How to Sell a Luxury Watch - A Step-by-Step Guide
Have you decided to sell one of your luxury watches? There are many reasons why someone chooses to sell their timepiece. You may need immediate cash for an unexpected expense, an investment opportunity, or a financial opportunity.
As a watch enthusiast, you may want to upgrade to a newer or more desirable model. Your style or taste may have changed over time and you find your watch less appealing. Maybe you want to refine your watch collection or your watch has appreciated in value and you want to sell it for a profit.
Whatever reasons contribute to your decision to sell a luxury watch, we’re here to guide you through the process of what to consider and do in order to help you find potential buyers, and get the best price for your timepiece.
Understand Your Watch
Being familiar with the watch brand, model, and market reputation of your luxury watch will help you get an idea of its value (keep in mind that there can sometimes be a considerable difference between an appraisal and what the watch can be sold for). Brands like Rolex, Patek Philippe, Audemars Piguet, Breitling, and Panerai all have different market values.
Featured below are examples of different luxury watches: a Rolex Submariner Date 40mm Stainless Steel Kermit, a Breitling Chronomat 32 Stainless Steel Rose Gold Diamond, an Omega Speedmaster Moonwatch Professional 42MM Sedna Gold, and a Santos De Cartier Large Stainless Steel luxury watch.
It can be helpful to know what are the watch’s specific details like the movement type (automatic, manual, quartz). What material is your timepiece (stainless steel, gold, titanium)? What special features does your watch have (chronograph, GMT, tourbillon, etc.)? If you are unsure about your watch’s features, a professional can help you identify all the components of your watch.
Assess the condition of your luxury watch’s condition, to include the working order, physical appearance, and any signs of scratches, dents, wear and tear. These factors will play a part in the value of your watch.
Authentication and Documentation
If you have certificates of authenticity and warranty cards for your watch, bring those with you. Having the original box, papers, extra links, and any other accessories can add value for the watch buyer. Maintain any records of any servicing or repairs done by an authorized service center.
Difference Between Retail Value and Resale Price
You can check current retail prices for similar models in similar conditions when selling or buying a new watch. Websites such as Chrono24, WatchBox, and eBay can provide insights into retail prices, but these figures will not accurately reflect the amount you could expect to receive when selling the watch secondhand (similar to comparing the retail price of a car versus the amount a dealer would offer you for an immediate cash purchase).
Where to Sell
Let’s take a look at some pros and cons of various platforms that you can choose from to sell your luxury watch.
Auction Houses
Auction houses like Christie’s or Sotheby’s could be considered for rare and extremely valuable high-end watches (this option is not something that the average person will use). Auction houses will have professional appraisers and can provide you with an accurate valuation. They have access to a global audience of serious collectors and watch enthusiasts.
High end auction houses have an established reputation and recognized trust in authenticity and value of the items sold. Competitive bidding can drive up the final sale price, especially for rare or highly desirable timepieces.
On the downside, auction houses are not an option if you do not have a very high end watch. They will have significant commissions, which can reduce your net profit. The process of selling with an auction house can be time consuming from the consignment to the actual auction date. Plus, there’s no guarantee of a sale for your watch, and the final price is unknown until the auction ends.
Online Marketplaces
Platforms like Craigslist, eBay, Chrono 24, WatchBox, or specialized watch buying and trading sites are another option. These have access to a global audience of buyers. You can set your own price and negotiate directly with buyers. You can list and manage the sale from the convenience of your home.
WatchBox provides a straightforward selling process directly to their platform. Some sites, like Chrono24 will act as an escrow to ensure secure transactions, and its customer service will help deal with disputes.
Chrono24 is a time consuming process with the effort to create listings, respond to inquiries, and manage the sales process. Be aware of listing and transaction fees which can also add up and take away from your final profit.
There are several downsides in using online marketplaces. There is the potential of encountering scams with fraudulent buyers when using less reputable watch sales sites. You can run the risk of your watch getting lost in the mail or claims they did not receive the watch. There could be delays in payment or even lack of legitimate payment. You will need to ensure that you use a secure payment method. While PayPal offers protections, it is not foolproof against scammers.
Pawn Shops
Pawn Shops offer immediate cash and simple straightforward processes with minimal paperwork. However, pawn shops typically offer the lowest prices. The potential of a pawn shop owner or employee being knowledgeable about the value of your high end luxury watch is low, leading to undervaluation.
Private Sales
Some may try to sell their luxury watch on social media like Facebook Marketplace, Craigslist, or meet someone in person. If you choose this option you will need good quality pictures of your watch, set a realistic price, and choose a secure payment method. In addition, you will want to use tracking on your package and insure it for the full value of your watch.
Private sales could provide you with potential for higher sale prices without the intermediary fees and you would have more control over the terms and conditions of the sale. Potential buyers may be wary of authenticity and condition without a professional intermediary.
The downside of private sales is finding a buyer, negotiating, and ensuring a secure transaction which can take significant time and effort. Private sales have an increased risk of scams, fraud and can even be dangerous, especially with a high-value transaction. We really don’t recommend selling your watch through private sales.
Luxury Watch Retailers and Dealers
Find a reputable retailer, watch dealer, or jeweler who specializes in new watches, vintage watches, and luxury watches for resale. They will offer immediate payment. Their expertise in expensive watches ensures a smooth transaction with minimal effort on your part.
Selling to an authorized watch dealer means you will have less hassle and less risk. You will receive a fair price with instant payment and no security risks. Also, you will not have to pay a neutral appraiser to authenticate your watch. This process is much quicker and less cumbersome than trying to sell your watch in other types of venues.
While a watch dealer will offer you a fair price so they can make a profit, their offer may be slightly lower compared to private sales (but, private sales run a risk of fraud). There is also less room for negotiation on the sale price.
Summary
We recommend choosing the method of sale that best aligns with your priorities. You will need to consider how much hassle or effort you are willing to put into the selling process. Keep in mind that some options have added fees that will need to be subtracted from your final profit.
Keep in mind the method you choose (private party sites like Craigslist, Facebook Marketplace, etc.) will expose you to increased potential for scammers who will try to take advantage of you.
For a safe, fair, and reliable way to sell your watch, choose a reputable jeweler/watch dealer.
At ED Marshall Jewelers we specialize in buying and selling high end German and Swiss watches. Our qualified staff can help answer any questions you may have, and help you through the process of selling your luxury watch. We can also help you if you decide you want to upgrade and buy another luxury watch. Give us a call or stop in to see us. We are looking forward to helping you!