Sell Your Luxury Watches
There are plenty of people that think owning a luxury watch makes for a good investment. The fact that you could buy a new watch and either hold it for years or even sell for a quick profit brought attention to the demand for certain watches. They were right, selling watches has always been a profitable endeavor, however only certain watches trade above what the MSRP is (Manufacturer Suggested Retail Price). If you are not able to get one of these watches, then you can’t expect to make money on a new watch. The reason you are able to make money on these watches is that you cannot get one. It’s the big catch 22. If anybody could buy one, the supply would meet the demand and the watch would not be worth above its retail price. Just as with selling anything, there are challenges to selling luxury watches. Sometimes the buyer is quite good, other times the buyer is not so suitable to your needs. This blog post will teach you when, why, and how to sell your luxury watch.
When should you sell your luxury watch?
Selling your watch is completely a personal decision. There are some ideas to incorporate to determine if it may be a good idea to sell your watch or keep it. Does it hold sentimental value? Is it a watch you wear everyday? Is the market demand for your model of watch dropping? Did you buy the watch for the sole purpose of making money? The biggest reason to sell your watch is usually due to wrist time. If the watch is wasting away in a storage box, it may be a good idea to cash in.
Just like all things luxury, there are various types of buyers for luxury watches. Some for their collection, some for selling later on. The trick is to locate the buyer that aligns with your motivation for selling. This is a strong sample of luxury watch buyers.
- Collectors
- These people like to collect watches. Some collect on volume while others collect on quality or style whether that be vintage, specific complication, specific watch brands, or something else entirely.
- Flippers
- These people are only interested in a quick buck. They will try to buy low and sell quick. They won’t make a lot of money per watch, but will try to sell volume.
- Grey Market Watch Dealers
- These guys have ins with Authorized Dealers or someone major in the business. They have strong market knowledge and huge inventory. Many times they will be able to get new watches that you can’t and sell at a premium. They may also save you money on a new watch sans the factory warranty.
- Lifestyle Personalities
- These people may need watches for various reasons, whether it’s photoshoots, public appearances, utility at work, etc.
As with anything, any person will have their own personal reason for selling, most likely because they just aren’t wearing the watch any more.
Audemars Piguet Royal Oak Offshore Vampire Black Dial 26470ST Steel
Sold by Blanckenhagen
Vintage Bulova Jet Star Automatic Watch 40mm Day Date Blue Running Estate Sale
Sold by shakaexpress
Vintage Seiko 7005-8040 Automatic Wrist Watch Original Bracelet Estate Sale Runs
Sold by shakaexpress
Vintage Seiko 7005-7110 Automatic Wrist Watch Beads of Rice Bracelet Estate Runs
Sold by shakaexpressQuick Step by Step Luxury Watch Selling Guide
It may seem that selling luxury watches is stressful, but knowing where to start helps. Here is a quick start guide to sell your luxury watch.
- Price it right, understand the market.
- Take quality pictures when selling online.
- Write a quality description when selling online.
- Choose your selling market whether in person or online.
- Choose the payment method that works best for you.
- Pricing a watch has always been a challenge. Start by searching for the watch you are selling. Three common sites are Google.com, watchcharts.com, and watchrecon.com. Comparing apples to apples is important as a similar watch may be worth more due to a special connection to something you may not be familiar with.
- After setting the correct price, it’s time to present the watch. This is done in two steps. The first is to make sure the pictures are sharp and pleasing to the eye. This is not as important when dealing in person. The second is to write a good description. You want the buyer to want the watch while simultaneously describing the condition of the watch correctly. You don’t want a surprised buyer giving you problems.
- One of the most important steps when selling your watch is to make sure you select the best marketplace for your needs. This can be local or online, however it’s essential you know how the market works for whichever you choose. For in person deals, you will want to know the reputation of the dealer you are going to, or vet the buyer if it’s an individual you aren’t familiar with. For the latter, it’s better to be safe than out of a watch.
- Choose the payment method that works best for you. This is another area you have to be careful with. You want the optimal balance of ease and safety. There are too many ways to get scammed, whether it be chargebacks or fake funds.
Once you have taken the above steps, we will go into detail about the final steps for selling.
Are There Enough Buyers for My Luxury Watch?
One thing that is always certain, there will be buyers for luxury watches. Even when the stock market, housing market, and Covid-19 all caused serious cash issues, luxury watches were as popular as ever. Your ticket is finding out why someone wants to buy a watch since each buyer will be different when you deal with them. Here are the most common types of watch buyers, and we will detail some tips with each type.
- Retail Individuals
- Watch Dealers
- Consignment Dealers
Selling Watches to Retail Individuals
Selling luxury watches to individuals not associated with a watch business is the most profitable way to sell your watch. The people are known as “retail buyers” and will pay the market price for a luxury watch.There are some enthusiasts out there who will try to get the cheapest deal possible, but in general, these buyers are the way to go. The key to dealing with retail buyers is to be transparent. Talk to them on the phone and show them you own the watch. Share with them your social media to help establish trust. These buyers can be quite annoying, but once they get to know you, they can be loyal spenders.
