Solutions to sell a luxury watch
Time has gone by and the watch that you used to love has now been sitting in its box for a long time. Perhaps is it time to sell it?
But how can you sell your watch safely and at the best price? If you are asking yourself this question, this guide is just what you need. And you’ll see that you have a number of possibilities.
CLASSIFIED ADS WEBSITE
The most common way of selling objects is to publish an ad on classified ads website.
They offer a number of benefits: they are easy to use, free or inexpensive, publication of ads is fast and they generally have a very large audience.
This is a very efficient solution for selling a watch from a well-known brand which is also “affordably” priced.
Beware of scams, though: you must avoid unusual payment methods and transactions performed via a third party or third parties. If this is possible, it is better to prefer delivery in person and a payment made via cashier’s check.
If the transaction must be made remotely, you still have solutions to secure this transaction: some websites offer - against a commission - to act as a “trusted third party”, ensuring that the buyer receives a watch that matches the description and that the seller will indeed be paid.
SPECIALTY ADS WEBSITES
Their principle is the same as classified ads websites. The difference? The audience is less important but more “qualified” and well tuned to the market and its prices.
These websites are considerably more efficient than classified ads websites when it comes to selling a watch from a more confidential brand or which price is relatively high.
ADS ON SPECIALTY FORUMS
This may not be the shortest route but it might be one the most efficient.
Indeed, to post an ad on a forum of enthusiasts you often need to have participated a bit to the forum - which is measured by the amount of messages you posted or how long you have been a subscriber… However, once this hurdle has been overcome you can publish an ad which will be read by real enthusiasts, ready to seize a good deal!
SELLING TO A SECOND-HAND WATCH SHOP OR AN ANTIQUE DEALER
Some second-hand shops may be willing to buy your watch. Now, if this solution is fast and secure it has also two drawbacks. Not all watches are eligible for repurchase and, even if your watch is indeed eligible, the price that you will be offered will be well below the market value of your item. This is quite logical as the purpose of second-hand shops is to purchase your watch below market price… to sell it at market price.
If you are selling an antique watch, an antique dealer will offer you the same type of service.
Some second-hand watch shops - or even shops selling new watches - offer consignment services. The principle is simple: once you have agreed on a price, you entrust the shop with your watch who sells it for you against a commission.
This solution may indeed increase the chances of selling your watch as the shop usually adds through the commission a warranty that can go up to several months: a very reassuring benefit for the buyer.
TRADE-IN ALONGSIDE A NEW PURCHASE
Like car dealers, shops selling new or second-hand watches increasingly offer trade-in services when you buy a new item. In such circumstances, the trade-in is of course part of the global negotiation: the more interesting for the buyer is your new purchase, the better will be your trade-in.
However, when it comes to trading-in a watch that sells well on the second-hand market it may be more interesting financially-speaking to sell it by yourself…
The underlying principle for selling your watch at auction is rather simple.
You contact an auction house - specialised or not - and you set an appointment with a licensed auctioneer. This person will set an appointment with you to perform an estimate - which is often free - and will advise you on opportunities for selling your watch depending on the flux of the market. You can obviously set a reserve price for your item. That is a minimum price below which your watch cannot be sold. It cannot be superior to the lower amount of the estimate. This appointment will also be a time to discuss auction fees - which can sometimes be negotiated - and, in some cases, sign the sell order which provides the auctioneer with a mandate to sell your watch.
Following the auction and if your watch was sold, the auction house will send you the payment corresponding to the selling price minus auction fees. For practical reasons, the auction house will organise the delivery of the watch to the buyer.
If your watch did not sell, the auction house may present it in a new auction or give it back to you.
One comment: the sell order may be revoked at any time by the seller but may cause you to pay damages if the revocation caused prejudice to the auctioneer…
Pawnbrokers offer a fast and simple solution for those who want to use their watch for obtaining necessary cash flow, to help face a difficult situation or something unexpected.
The watch is used as collateral against a loan granted rapidly. The amount of the loan is equal to the estimated value of the watch in the public auction market.
The benefit of this solution is that it allows to take the ownership of your watch back if you entirely pay your loan and interests back within the accepted time-frame. However, if you are not on time, your watch will be sold to repay your loan.