Everything You Need to Know About Selling a Luxury Watch
There’s a certain sort of elegance that is associated with a luxury watch. History, flair, and craftsmanship – they’ve got it all. Some of our favorite watches to buy and sell are made by Rolex, Cartier, Patek Philippe, and Breitling. More than a simple accessory, a watch by one of these designers is like owning a work of wearable art.
However, maybe you’re ready to upgrade or wearable art isn’t your thing. Here’s everything you need to know about selling a luxury watch.
When is the right time to sell your watch?
The answer is there’s no right time to sell your watch. Some sellers are looking to downgrade their watch collection or trade one luxury watch for another. Others are going through a difficult divorce or break up and wish to part from a painful physical memory. However, there are a few factors that will influence how much bang you get for your buck.
When we’re looking at luxury watches, we immediately want to identify the make, model, year, and condition of the watch. These are important considerations because luxury watches, when serviced regularly and appropriately, often hold their value well. In some cases, their value can increase depending on its rarity and condition. If you have the watch’s original documentation and packaging, that can also help increase the resale value because it helps guarantee its authenticity.
Ultimately, it comes down to consumer demand when determining the value of a luxury watch. The more rare, the better the watch’s condition, the more likely you are to see a greater return on your investment.
Why watches are a good investment
Like signed jewelry, watches can retain or increase their value due to scarcity and popularity. And of course, in addition to being well-crafted, they are functional and aesthetically pleasing, which is partially why we love them! During the Covid-19 pandemic, we saw the luxury watch market explode, making it the perfect time to sell and recoup your money’s worth. Like the stock market, there will always be highs and lows, and right now, we’re in a high.
How and where to sell your luxury watch
Online
Ebay, Craigslist, and more increasingly, Facebook Marketplace are among the more familiar online commerce platforms. While you can set your price, there’s no guarantee you’ll get it. Additionally, buyers can alter the watch once they receive it then claim it was in poor condition and ask for a refund. Then you’re out your money and the value of the watch itself. If you’re going to go the online route, it’s best to do it in an established marketplace where luxury watches are the norm, not the exception.
A private buyer
Should you decide to go the route of selling to friends and family, it can be a boon in the sense that you know the transaction will likely be trustworthy. However, it can also have a downside if the buyer expects a discount based on familiarity. Sometimes, it’s just easier to go through an unbiased party.
A local business
In recent years we’ve started to see a shift with people choosing to shop locally at small businesses. The benefit of a local business is it has built up loyalty and reputation – otherwise, it wouldn’t still be in business. Those are key to making the decision on where to sell a luxury watch as working with a trustworthy business can make the transaction easier and more seamless.
What happens to my watch after I sell it?
Many beautiful pieces have passed through our hands over the years. While we can’t always tell you where your watch will end up, our clientele tends to be luxury watch collectors, jewelers, or wholesalers.
What should I do now?
Make an appointment to get your watch evaluated! Having a sense of what your watch is worth is an important first step in the process of selling your luxury watch.
At Samuelson’s, we’ve been buying, selling, and evaluating luxury watches since 1922. Our experts are trained and can make knowledgeable recommendations on the condition and value of your watch. We’d be delighted to meet with you in a private, safe, one-on-one consultation to ensure you get the fairest and best offer possible for your luxury watch. We’ll answer all your questions and more, and if you like our offer, you’ll get paid right there and then.