The basic retail buyer can also benefit from your expertise and may need some education because they don’t do this for a living, or even a hobby. As a seller, you need to state the terms clearly before money changes hands.Your goal is to make it safe and easy for the potential buyer.
Retail buyers of luxury watches will pay you the most, however you must be weary of the risks involved with regular people, especially in the age of easy returns and scams facilitated by Amazon and eBay. We will discuss these risks later. The safest way to avoid risk is to deal with cash, not everyone has the ability to pull a certain amount of cash easily.
Selling Watches to Watch Dealers
Sometimes making the most for selling your watch isn’t at the top of your list. Sometimes it’s more important to have a safe, simple, and efficient way to sell your luxury watch. It’s similar to selling your used car to a dealership. They will pay you fast and they have the money that you need, however you are leaving money on the table to pursue this route. You are saving time and headaches at the expense of the maximum return.
When selling a watch to a dealer, you still have risk so make sure you know who you are dealing with. Once you find that quality dealer you are comfortable with, you can be sure the stress of the sale will be vastly minimized. The good dealers have a reputation to uphold so they will make sure the quality of the watch and the authenticity are good. You don’t have to do a thing outside of putting your luxury watch in their hand.
While selling a luxury watch to a watch dealer is the most painless transaction, it will also net you the least amount of money. It’s a tradeoff that for some will be worth the ease of use. You also have an option of receiving trade credit towards the purchase of another timepiece of your liking. Many dealers will accept trades to get you the watch of your dreams.
Selling Watches Through Consignment
There is a delicate balance to money earned and ease of use. The consignment option is a decent option to hand the headaches off to a dealer while still receiving a competitive price for your luxury watch. Depending on the timepiece, some dealers will offer a consignment option that just requires you to send them the watch. They will handle the sales part and will take a fee, usually 5-15% of the total sales price. There are dealers that also consider a flat fee. Because it is being sold by a dealer, they will generally make more money than you might so after the fee, you will still earn more than selling directly to them. The income won’t be as good as doing the leg work and selling retail, but the headache of dealing with retail buyers falls on the dealer who has much more experience at this than you will.
There are also marketplaces that sell on consignment, however their fees are generally some of the highest in the game and may not be worth dealing with for the long haul. There are some consignment places that charge fees around 30%. We strongly advise against this as there are too many great dealers that will treat you fairly while getting you the best deal for the money.
If you are looking to strike a solid balance between income and ease, this may be the way to go. Just remember, the dealer has to sell the timepiece before you receive anything. That is the tradeoff to approaching the sale of your luxury watch from this angle.
Selling Your Luxury Watch Without Paying Fees
If you decided to leg it out and just sell the watch yourself, one of the things you have to learn are the fees required to sell your watch through any of the platforms you have available. Fortunately in the digital age, there are a few ways to sell your watch without paying anything. We will go over the free marketplaces for you here, and some tips and tricks to know when you go to sell your luxury watch.
- Craigslist
- Facebook Marketplace/ Facebook Groups
- Friends and Family
- Value Your Watch Marketplace
Craigslist has been around since 1995 and there is a lot of traffic on that site. It is completely free and a great way to meet local buyers for your luxury watches. You must pay attention though since there are plenty of scammers among the good buyers on the site. There are zero fees for listing or selling your watch on the site, just make sure you are safe when dealing with anyone through Craigslist
Facebook Marketplace has thousands of users from all over the country and world. It is another great place to sell since you can find local and non local buyers for your timepieces. It can be tricky however, since Facebook likes to block luxury watch listings on the marketplace. They have AI powered reviews that may determine something is misleading with your listing. You may have to play games to get around this system to get your watch in front of potential buyers.
There are so many Facebook groups that are available for selling your watch. Many of these groups have strict rules, and some don’t even let you post a sales post due to this Facebook review AI. If it’s a group that refuses sales posts, check with the rules for posting a watch for sale as most of the time it’s done so you will not have to deal with Facebook reviews. Some of these groups are a free for all so you have to be careful who contacts you. Others are well run groups with strict rules so make sure you take note of them before posting to make the process as smooth as possible
It may come as a surprise, but there just may be someone in your personal circle of friends and family members that appreciates a good luxury watch. The only reason you haven’t connected before is they didn’t realize you were also a watch person like them. This is a fantastic way since you already have that personal trust with them and don’t have to go through as many vetting steps as you would dealing with a random stranger.
Value Your Watch is a marketplace created in 2018 to connect people around the world to luxury watch sellers. The one advantage to this marketplace is the ability to sell your watch without incurring any platform fees you will run into on other marketplaces such as Chrono24 and eBay.
