Do you own a few great luxury watches? Are you trying to sell them to make a great profit? Luxury watches, whether they have diamonds, gold, a mix of both, or any other luxury materials - can be a lucrative asset.
But how exactly do you sell a luxury watch?
You want to make sure that you present your luxury watch properly to potential buyers. You also want to make sure that you don't get scammed or ripped off - you want to make a killing from your luxury watch sales.
We've prepared this guide to show you what to do.
The Guide On How To Sell A Luxury Watch
The first step is to make sure that you are properly maintaining your luxury watches. Especially, if you have owned a watch for years you want to make sure they are in mint condition. If your watches get damaged or aren't maintained, they will lose their value and you will lose out on potential profit.
Once you have taken the steps to maintain your watches, here's what you need to know about selling your luxury watches:
1. Sell To The Right Buyer
While almost everyone wants to buy a luxury watch, you shouldn't sell luxury watches to just anyone! You want to sell luxury watches to people who have experience in recognizing luxury.
They should be knowledgeable about luxury brands. They should understand the intricacies of timepieces and what makes each piece unique. They should be able to determine how many carats of gold the watch has or how many carats each diamond is.
They should be able to look at a watch and give you the estimated market value. In other words, its always best to sell to a specialist. While you can always sell luxury watches on online marketplaces such as Amazon and eBay — you will get the best deal with a buyer that has experience and knowledge.
2. Present Your Watch
Your potential buyers will want to see a digital presentation of your watch before they see it in person. You need to master product photography for this.
You want your photos to reflect the beauty of the luxury watch. They also need to show the intricacies and specifications of the watch. For example, if the face of the watch has diamonds encircled around it you want at least one close-up of this.
If the watch has a calendar, different timezone specifications, etc., make sure this has a few close-ups as well. If the watch comes with different adjustable straps, you should have photos of the watch with all of these straps.
Your photos should consist of the watch fastened, lying flat, around your wrist, and in a case. If you are selling a single watch, find a small box to display the watch in. If you are selling several watches at once, find a nice case to keep them all in for display. Take photos of the watches in these display boxes and cases.
3. A Record of Ownership and History
When selling to a luxury watch buyer, they might ask for a record of ownership and history of the watch. This can help with determining its value. As a future reference, whenever you buy a new watch begin keeping records immediately.
These records will list everyone who has owned the watch and when they purchased it. It should list how much the watch cost at the time of the original purchase. If you have a watch that has been in your family for generations, you definitely want to mention this. If the watch was purchased for a particular price many decades ago, you want to mention this.
Failing to mention these factors can cause many buyers to reject your watch sale. Even if they do buy it, you might not get the best price because you aren't stating the value of the watch.
4. Create a Detailed Listing
Each watch should have a product description that you have written for it. This listing has to provide specifications for the watch.
It should include the name of the brand and the model. If selling an older watch, make sure you provide an accurate and precise description of the watch's condition.
You should provide information on the material for the watch (Gold, Silver, Leather strap, etc.) and whatever gemstones are included in the watch. You should discuss if the watch is manual or mechanical. Describe features such as having a moving secondhand, a calendar, timezone clocks, etc.
If the watch had any repairs or replacements over the years, make sure this is in the listing.
5. Study Luxury Watches
If you want to make a regular profit from selling luxury watches, you need to study luxury watches often. You need to know what all brands are considered to be luxury and what differentiates a luxury watch from an ordinary timepiece.
You need to learn how to estimate the value of a watch. For example, if a watch was purchased for $100 in 1925, what would its estimated value be today?
What materials and grades constitute luxury? If your watch is made of gold, how do you know the value based on the amount of gold?
You want to also learn to compare different luxury brands and their models. You want to learn whether a Rolex will sell over a Patek Phillipe and so forth. You want to know how long you'll have to hold onto a watch before selling it for a great profit.
6. Collect Luxury Watches
After you've sold your first luxury watch, you may consider collecting luxury watches as assets for future investments.
If you do, make sure you are always on the lookout to buy luxury watches at a great deal. You will need patience as you might have to hold onto a watch for years before you sell the watch.
When you sell your first luxury watch, strike up a relationship with the buyer. If you've chosen one with expertise and knowledge, they can advise you on how to collect luxury watches. They can also become your regular buyer as you collect watches over the years.
Sell Your Luxury Watch
Now that you know how to sell a luxury watch, you are ready to turn your watches into cash! Make sure you follow the steps in this guide and you'll be ready to go.
We are happy to have a look at your luxury watches and consider buying them. Reach out to us today if you have a luxury watch or two to sell!