Owning a luxury watch is not just a great investment, but is also a manifestation of your achievements. Luxury timepieces continue to accelerate over the years and as hard as it is to decide which watch to buy, selling your new or pre-loved luxury watch is equally difficult.
If you are looking to sell your collection to upgrade, downsize, or let go for personal reasons, we are here to guide you. There are more options on how to successfully sell your used, inherited, or new luxury watch.
Here are the things you need to consider and prepare.
Prepare all the documents & packaging.
The very first thing you need to gather is all the inclusions of the watch. The original box, packaging, receipts, authenticity guarantee, warranty card, and service records if any. These items that came along with the watch are extremely important. Keep them in a safe place all the time and protect them as much as you care for the luxury watch itself.
Original documentation reassures your potential buyer that your watch is 100% authentic. Plus, it will more likely get you more money if you have these documents. They help increase the selling value of your timepiece from 15%-25%.
In case you have lost the documents and the original box, you can still sell your luxury watch. However, you must understand that you will not be able to get as much without the complete set.
Include all the accessories that came with the watch.
The accessories that you have collected for the piece can also be used to raise the selling value. If you do not have anything extra to include, it is perfectly fine too.
Gather service records.
In terms of service records, some top watch brands offer them. They will issue you an “Extract from the Archives”, “Certificate of Authentication”, and other documents for a nominal fee. These records are also worth looking into, especially if your watch is expensive.
Take note of the model, serial, and other important ID numbers.
Prior to selling your watch, another important thing you must do is to check and take note of the model or reference number, serial number, and other significant ID numbers.
After preparing everything you need to jump right into selling, you might go through a bottleneck of thinking about where you could possibly sell that piece.
Here’s what to do.
Find the right platform.
There are many options for selling your pre-loved luxury watches. However, you must find the right platform because this can make or break the deal.
You can contact trustworthy local jewelry stores however, being the business that they are, you may not be able to get the most competitive price from them.
Consignment shops are also easy to find, however, you will often need to pay a high consignment rate, and usually, the sale often takes a long time. You need to find a shop that has a great reputation and is highly reliable.
Pawnshops are good for quick cash if you really need the money but never expect a high return.
With all the brick-and-mortar options aforementioned, we want you to know that you can tap into the power of technology to sell your luxury timepieces. Internet platforms are accessible for all and this gives you an edge in reaching a global clientele.
Not long ago, there are only a few outlets where you can sell valued timepieces and most of the time the owner is left with so many disadvantages. But with today’s booming second-hand luxury watch market, the demand is growing and this paves the way for private sellers to get a better advantage. Not to mention the availability of Internet technology.
Choose with care and compare these e-commerce platforms from each other in terms of reviews, credibility, service, and professionalism.
There are marketplaces online that are fully dedicated to fine timepieces where you can list your watch and they will post it to sell to an end-buyer. They are relatively easy to use and have a range of included tools and features such as shipping, advertising, ratings, and so on. These things can help simplify your selling process.
If you are unsure, you can go to online watch forums where private watch sellers gather and share valuable tips with each other.
Above all, do not jack up your selling price in a ridiculous manner just because it is memorable for you. This is called an endowment effect. Regardless of how special the timepiece is for you, you should only consider the worth of the actual piece.