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So many incredible watches, so little time…
Once you’ve caught the timepiece bug, you may find that you’d like to trade in or trade up. If so, you’ll need to know how and where to sell luxury watches.
Watch lovers are very particular, so your timepiece will probably face heavy scrutiny before it’s purchased. You don’t want to leave out crucial information or take inadequate pictures. Here’s what you need to know.
We’ll start with the places you can sell your timepiece. Fortunately, there are several ways to sell luxury watches. Depending on where you live and how much time you have, one of these methods will probably suit you better than the others.
One of the easiest ways to sell a watch is to take it to a shop that deals in secondhand and vintage timepieces. You may not receive as much for your watch with this method, but it’s quick and easy.
Some shops sell pre-owned watches on a consignment program. Others offer trade-in deals. If there isn’t a watch or jewellery shop near you that purchases watches, you may be able to find one that accepts watches through the mail.
Most auction houses regularly offer luxury watches. First State Auctions, for example, accepts jewellery and watches and conducts over 80 auctions each year.
The potential for a good sale price is high with an auction, but you won’t know the final price until the auction ends. Although an auction sale won’t be as quick as a sale to a jewellery shop, you may earn more. The transaction is legally binding when the hammer drops, and sales are final.
Keep in mind that lower value watches (those worth less than $1,000) may not be a good match for auctions. For a unique or rare watch, however, auctions are perfect.
For the most flexibility, consider selling your watch directly to another collector. This route can be more time-consuming, but it often yields excellent results.
For less expensive watches, you may want to create eBay listings or post them on ChronoTrader. Take quality photographs in good light, and include as much information as possible, including details about the watch’s original packaging.
If you’d like to earn top dollar while still retaining control of the sale, consider listing your timepiece on one of the enthusiast forums like WatchUSeek, Omega Forums and Rolex Forums.
When posting your listing on a forum, keep the information concise and accurate. Bullet points work well. People are more likely to read descriptions that appear neat and organised.
What else to include? Mention when and where you purchased it, and about how many times you’ve worn it. Also, note how often it has been serviced, and whether or not any parts have been replaced.
Tell potential buyers about the records you’ve kept. Just like you keep maintenance and service records for your car, you should also keep them for your watch. An impeccably maintained watch will fetch a high price, especially if you’ve kept quality records. Some people include photos of their papers in their watch listings; you may want to adopt this strategy.
It’s not easy to take great photos of watches but try. The better the picture, the more views your listing will get. Adjust the light if necessary, and get help if needed.
If you managed to take some quality pics, post them on Instagram with details about your watch. Instagram has become a powerful marketing tool in the watch world and could help attract potential buyers.
As you buy and sell your luxury watches, keep your insurance up-to-date. When you acquire a new timepiece, cover it with Q Report Watch Insurance. And when you sell your watch, advise the new owner on how to get reliable insurance that protects the watch wherever it travels.
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