap, had visible signs of use, including wear on the strap and light scratches on the case.
The hybrid Dutch auction, under which the sale took place, involves two stages. At first, the price of the lot gradually decreases until one of the participants stops the process. After that, the closed bidding phase begins, during which participants can offer a higher price. The bidder who stopped the first stage has the last word and can beat the maximum offer in the final stage.
This is the final stage of the sale of Medvedchuk’s watch collection. Earlier, at the beginning of September, at the first auction, 8 watches were sold for the total amount of almost 3.6 million hryvnias. At the second auction held on September 25, another 11 watches were sold for 3.3 million hryvnias. The total value of the entire collection of 20 watches was estimated at 10.6 million hryvnias.
In addition to watches, ARMA also plans to transfer 148 paintings from Medvedchuk’s collection to the National Museum for the preservation of the cultural heritage of Ukraine. The remaining 284 arrested paintings, which do not have significant cultural value, will be sold through Prozorro.Sales, and the proceeds will go to the needs of the Armed Forces of Ukraine.
