How Do I Sell My Luxury Watch — Rolex, Audemars Piguet, Patek & More!
THE GUIDE FOR SELLING YOUR LUXURY WATCH FOR TOP DOLLAR WITH LITTLE RISK OR EFFORT!
The passion for horology is a beautiful hobby. However, when you find yourself running out of room in your watch case or owning more watches then there are days in the week, you may have a problem.
This is when we start thinking about the best way to successfully sell some of our pre-owned watches.
To get the most out of the experience of selling watches without losing your pants, we’ve put together some recommendations that will help you get the most out of your sale and avoid the usual risk of selling luxury goods online. The best way to start is to ask ourselves some critical questions about how we want to proceed.
SHOULD I SELL THE WATCH BY MYSELF?
If this is what you’re thinking then we must factor in the fact that it will be a time-consuming process and you might not get as much as the watch is actually worth.
Besides a few high demand models, to sell a watch quickly and for top dollar, you need really good presentation, you need to be credible and trustworthy.
To calculate the approximate value of your watch, you need to do research online, looking at listings in online portals and auction sites for similar timepieces. There is no need to be overly precise in this phase, as you will fine-tune your listing later on.
Suppose your timepiece is particularly rare or unique. In that case, the best bet to sell your watch for the top dollar is to look for a specialized auction house, online or brick-and-mortar. Specialized auctions tend to attract buyers from everywhere globally, so there will be interest in your watch too, and hopefully, increasing bids, ensuring that you would get more money for your watch than just selling it for a fixed sum.
The con is that you have no control over the auction, or if the watch goes over the minimum hammer price, you’re still obligated to sell it. Moreover, both you and the buyer will have to pay a commission to the auction house that seriously eats at your profit.
The pro is that you will have almost no issues about selling the timepiece: the auction house will take care of everything, especially the most time-consuming tasks like photography and advertising.
Now suppose your watch if somewhat uncommon, but does not enter into this lofty field of exclusivity. In that case, the most straightforward course of action is to sell it to a specialist watch retailer (or consign it for sale in his shop).
It could be a brick-and-mortar shop or an online portal like us at Luxury Bazaar. We are specialists in the field, so we are prepared to give the best offer for your watch, and take care of everything else. You won’t have to do anything, except think about how to spend the money you’d get from us.
Of course, you need to acknowledge the fact that the professional buyer has costs of their own associated with each watch, so you might get somewhat less than what you’re seeing listed online. Take into consideration the time and effort to recondition the watch, photograph it, market it, list it on other platforms, and also the fees associated with selling it, not to mention being able to offer a warranty on it.
On the other side, though, you will not have to worry about the watch after you sell it. No one coming back to you with any issues the watch may have or looking for a refund.
However, if you do decide to sell your Rolex online by yourself and squeeze every penny out of the deal, we have prepared some advice to help you out.
The best way to proceed would be to list your watch in an online watch marketplace or even better, in a specialized user forum like WatchUseek, Rolex Forums, or Omega Forums. This will ensure you are going to find the right exposure and sell your watch quickly if you priced it right.
If the value is less than $1,000, then the best way to sell your watch effortlessly is to place it on broad-scope online classified portals, or eBay. There is little to no reason to spend a lot of time and effort to earn a few bucks more from the watch, you’re better off spending your time doing something more rewarding.
HOW DO I PREPARE FOR SELLING MY WATCH ON THE INTERNET?
To sell a watch online, first of all, you need to do some research.
Learn everything that you can about that watch model by official sources, like the company’s website, and unofficial ones like watch forums.
When you have gathered enough information about your specific model, and why it is special, that’s when you’re ready to offer it for sale.
First, put together everything that you have to offer other than the watch itself, such as the purchase receipt, the box, the documents, the warranty cards, the service history, etc. It is crucial that you retain everything that you can. In this way, you are going to give more credit to the legitimacy of your timepiece.
Make sure to write about all of this in the description and include photos of these items in your listing. These supporting items add to the validity of the watch (even though there fakes that include all of these items) and they add to your credibility.
The presence of a purchase receipt from a legitimate source will bolster the confidence of your buyer, letting him know that your purchase can be verified by the original seller.
Having these items could add another +10–15% more to the asking price.
WHAT ARE THE RISKS OF SELLING THE WATCH MYSELF?
When you are selling a watch through the internet, you forfeit a certain degree of your privacy. You’ll need to use your profile (eBay, Facebook, Craigslist, etc…) to list the item and you’ll have to answer any questions buyers may have.
Not to mention you might have to meet potential buyers in person to collect payment and deliver such a high-end item.
Selling to a retailer or through a marketplace does offer anonymity and security that selling online by yourself does not.
WHAT INFORMATION SHOULD I INCLUDE ABOUT MY WATCH?
To sell a watch quickly, you should provide as much information as you possibly can about the watch to get the attention of potential buyers. Statistically, 85% of people are prepared to spend a bit more money on a purchase if they are confident about the product they are buying. With a pre-owned or vintage watch, this is definitely the case.
So, when you decide to list your watch on a forum or eBay, you should carefully write the description and include every information you could think about, in an easy-to-read manner (like a bullet point list).
The main information should focus on the stats of the watch:
- Date of purchase
- Location of purchase
- Retailer you purchased it from if available
- Its service history
- How it is running
- Everything about its condition
- For example, is it totally original or some parts have been replaced
- Has it been polished and how much
- The status of the crystal
- The presence of the original wristband and buckle
- Any missing links
- Any dings or scratches
ARE GOOD PHOTOGRAPHS IMPORTANT FOR SELLING THE WATCH?
