With the advent of the internet and how it’s become a household staple for most, the access to online retail has grown exponentially, but there’s still a lot of hesitance and lack of trust when it comes to online transactions — and for good reason.
Because of this lack of trust and unease when it comes to the online market, when you’re looking to sell your luxury watch, you may be limiting yourself unfairly and reducing the amount you can earn for your beloved timepiece.
The best way to combat this problem is to take the fear out of the equation. Here are the four top places to try and sell your watch and why they may or may not be the best place for you.
Auction Houses
Auction houses are the most expensive way to sell your watch. They’re also the most prestigious, as well as being one of the most reliable ways to have someone take it off your hands.
“Sotheby’s” by ajay_suresh, licensed under CC BY 2.0
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Auctions are generally held in public galleries, where they take place over several days and auctioneers bid on behalf of clients who are present at the event (or bidding remotely via phone). The highest bidder wins their item at an agreed price between themselves and the seller; if no one bids higher than this established amount then there is no sale – hence why auctions are called ‘unsaleable’.
With the advent of the world wide web, you have digital auction houses as well. While auction houses tend to be licensed there are still some pros and cons when it comes to selling your luxury watch through an Auction House.
Pros
Auction houses are considered exclusive and draw high-end clientele. Well-established auction houses like Christie’s and Sotheby’s have a client list that can serve anyone’s needs. They can cater your luxury watch out to thousands of watch enthusiasts instantly through online auctions. The delight of online marketing and auctioning is they can have clients throughout the world. They don’t have to restrict your piece to those who can be physically present.
Their established reputations also remove the trust factor from both sides. You and the buyer trust the auction house as the middleman.
Cons
They may not want to sell for you though. A single luxury watch will cost them more (in most cases) to try and sell than what they’ll make for it. In many instances, they want to sell an entire collection and not one piece. That single piece would have to be pretty unique to grab their attention.
When it comes to high ticket watches, they need to have a good value behind them. Christie’s and Sotheby’s for instance, will only accept watches that have a resale value above $5000. On top, they charge additional fees for placement.
Auctions also take time. If you need to sell quickly, an auction isn’t the best option for you. They can take months to complete.
Online Marketplaces
Online marketplaces such as eBay, Amazon, and Craigslist, or in the case of luxury watches, chrono24, are the most popular places for selling your watch. They certainly are tempting since they have a profound reach when it comes to buyers.
eBay is the most popular online marketplaces for buying and selling almost anything. It’s easy to use and has a wide range of buyers around the world who will purchase your old timepieces at competitive prices.
Online marketplaces offer fast transactions, but beware of the risks. Rolex Datejust 36 Steel Rose Gold Wimbledon Dial
Amazon is another alternative to eBay if you don’t like their fees or rules. Amazon charges sellers a 20% commission but they offer free shipping on all items sold through their site which can save you money if your item weighs less than 2 pounds (1 kg).
Craigslist offers users anonymity in transactions which makes it more secure than other sites like eBay where personal information isn’t required during registration process.
Pros
You represent yourself in this case. There’s no middleman to pay (other than a percentage to Amazon or eBay for using their site). You decide the price you want and the timetable you’ll accept.
Cons
With Craigslist especially, you’re taking on the potential for risk. There’s no trusted middleman to protect both the buyer and seller. It’s much harder to close a deal because of the lack of trust there. Especially when you’re talking about the amount of money involved with luxury watches.
Amazon and eBay have their own downsides. Selling a single watch once doesn’t provide you with the reviews and history to make you trustworthy to buyers and that will sway many of them to other sellers. Without the seller’s history, positive comments from other buyers, and ratings, potential buyers will raise red flags and hesitate to offer you luxury-level money for your watch.
Online Forums
Online forums are one of the best places you’ll think of to sell your watch. Reddit, watchuseek, and Facebook groups are all popular online forums where you can find people interested in buying used watches among other things.
Online forums give you access to watch buyers worldwide. Rolex Datejust, Oyster Perpetual, and Day-Date 40 Green Dials
Reddit is an online forum that covers everything from technology to news and entertainment. It has a large community of watch enthusiasts who regularly post about buying and selling watches on several subreddits (this is the term they use for topics). You can also use subreddits as a place to ask questions about specific models or brands before you make any purchases!
Watchuseek is another excellent resource for finding buyers since it has been around since 1999 – long before social media sites like Instagram became popular. This site has a huge following with over 350k members across its forums dedicated specifically towards watches; so, if you’re looking for advice then this may be worth checking out first before heading elsewhere online.
Pros
You’re looking at the most money with the least amount of fees when you pursue a private sale through a forum. If you’re smart about payment methods and the buyer agrees, you can mitigate the fees that will be taken out of the sum, sometimes down to nothing.
Cons
If you’re not a natural salesperson, this is not the avenue for you. Everything is up to you. You have to promote your watch. You have to seek out the potential buyers that will pay the price you want. You have to assess the value of your watch and set a price they will accept. You have to set up payment options that will please both parties. It’s all on you.
Reputable Watch Retailers
If you want to sell your watch quickly and get the best price, then selling it to a reputable watch retailer is probably your best bet. These businesses buy watches from individuals and then resell them to their customers at a profit. They often pay more than most pawn shops because they can turn around the sale more quickly and easily than any other type of business.
The most reputable retailers have solid presence online and a brick-and-mortar store where you can see the watches. Three Generations of the Rolex Submariner.
There are many great places where you can sell your watch! If we were talking about cars or houses or anything else that people own for personal use or investment purposes -you’d have no problem finding out where those things go when they’re no longer wanted by their owners.
However, because watches are considered luxury items rather than necessities, there isn’t much information available about who buys used ones and how much money they pay for them. Selling to someone that knows watches inside and out certainly makes sense.
Pros
A pre-owned watch retailer is the safest way to sell a luxury watch from your collection. That’s why you’ll often find the offer of cash now when inquiring with these retailers about selling your watch.
The process, if you go through a reliable retailer, should be a fast and simple one. You express interest, then send in pictures of your watch, unless you can bring it to their physical store. They assess its value and give you a free initial quote. If you accept, then it’s a mailing label, and off the watch goes for physical inspection. In mere days you can have either a check in the mail, money wired, or cash in hand.
Cons
The watch vendor needs to make a profit on the watch as well. If you want to make a profit, it may not always serve you to go this direction. If the watch is now valued above what you paid for it, then you sure might make a profit yourself.
Why Sell Your Watch at SwissWatchExpo?
SwissWatchExpo is known for paying top dollar for the brands they specialize in. They value their integrity and stands as the most-reviewed luxury watch retailer online. You know that you’ll get the best deal out there without all the stress and worries that come with the other sales options above.
SwissWatchExpo is known for paying top dollar for the brands they carry. Patek Philippe Gondolo White Gold Black Dial Diamond Mens Watch 5112
The expert watch team have solid information at their fingertips when it comes to luxury watch sales. They buy and sell luxury watches daily, maintaining almost 3,000 watches from 40 of the best brands. When they give you a quote for your timepiece it’s made with passion, honesty, and based on your watch’s rarity, its condition, the historical sales, and the current market data.
Whether you’re exploring your options in person or online, you can expect money in hand within 24 hours of your watch’s evaluation. Learn more about selling or trading in your watch with SwissWatchExpo.
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