Looking to sell a luxury watch but not sure where to begin? The world of watch selling can be complicated, especially to the inexperienced. But to keep things simple in this complex market, we’ve put together a brief guide to how to sell a watch where we cover the most important topics you should be aware of as you embark on this journey.
Over the past 30 or so years, the internet has had a major impact on the world of watch selling. Today there are more ways than ever to sell a watch. But it should come as no surprise that there are pros and cons to every avenue. Here are a few things to consider when looking for the best place to sell a watch:
No matter where you are looking to sell your watch, whether it be online, at a local watch boutique, or through a marketplace, you need to be sure you’re working with an established, reputable buyer. Now is not the time to try something new and different – this opens you up to scams and low deals. You can vet the different options by reading reviews online but also pay attention to how long they’ve been around and, if possible, what value tier of watches they’ve sold.
According to our in-house watch expert, the best way to get a true idea of what your watch can sell for is by checking how it’s done at auction. This will tell you what buyers are bidding on watches, rather than how sellers are pricing their watches (which is what browsing marketplaces will show you). You can look at sites like Worthy, or check the websites for auction houses such as Christie’s, Sotheby’s, and Phillips.
Marketplaces make it easy to post your watch for sale and you can do it easily from home. However, marketplaces are open to everyone, meaning both private sellers and business alike are selling in the same place. And while the professional sellers have a good understanding of the resale market, private sellers often don’t. A private seller may see their very same watch for sale by a professional seller and price their watch for the same amount. However, these private sellers may not have considered what the professionals bought the watch for originally and what money they have put into it since purchasing. It takes a decent amount of experience to know how to correctly price a watch on a marketplace in such a way that it will be bid on or purchased.
When you’re preparing to sell a watch, you want to make sure it’s in tip-top condition. After all, looks are everything when it comes to selling a luxury timepiece. However, you need to be careful how you treat your watch depending on the type.
For any watch you’re looking to sell, you want to make sure it’s clean. If it’s a bracelet watch, you can clean it using items you’d find at home – a soft toothbrush and some warm water. You want to get the dirt and grime that tends to accumulate between the links washed off and get the metal sparkling. If it’s a strap watch, check the condition of your material. You may want to invest in a new strap if there is considerable wear and tear.
Luxury watch brands encourage their clients to bring their watches in for servicing at regular intervals. This can be good for keeping your watch in working order, but when selling, the rules are a little different.
Watch value is very dynamic, but there are a few main factors that are important when determining the value of a watch.
Another option for selling your watch is to sell with our trusted partners at CIRCA. With CIRCA, you can simply make an appointment at one of their offices, meet with a member of their highly-trained buying team, and receive an offer for your watch on the spot. Click here to find an office near you.
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