We live in a world of pictures. Our days are consumed with beautiful images through all of our social media channels. We’ve gotten used to seeing beautiful pictures. The standard is so high that it would have been unbelievable just ten years ago. To get top dollar for your watch, your pictures have to be good.
Watches can be tough to shoot due to the presence of many shiny and reflective surfaces.
Poor light conditions, like excessive or insufficient light, and unsteady handling of the cam or phone, often end up in drab, unappealing pictures that do not help you sell your watch.
When taking a photo of your watch, getting a good focus is essential: an out of focus image looks sloppy and seems to indicate that you have something to hide. We suggest you to buy a cheap, compact desk tripod to keep your phone steady: you have no idea how much your photos would improve.
Try to keep the watch uniformly-lit, and photograph it from every angle, both worn at the wrist and on a neutral background, with details of the crown, the buckle, the back, and closer images of the dial, hands, and crystal.
If the watch has any imperfections, show them clearly, so the buyer is aware of what he is buying: it is an excellent way of building trust.
HOW CAN I GET MORE EXPOSURE FOR MY LISTING?
Once you listed your watch for sale, either on a marketplace, an auction site, or any forum you need to get more views to it to achieve the highest possible offer.
Use your social media presence to share the listing with your followers and ask your friends to share the listing to their followers as well. The more eyes on the listing, the higher the chance someone wants your watch more than someone else.
List your watch on Reddit groups, Facebook watch groups and even Facebook Marketplace to get the most views and the highest possible offer.
Just beware, these groups are full of watch dealers and sharks who will probably low-ball you since you’re not in the business and cannot offer any references for previous sales.
YOU FOUND A BUYER! NOW WHAT?
Congratulations! If you find a buyer for your watch, it’s now time to get into the technical details of the sale to protect yourself as a seller. Always remember that you do not know your buyer, but the reverse is also true: your buyer cannot be sure how trustworthy you are.
Whenever you are selling a watch on the web, there are a few rules to follow. The first is reassuring the other that you are trustworthy, and you actually own the timepiece you are selling. So, send your buyer a short video showing the watch ticking. If the buyer needs further proof, ask him for a random time (i.e. 7:41) and send him a video of the watch showing the time he chose.
Ask him to make the payment via a traceable method such as a wire transfer, remember to wait for the funds to arrive at your bank account before shipping. Even better via PayPal, just know that PayPal charges a fee for its use which has to be paid by either you or the buyer if he sends a “Friends & Family” payment. However, if the buyer does send a “F&F” payment, he is not covered by PayPal’s protection and therefore is much less safe for the buyer. Receiving payment via PayPal as a sales transaction will cost you, but the transaction will enjoy the Paypal insurance. If anything goes wrong, your buyer will get his money back.
Prepare a declaration showing the names of the seller and the buyer and their contact details, residences, and all, including the details of the watch and its serial number, if present. While you do not have to pay taxes in a private sale between two individuals, this document is useful to show officially the transfer of property, which is important, especially if the timepiece is expensive.
The best way to transfer a watch is by hand so that the buyer can check it by himself, but in many instances, this is not possible or very safe.
This means that the watch will have to be shipped via an express courier. In this case, the best bet is to document all the phases of preparing the package for shipping, showing that you are putting the ticking watch into the box and sealing it for transportation.
Be sure to allow several layers of protection around the watch and its eventual box as timepieces are small and delicate items that contain a sophisticated microscopic mechanical structure. Watches do not take falls and shocks kindly, so protect them the best that you can.
When shipping always choose the registered and insured option, so if anything happens during the transport, you’d be covered and still get your money. Producing official documents of a sale helps in this case because the real value of the timepiece would be transparent and could not be objected.
Remember that you — as a private individual — have to give no guarantees to your buyer, so this kind of transaction is inherently at risk, but doing all the steps right can help you mitigate the effects of a bad experience.
Although you’re not providing any warranties on the watch, if something is wrong with the watch upon receipt, the buyer will not be happy with the purchase and will do whatever he can to get his money back.
THE ADVANTAGES OF SELLING TO LUXURY BAZAAR
Of course, if you just want to sell your watch and not waste the time you’d need to ensure you get the most out of the sale, you could always rely on us at Luxury Bazaar, professionals in the field of horology since 2001.
Whatever is the reason you choose to sell your watch, Luxury Bazaar makes it effortless to sell your watch, get a competitive market offer, and get paid quickly and effortlessly.
We specialize in pre-owned timepieces, so we can assess your watch and give it the most competitive offer, possibly more than you would ever assume.
Our process is super simple! Just answer a few questions by clicking the link below and our team will evaluate the watch and provide you with an instant offer.
CLICK HERE FOR AN INSTANT OFFER!
GET AN INSTANT OFFER FOR YOUR WATCH!
If you accept the offer, we’ll provide you with an insured label to send the watch to us to evaluate. Upon confirmation that it matches what you originally stated, we’ll pay you either by bank wire or check, whichever you prefer.
That’s it. We obviously insure and guarantee each step of the entire process and make sure you’re getting top dollar for your watch, while at the same time, making it super easy for anyone to sell.
If you want to speak to one of our specialists about a watch you’re considering selling, just CLICK HERE!
