How much is your watch really worth? While most products on resale are sold at a lower price than the original price, do watches depreciate too? While some watch experts can assist in evaluating your watch’s actual worth, it is best to have some ideas about the same.
Suppose you are in the United States and looking forward to reselling your watch, renowned best-sellers will assist in the resale & evaluate the true value of your watch. However, some factors are responsible for determining this resale value and understanding these factors, you can carry out an assessment estimating the value of your watch before consulting a professional’s opinion.
Factors Responsible For Determining Your Watch’s Resale Value
1. Beware of High Commissions During Auctions
If you consider selling your luxury watch through an actual auction, it is essential to be aware of the high commissions involved in the process. While attending an auction may seem to hustle free, there are numerous hidden complications that you should be mindful of. First, hidden commissions are one of those things that you should be mindful of as they can negate any chance of profiting from the sale. You will incur a buyer’s commission of about 15% to 25% from the sale price and a seller’s commission of the same percentage range. Other added costs include insurance, photography, and shipping price. All these changes are meant to reduce your profits. As a result, you will not receive the full value of your watch.
2. Keep The Branded Box and Other Documents While Selling The Watch
When you first buy your watch from a reputable watch seller, it comes with a branded box based on the brand and authentication papers. Whether you plan on reselling your watch later or not, it is essential to keep those papers and the box safe as they have the power to influence your resale value positively should you consider selling the watch.
While the box indicates the watch’s brand, the paperwork contains a crucial serial number, reference, and model number. Such information will help the buyer build trust in the product authenticity, giving you a high edge to command higher pay.
However, if you lack these documents, the value of your watch can decrease drastically. Especially where the watch is a new model and has not been reviewed enough previously, it can be discouraging to sell at a through away price due to lack of paperwork.
Ensure to keep your paperwork safe for as long as you hold the watch. For a consultation, you can reach out to one of the best selling watches in Miami in the US.
3. Include The Model Number of Your Watch
The model number provides essential information to the buyer needed to make an informed decision concerning the purchase. Failure to give this number the buyer cannot make informed decisions making it challenging for you to make a quick sale while at the same time enjoying the actual value of your product.
If you are not sure of the model number, you can consult someone who has the best selling watches in Miami. The model number provides a timeline of when the watch might have been manufactured, essential in determining its price. However, do not confuse serial number and model number. While you ought to disclose the whole model number, you should never reveal the total serial number whether you got a potential buyer or not.
A serial number is a unique number assigned to each watch for identification. It is, therefore, the perfect number to use when determining the authenticity of the watch. If it is disclosed to someone other than the owner, a replica can generate another watch and stamp it with the correct serial number.
However, you should include it in the sale information by disclosing the first few digits and replacing the rest with “XXXX.”
4. Be Transparent With Your Sale!
When listing your watch online, it is essential to include real photos of the watch which are clear and of high quality. They should also be taken from all angles giving a clear picture of the perceived value of the watch. Such a level of transparency increases the level of trust of the potential buyer. It minimizes the chances of being returned after a successful purchase due to defectiveness that wasn’t clear on the pictures. A higher perception of your watch will result in increased sales value.
Quality photos should indicate not only the best side but also one with some defects if any. Otherwise, if you can conceal the area with shortcomings, you risk returning the watch after purchase. However, if your watch is well maintained and you take quality photos, there are high chances you will receive a high value for your watch.
5. The Brand
The brand of the watch plays a significant role in determining its value. Some universally recognized brands bear a long and prosperous history of precise, appealing, and technologically advanced watches that last for many generations. Some of these brands include Rolex and omega.
Such brands are made with precious metals and gems. The manufacturer uses in-house-made components like stainless steel and gold to create a precious watch. This makes it possible for such brands to maintain their value over time. If your watch is of such renowned brands, you will enjoy the full value of your resale. For instance, Rolex watches are known to maintain their value in the market.
Thus, if your watch is of either of these luxury brands, expect the resale price to be valued higher than the average watch. Therefore, the watch’s brand and making play a significant role in determining its resale value.
6. Overall Condition
At the time you are considering reselling your watch, how is it? Is the glass broken, malfunctioning, or are there missing pieces? Before presenting your watch online for resale, consider answering these simple questions honestly. You can also seek the opinion of an expert like the best selling watches in Miami.
An expert will use a magnifying glass in determining the physical state of the watch. The surface, which includes the case surface, crystal, bracelet, and an anti-reflective coating, will be examined for possible blemishes. The overall condition plays a significant role in estimating the accurate value of your luxury watch. Logically, an old luxury watch in excellent condition will sell higher than one in a poor state. They will also assess the functional condition of the watch; the watch ought to be functioning as usual. The examination involves checking the movement complications and timing against the manufacturer’s specifications.
After reviewing the two conditions, it will be possible to categorize your watch into a condition grade. Having an honest estimate of the cost of your watch will protect you from online fraudsters who might try to defraud you by giving a lower value offer than the true resale value.
7. Celebrity Association
Does your luxury watch hold celebrity association? It is believed that if a universally recognized celebrity like a president holds such a brand, the resale price will increase. Thus, before making an offer onto the market, consider if the watch brand is associated with a celebrity. Then take advantage of the association and ask for a better price. Check such information online, or you can consult with some of the best selling watches in Miami.
8. The Watch’s Material
In a single brand like Rolex, you might find watches made with different materials. Some are made of gold and diamond, while others are made of platinum. The bracelets, bezel, and dial come with ceramic, gold, titanium, and platinum materials. Each of these materials possesses a different value. The higher the value of the material, the higher the resale value will be. A watch made with platinum material is not comparable to one made with gold.
Before the big sale, consult with professionals from best selling watches Miami to determine the actual material of your watch.
9. Authenticity and Demand
Is your watch original or a replica? An authentic watch is more valuable than a counterfeit, and as it ages, its value increases. You can check for authenticity by checking for the original markings and the serial number of the watch. If you are unsurely proving the authenticity, consider consulting with reputable watch dealers, like Miami’s best-selling watches.
When it comes to demand, it is a matter of the number of willing buyers being higher than the supply. The demand influences the product value, and the time it will take to sell it. Thus, both demand and authenticity affect the watch value.
10. Rare Find
How easy is it to find your watch on the market in terms of brand and material? If your watch is not easy to find, its value will increase, provided the watch stays in good condition. Conduct necessary research to determine if it’s available on the market or it is a rare find. You can conduct an online search and visit the sellers with selling watches in Miami to help you determine the availability of your watch type on the market.
If you are considering reselling your luxury watch, these are some of the factors to consider. They will help you determine a reasonable offer price while avoiding online scammers. Some of these factors you can assess while others require one to consult a professional.