Did you know that vintage-style watches can increase in value from $30,000 to $300,000 over time? With these numbers, you may want to think about getting out some of your old watches to see how much they could be worth.
Whether you want to sell your Rolex or you are thinking about buying a used one, you need to know their pricing on the current market. You want to ensure you get the most out of your watch and don't settle below the current market value.
You are probably wondering, "how much is my Rolex worth"? Keep reading for the answers you need about what to do with your Rolex and how to price it.
How Much Is My Rolex Worth?
Unfortunately, we can't just give you a specific number to determine the resale value of your watch. When you buy a new Rolex or sell your old one, pricing depends on several factors. Here are the factors that you should look out for before selling or buying:
The first thing you should look for is the serial number on the watch. The serial number will tell you how old the watch is, which is essential to determine the value. The older it is, most of the time, the less valuable it will be.
You can find serial numbers on the opposite of the model number. Be sure to double-check that the serial number is correct, as some of the numbers are printed differently or may seem unclear.
This number will give you the actual reference and style of the watch. It should be able to provide the most important details about the watch, including model, design, and material.
The two front numbers will give you the type of watch. The next numbers show the bezel style, and the last number shows what type of material it is. Here are the numbers that indicate the materials in Rolexes:
(8)- Yellow Gold
(3)- Both Yellow Gold & Steel
(9) White Gold
Some of the model numbers have letters present as well. These letters indicate the color of the lunette. Here are the most common types:
(LV)- Lunette Verte
(LB)- Lunette Bleu
(LN)- Lunette Noir
Each part of the watch is crucial to its value of it. The company uses unique materials like platinum, Oystersteel, precious stones, and sometimes iron from meteorites. Some of these materials are corrosion-resistant and have a great shine to them.
The face and band aren't the only things that matter. The bezel, dial, and other gems can add much extra value to the watch depending on what is there, which is why paying attention to details is important.
Each Rolex watch varies in value depending on the precious metals used. Some people have custom watches that can have additional features like diamonds, pearls, and other expensive accents. But, believe it or not, adding that to your Rolex watch usually doesn't increase the value. It can sometimes do the opposite.
Think about it like buying a gorgeous car and then adding after-market parts from various providers.
Rolex is known for its luxury brand and high quality. When you buy one, you want to ensure that you get an authentic product.
When and if pieces of the watch are being replaced, they are often repaired using newer pieces that hold less value. Original components that match the original manufacturing date will be more expensive than replacements, regardless of whether they are authentic.
This one seems obvious, but you want to have it in the best condition possible when selling something. These Rolex watches are valuable, so they will not completely devalue the piece even if they have slight wear and tear. Here are a few things to look out for:
Does the watch have shallow scratches that you can buff out?
The price will drop if you have deep scratches that you can't buff out and are permanent.
Does the band work well, or is it stressed out and missing links?
Does the watch have the proper movement and work well?
Taking care of your Rolex is something you should be doing either way. It is a fine piece of jewelry, and even its high-quality materials need tuning. The watch's interior needs to be flawless, with no mechanical issues, dry movement dials, or other physical issues.
If you don't screw the crown back into the watch after cleaning, it probably has water, dust, or something else in the watch. This build-up could corrode the movement and prevent it from being a top-dollar product.
Boxing and Papers
Having the original Rolex box and papers can help you determine the watch's authenticity, but it isn't a deal-breaker for resale. People prefer to have everything, so if you do, you could get a higher value than you would without these elements. Don't worry; you can still sell your Rolex watch if you don't have the box and papers; your buyer will spend more time inspecting and analyzing the watch to be 100% legit.
Papers can help you avoid decoding the watch's serial and model numbers. Having the original papers is the quickest way to find out what it could be worth now.
The sale of your Rolex or other luxury watch depends on the supply and demand of your current Rolex model. For example, maybe the Submariner market isn't too hot, but the market for Sky Dwellers is insane. Do your research to find the current market demand for your Rolex model and find a jewelry buyer that makes you a strong, sensible offer.
Get An Offer
If you still can't figure out how much you should sell your Rolex for, you should consider getting an offer from American Gold & Diamond Buyers in New Jersey. It can be challenging to determine the value of your watch on your own, and the market always tells you what it's worth.
It is best to go with someone who pays cash for Rolex's, and that's been doing it for a long time. Also, you want to work with someone who is honest and that you can trust. If you look up American Gold & Diamond Buyers on Google, you can see they have 27 Google reviews, all with five stars and great things to say!
A great starting point for selling your Rolex is submitting an offer on their website and speaking with one of their Rolex buyers, who can offer you a ballpark estimate.
If the watch is popular with consumers, it is more likely that it will hold more value. Even if it is an old Rolex, the value will increase over time if people want it.
For example, the most expensive Rolex sold at auction was about 17 million dollars. Similar watches will naturally sell for more money due to their popularity. Here are some of the most popular Rolex watch models today:
Compare Model Pricing
Something that you can do to see what the value of your watch may be is to compare it to other models and sales. This method can help you get the value by comparing common models and recent watch sales.
This method is similar to what is used in real estate, in which buyers, sellers, and real estate agents use "comps" to determine a home's price.
How To Clean My Rolex?
If you have decided to sell your watch, you might consider giving it a good clean before selling it. While many Rolex watches can handle water, you must ensure it is protected from moisture and water damage while cleaning. Make sure the crown is screwed on tightly.
The next cleaning step is to use easy soaps and water instead of chemicals or a cleaning solution. This solution ensures that the vibrant colors do not strip while cleaning. Use a brush with soft bristles so it cleans well but does not scratch the surface.
Once you finish scrubbing, run the watch under a faucet to get all the soap and dirt off. Use a fiber cloth for drying.
Will My Watch Retain Value?
If you ensure to take care of your watch, Rolexes retain their value in most cases. Collectors and horological fans alike seek them.
Rolex is a brand that has a long history of satisfying customers with high-end products that last a long time and hold their value. Their precious materials and brand name make them much more valuable than other luxury watches on the market.
Sell Your Rolex Today
The answer to the question "how much is my Rolex worth" can be found by researching your watch and speaking to the right people. If you buy a new Rolex or sell your old one, you will want to get the best deal possible. Ask a professional to help determine your watch's authenticity and value.
Please read some of our other articles to stay up to date on all things gold, silver, watches, and jewelry.