As most watch buyers believe, buying a luxury watch can be risky, but so as selling yours. Especially if you’re selling it to an unknown person you just met online.
Either you’re looking to sell an old watch that you’ve found from your Grandpa’s storage. Or you’re looking to buy a new vintage watch. Or you want to downsize your collection and convert it to cash…
You would want to be prepared and informed about what you’re about to face.
So, we’ve prepared a Step-by-Step Guide on how you can sell your luxury watches online.
1. Have a COMPLETE SET
Before anything else, make sure that you’ve gathered as many of the items in the list below as possible.
- Of course! YOUR WATCH!
- Watch’s Documentation (Receipts, Authenticity Papers, Warranty Cards, Service Records)
- Original Box
- Packaging
- Any other accessories (Cleaning Kit, Bracelet Links, Straps, Hanging Tags, Pusher Pins, Setting Styluses)
You have to make sure that you still have the COMPLETE SET! Having this will increase the chances of you getting an awesome offer from the luxury watch buyers out there and will make things smoother.
Having extra accessories or service records will also show buyers that you’ve done your best to maintain the watch in excellent condition.
Of course, people wouldn’t buy a watch that is not verified to be authentic. That’s why it is very important that you have complete documentation of your watch.
You can include things such as receipts (as proof that it’s really a vintage watch), a Certificate of Authentication, Warranty Cards, etc.
If in case, you don’t have anything else besides your watch, that would be fine as well. However, you can get a better price when you have at least a Certificate of Authentication.
Some of the top watch brands offer services like these where they can issue you an Extract from the Archives or provide a Certificate of Authentication or some other documentation, but it might include charges for that.
You might want to check this option if your watch is really expensive. Here’s a list of some popular watch brands that offer these services:
- A. Lange & Söhne
- Audemars Piguet
- Breguet
- Cartier (Call them or send them an email)
- Jaeger-LeCoultre
- Longines
- Omega
- Patek Philippe
- Piaget
- Seiko
- Tissot
- Ulysse Nardin (Call them or send them an email)
- Vacheron Constantine
- Zenith
2. Know your Watch’s Model and Serial Numbers
The first thing that you should know about your watch is its make and model. For example, Rolex Explorer II, Omega Seamaster, Patek Philippe Calatrava, and so on.
But you should also note other important identification numbers too.
The most important thing that you should know is the watch’s model or reference number.
While yes, you may be selling a Rolex Explorer II. You have to take note that there are already a lot of different editions that were released over the last decades.
That’s why it’s very important that you know your watch’s specific model or reference number.
Additionally, it’s good to know your watch’s serial number which is unique to the piece. It can help you and your potential buyers estimate when the watch was produced (you can cross-reference it with the production/serial code charts available online.
You may check WatchBase and view their existing database to cross-reference your watch’s serial code.
3. Do some research
Now that you’ve gathered everything that you need to know about your watch, it’s time to do some research.
Maybe you’re asking, what do I need to find out about my watch?
Well, you’re selling your watch, so you need to know the factors that will affect its market value.
History
The first thing that you need to determine is when was the make and model of your watch were made and how rare your watch is in today’s time.
Depending on the popularity of your watch, you should be able to find information about it online.
Current Market Value
You should also be able to determine the resale price of your watch. Try to check all the best platforms wherein you can sell your watch and compare their prices.
You can also find out the resale price of your watch by checking sale listings of similar watch models. This can give you a rough estimate as well of your watch’s current market value.
But you need to keep in mind that there may be other factors that may affect the watch’s resale price. Other watches might be in better condition than the other. It may also be that other watches have good service histories and so on.
As discussed above, these factors can greatly impact the price of the watch.
Condition, Repairs, and/or Aftermarket Components’ Effect on Market Price
Will I gain more money when I have my watch repaired?
Is there a big difference in price if you sell your watch in excellent condition vs. selling it as it is?
Does my watch have parts that are replaced by Aftermarket Components?
These are the questions that you want to be answered as well while having your research. You need to have an idea of the things that you have to do to be able to sell your watch at the best possible price and gain the most profit.
Service Price vs. Market Value for watches in excellent condition
Other than just knowing what your watch’s current market value is, you should also have ways on how you can maximize your profit. One way of doing this is to consider having your watch serviced before selling it.
You need to compare the prices of identical models that are in excellent condition against the ones in poor condition. Then, compare the cost of repairing your watch vs. the price difference of excellent and poor condition watches.
Watch Replacement Parts and Aftermarket Components
If you’re a responsible watch owner, then you might be familiar with this.
Having your watch service every few years would keep your watch in tiptop shape.
Excellent watchmakers always make sure that your watch is clean and polished. They buff out any existing dents or scratches. And most importantly, they lubricate the moving parts of your watch, install gaskets, and replace worn-out components.
