If you no longer enjoy wearing or owning your luxury watch, you may have considered selling it. With the booming second-hand luxury watch market, selling used timepieces is easier than ever, and it's become more common than ever. However, if you want to have the best selling experience and get the best possible price for your watch, there are a few things you should consider before you jump into the selling process. Read on to discover the 5 things you should consider before selling your watch.
1. Market Value
A finely made luxury mechanical watch is inherently valuable. Even the simplest luxury mechanical watch can feature over 100 different parts, each of which must be precisely designed and placed for the watch to work. The craftsmanship associated with mechanical watches is the reason they are so valuable. A well-made mechanical watch is more than a useful tool or a stylish accessory. It's a technical wonder and a work of art.
With that said, before you sell your luxury watch you should consider the difference between its inherent value and its market value. Market value, the amount people are willing to pay for a certain item, can be very different from a piece’s artistic or technical value. The market value of a luxury watch can vary widely depending on the watch’s brand, its model number, its materials, its style, its potential limited edition appeal, and current trends. Market value is determined by current consumer demands, which are in a constant state of ebb and flow.
It’s important to consider the
market value of your luxury watch
model because this will directly impact the amount a watch buyer will pay for it. Every potential buyer will consider market demand when making their buying offer. If you want to feel educated and prepared when you head into a buying appointment, it’s best that you do some research about the market value of your particular watch model. If you have an understanding of what your model tends to sell for, you’ll feel more confident about accepting or rejecting a buying offer when it comes time to sell.
2. The Condition of Your Watch
As with many other luxury items, the condition of your luxury watch will have a large impact on the price you’ll receive for it. Before you sell your watch, take a bit of time to honestly assess its condition. Examine your watch for signs of wear and consider how it’s performing on a technical level.
Gaining an understanding of your watch’s condition will ensure you feel prepared when you have it evaluated by a buyer. You’ll have more appropriate expectations, whether your watch is in excellent condition or is a bit worse for wear. If your watch is in near mint condition, you’ll know that it should fetch a higher price. If your watch is clearly used or in poor condition, you’ll understand that you may receive a lower buying offer.
3. Your Original Box and Papers
If it’s your first time selling a luxury watch, you may not know how much having your original box and papers can affect your watch’s resale value. Having your original box and papers helps to verify your watch’s authenticity, which adds to its value. On average, a luxury watch that doesn’t come with its original box and papers will have a market value that’s around 20% lower than one that does.
If you threw out or misplaced your box and papers long ago, know that you can usually still sell a luxury watch without these items. But this will affect the purchase price your timepiece will fetch.
4. Authenticity: Fakes and Frankenstein Watches
Image of BeckerTime
We cannot overstate the importance of authenticity in the world of luxury watches. Luxury watch buyers simply will not want to buy a counterfeit watch, so it’s paramount that you know your watch is genuine before you attempt to sell it. This is easy enough to know if you bought your watch yourself, but verifying authenticity can be more challenging if you received a watch as a gift or if you inherited a vintage watch. If you’re unsure whether or not your watch is genuine, you may want to research your model or
consult an expert.
In addition to flat-out fakes, you should consider whether or not you may have a Frankenstein watch. Frankenstein watches are watches that have been altered or made using aftermarket parts. For example, if you have a jeweler add diamonds to your non-diamond stainless steel Rolex watch, it’s now a Frankenstein watch. Unlike with pure fakes, it is possible to find a potential buyer for some Frankenstein watches. However, it can be more difficult to find a buyer and you may receive a lower price than you would have if your watch were unaltered, since buyers are unlikely to pay top dollar for a Frankenstein watch.
5. Where to Sell Your Watch
Lastly, after you’ve done your research about your model, it’s time to decide where you’ll sell your watch. We generally recommend selling luxury watches to a local jewelry buyer that specializes in buying luxury timepieces. Selling to a local buyer is safe and convenient, and selling to a specialist jewelry buyer will ensure you get a better price, as a specialist buyer will have a better understanding of your watch’s value.
If you’re looking to
sell your watch in the Miami, FL area, visit Jackie Abraham Jewelers, a local jewelry store that specializes in buying and selling fine and estate jewelry, including luxury watches. We consider purchasing all signed watches, including Rolex, Patek Philippe, Bulgari, Omega, and Cartier.
