It is seen that most people choose to sell the watches they own and there are several reasons to it apart from the usual expectation for a reasonable value in return. Experts say that there are usually three categories of people who want to sell their watches. They are:
- The collectors: There are a lot of collectors who visit luxury watch shops selling used or new watches repeatedly simply to sell a watch to make room and monetary arrangement for the next new one. They like to make multiple transactions with these shops and in fact there are several cases when the collectors will even use the network of these dealers to help them identify and find the watch they want to buy.
- The estate seller: Often it is seen that lots of customers want to sell a watch that once belonged to their loved ones. No matter how practical a decision it is, selling such a watch can be really very difficult as this is a very delicate and sensitive transaction.
- Life event: Lastly, customers may even want to sell their watch when they experience any life changing event and need to sell their watch in order to raise funds. In such situations the best option available to them is to visit a local pawn shop or even go to a local jeweler and receive a very low ball offer.
Well, considering the expectations, the experts say that the collectors are the ones that have the most reasonable expectations of all. This is because they have been around for some time and know about the market and also the fact that the value of the watches depreciates over time. However, there are exceptions as is in the case of any vintage item where the resale value can be as high as ten times the original value paid for the watch to buy.
Guide to sell a watch
Therefore, if you own a luxury watch that you want to change or do not like to wear it anymore, make sure you visit a pre-owned luxury watch store to sell it off. With the trend in the new luxury watch market clearly showing signs of slowing down a little bit, you can make the best use of this scenario and get a high price for your used watch especially if is a unique piece carrying a lot of incredible historic value.
- Choose the right platform to sell your watch. There are a lot of such platforms but make sure you choose one that has solid reputation and an exceptional track record in sales, service and customer satisfaction. Trustworthiness, high seller ratings, better listing and ethical business and pricing policy are few other things to look for when you make the choice. Remember, visiting any shop and saying ‘sell my watch’ will not fetch you the appropriate amount for your watch, not to mention about the stress that you will have to go through.
- Look for the hidden commissions if you want to sell your watch through auction houses as this happens to be the first choice of most people while starting with the selling process. Mind you this may seem but is certainly not a hasslefree process. There may be a series of hidden commissions and fees involved in the process that will not only negate the positives of selling but also reduce the final amount that you will receive from your sales proceeds. Ideally, the auction houses charge a buyer’s commission of around 15 to 25% of the hammer price and a seller’s commission of around 10 to 15% of the actual price of sales. Add to that there are fees for additional insurance, shipping cost, and photography that will make the net price ominously less than the hammer price.
- Recourse is one thing that you should care for especially if you are selling your luxury watch to any individual. In such cases there is always a significantly high chance that the buyer will come back at some pint of time after purchase with complaints in your watch and may even demand the money back. Apart from that, there is also a fair amount of threat that the buyer may return your watch in a much deteriorated state than before. There may be original parts replaced inside by the buyer and if you take it back without checking there will be no recourse.
- When you give the model and serial number make sure that you do not give away the entire serial number. This is a unique number for your specific luxury watch and therefore it is important to prove that your watch is authentic. If you give away the entire serial number you will give enough chance to a replica maker to create a replica of your watch and etch the serial number of your watch on the case of the replica. To prove that your watch is authentic you can show the first four digits of the serial number of your watch and replace the rest of the digits with other signs and symbols of your choice.
These are few of the basic strategies to follow when you want to sell your luxury watch to a local used shop or list it in any online platform yourself or even sell it to an individual directly. Make sure that you include all relevant and accurate information that you currently have with you regarding your watch. All this will help you to evaluate your luxury watch based on different parameters or to know whether the price offered to you is good enough to accept.
You must keep in mind that it is one-way traffic when you tryto sell your luxury watch. Once you agree to and accept aoffer made to you by the shop owner you will have no further claims on your watch. It is therefore suggested that you always take help of an evaluation expert to make sure that you do not leave a considerable amount behind.