However, the problem lies with watchmakers replacing the worn-out components. Yes, this may make your watch look and feel brand new. But you have to consider that watch collectors prefer watches that have original parts!
So, even if your watch is manufactured in the late ’70s but has some of its parts replaced with newer ones, then there’s a good chance that you won’t be able to sell it at a higher price.
4. Take Clear and Detailed Pictures of your Watch
Now that we’ve gathered everything we need to know, it’s time to showcase our watch’s amazing features. The best way to do this is by taking pictures of your watch.
In taking pictures of your watch, you’d want to include as many details as possible. This will help your potential buyers determine the authenticity and condition of your beloved watch.
Take pictures of the front (dial side), back (case back), and sides of the watch. You can also include pictures of the winding crown, strap, and buckle.
If there are any engraved numbers on your watch, you might want to take pictures of that too (but, make sure to blur out most of the serial number). Include as well some pictures of the packaging and documents as people would be looking for that as well.
Lastly, you have to make sure that the images are clear. See to it that it’s well-lit and has high resolution. You can use spotlights, plain colored mats (which should serve as the background of your watch), and a tripod to be able to take good quality images.
5. Look for the BEST possible deals near you
We’re now ready to sell your watch and you may be thinking about what your options are.
Well, we have to determine whether selling, consigning, auctioning, or trading in is the better option for you.
Selling
Selling your watch right off the bat will get you paid the fastest. But the payout is generally the lowest among all other options. But the thing is, you just need to find a really great offer to overcome this (which is not that easy).
Consigning
A company you’ve chosen will list your watch for you and only takes a commission once it sells. This will normally get you more money but it will take time before the company will be able to sell your watch.
Auctioning
You can go to auction houses to gather bids for your watch. But this can be risky as you’ll never know what the final sale price would be (plus the fact that auction houses ask for commissions as well).
Trading In
You’ll look for offers in swapping your watch to another watch that has a better value. This will usually get you the best price (but not a monetary value). What you can do here is to keep on trading until you get a piece with a really high market value. Then sell it.
Another question you might be asking is, where should you sell your pre-owned watch?
Well, you have a lot of choices. You can sell it to places like pawn shops, vintage consignment stores, jewelers, and auction houses. But don’t expect to get great offers as these establishments usually give low offers or have a huge cut for commissions.
If you want to sell it to another person to get better value, we would suggest calling them first and verifying their identity. Know how much they are willing to pay before meeting them.
But, be careful because it’s common to get a really GREAT offer over the phone. Then only to find out that they want a lower offer once you guys met.
Another great option would be looking for offers ONLINE.
Online Marketplaces
There are tons of AMAZING deals you can find for your watch online. You can go to places like eBay or Craigslist, but selling on these platforms may have some risks.
You have to watch out for scammers and dishonest buyers on these platforms. What they commonly do is to tell you that the watch they bought has some defects or claim that your watch is fake. Only to find out that they’re returning you a different watch.
So, you have to be vigilant about the buyer that you’re talking to when looking for offers on these platforms. But, nonetheless, you can still find great offers from credible buyers.
Watch Forums
Forums are also a great place to sell your Luxury Watch. You can find a lot of Watch Enthusiasts on this platform who are very knowledgeable about watches.
The only problem you’ll be having here is that it will take time before you can be considered a credible seller. Watch Forums requires that you’re already registered in their platform for 90 days before you can sell any watch.
People in these platforms also consider Seller Credibility so you have to build your reputation here. Aside from that, expect that it will take time before your post would be noticed by buyers.
But still, once you get a deal, you can expect that it is totally much better compared to other offers that you can find online.
Online Retailers
You can also save all the hassle and go directly to online retailers like SellOnTime UK which specializes in buying and selling pre-owned luxury watches. These types of retailers typically have an easy process in getting quotes quickly for your watch.
You just have to fill out a form and enter all the details about your watch and you’ll get a quote.
Once you’ve decided on where you want to sell your watch.
The last thing that you should look for is the Hidden Charges and Return Policies. You should be aware of any fees, commissions, or additional surcharges.
You should also know if you’ll be handling the shipping and/or insurance costs. Check if there are any applicable taxes or customs too.
Know as well and understand the return policies. There are cases where you’ve received a great initial quote from a company, then upon receiving the timepiece, the company decided to renegotiate with a lower offer.
If you’re not happy with the final offer, you should know who’ll pay for the shipping/insurance for returning the item.
The same procedure applies to listing your watch yourself online.
Well, as you may know, SellOnTime UK already eliminated the risks of selling your watch. You may check our process to know how easy it is to sell your watch with us for the most money.
Sell Your Watch now on SellOnTime UK!
