At the moment, there’s a bit of a shortage of luxury watches. What that has done is drive watch prices up and boost the luxury watch market to a total value of about $20 billion.
If you’ve got an old watch on your hands, you could take advantage of that market by deciding to sell your Rolex or another luxury watch! Choosing to sell a watch online is a great way to make some extra cash and get unwanted items off your hands.
So, are you ready to sell a watch online? Keep reading to learn everything you need to know about how to sell your watch and get a great profit.
1. Choose the Right Platform
The first tip for selling your watch is to make sure that you choose the right platform. There are tons of different platforms out there where you can sell your watch, including online, directly to dealers, in classifieds, or at auction houses.
What’s important to know is that while there are tons of different platforms, not every platform is appropriate for your watch. You’ll need to look for platforms that are appropriate for your watch’s value and that are convenient for you.
When looking for a platform, we recommend selecting one that makes sense for your watch’s value. Knowing how your watch’s value corresponds to a particular platform will help you select the correct platform for your device.
For high-value watches, you can list your watch at auction houses or with private dealers. Auction houses are a great way to get some extra earnings on your watch and make sure you get the best price.
If you don’t have the time to visit a physical auction house, you can use online sites to do so. Many auction houses operate online so that you don’t have to go into a physical space to sell your watch.
Remember, auction houses are best for the most expensive watch brands and unique styles because there’s greater competition. The bigger the competition, the bigger the profit you’ll take home at the end of the auction.
Not all watches are ultra-expensive. Sometimes, when you get a watch appraisal you’ll find out that your device does have value, but is still relatively common.
If you have one of these watches on your hands, the easiest platform for selling your watch is to go to a dealer. Dealers help you make a quick and easy sale that can get you a great price for your watch.
You can also choose to list mid-range watches online. Many watch enthusiasts will scour online platforms to try to find a watch that they love without spending as much as they would at a private dealer’s shop.
2. Know How to Formulate Your Listing
Our second tip for selling your watch is to become well-versed in formulating your watch listing. This is true regardless of whether you’re selling a watch online or you’re selling it in an auction or classifieds listing.
You need to make sure that your listing accurately describes your watch and provides comprehensive details about the device. It should list the condition of the watch and should provide readers with all the right information without getting lost in the weeds.
One great method for creating easy-to-follow listings is to use bullet points. Bullet points instantly catch the eye and make it easier for potential buyers to digest the information.
A few key details you should include in your watch listing include:
- When you purchased the watch
- Where you purchased the watch
- Any repairs that have been done on the watch
- How the watch runs
- Whether the watch’s components are original or include replacements
- How many times you’ve worn the device
3. Include the Box and Papers
When you’re selling your watch, one of the biggest and most important tips for making a sale that you need to follow is to hunt down the original box and papers from your purchase.
The value of your watch, just like most other valuable items, is hugely affected by the records associated with it. That includes the box, service history, and receipts that come with it.
The box and papers not only indicate the authenticity of the watch but also indicate the condition of the watch. They’re key pieces of information for buyers so that they know they’re receiving a high-quality product and paying a fair price.
While you don’t need to put photos of the box and papers in your watch listing, you should definitely mention that the watch comes with them. Doing so lets customers know right away that your item is genuine.
That being said, if you don’t have the records for the watch, you should mention that in your listing too. Leave an explanation about why you don’t have the papers.
And, you might want to consider taking the watch to a jeweler for an appraisal and asking for a certificate. Doing so can help verify the authenticity of your watch for your buyers.
4. Take High-Quality Photos
Humans are visual creatures, which is why having photos of your watch is so important. Not only that, you need to make sure that you have high-quality photos that show off the condition of your watch and encourage buyers to make a purchase.
One of the biggest mistakes people make when selling watches is to take blurry, or dark photos. These types of photos make it hard for customers to get a true sense of what the watch is like.
Poor photos can also be a turn-off to buyers. When buyers come across watches that don’t have photos, they often skip past them thinking that they could be a scam.
When you upload high-quality photos of your device, you show customers that you’re listing what you say you’re listing. And, you increase your likelihood that you’ll end up making a sale.
5. Make Use of Social Media
When it comes to selling your watch, regardless of how you’re doing it, social media is your friend. You can post photos of your watch listing to your Instagram or other social feeds to help increase the likelihood that you’ll make a sale.
Social media plays a huge role in the vintage market and is critical for helping you sell your watches, especially ones that are antique or vintage. You can use relevant hashtags and photos to help reach more buyers.
If you’re selling the watch to a watch buyer or a dealer, you can still make use of social media. Ask for recommendations about buyers or get tips from friends who have already sold watches to help make your journey a success.
You can also use social media to help you find watch dealers. A quick search on Instagram or other social accounts for “watch dealers near me” can help you find tons of local watch dealers who can get you a great price for your device.
6. Don’t Always Choose the Auction House
One mistake that people make when selling their watches is to immediately take the device to an auction.
We’re not talking about online sites. We’re talking about auction houses where high-paying customers bid on items in-person.
Many people decide to take their watch to the auction house so that they can avoid a lot of stress and hassles. They think that it will be an easy option for selling their watch and getting it off their hands.
While it’s true that selling your device through the auction house may be a quick way to get rid of the device, it’s also a choice that can leave you with tons of different complications.
For one, many auction houses have hidden commissions that are extremely high. Instead of just taking home the watch’s sale price, you have to deal with buyer and seller commissions, each of which can range from 10-25%.
What’s more, many auction houses require you to pay for photography services, insurance, and shipping costs. At the end of the day, you can wind up sacrificing a big chunk of your profits just to list the device at the auction house.
7. Be Aware of Recourse
Whether you’re selling a Rolex or a different type of watch, it’s important for you to be aware of recourse. Being aware that this is a possibility will help you stay prepared for any situation that might arise regarding the sale of your watch.
What recourse means is that a buyer may come back to you and claim that there’s an issue with a watch or ask for a refund. If you decide to go ahead with the refund, the buyer can then send you back the watch in a condition that’s far worse than how you sold it.
It’s not uncommon for watch buyers to return watches with missing links, missing hardware, or even replica and inauthentic parts as replacements for genuine parts.
If this happens to you, there’s a good chance that you won’t even notice if something was stolen on the watch. You won’t realize the full extent of the damage that’s been done until you try to re-sell the watch in the future.
To protect yourself from these issues, you should take your watch for an appraisal before you get started selling the device. Take inventory of all the parts and materials that make up your watch so that you know exactly what it should contain.
On top of that, take detailed photos of your device. You don’t need to add these to your listing but should hang onto them to use as evidence against customer claims.
8. Include the Model Number
Last but certainly not least on our list of tips is to include the model number of the watch you’re selling. The reason it’s so important to include the model number is that it tells the buyer what to research to learn more about the watch.
If you leave the model number out, potential buyers can’t do more research on that particular item. And, they could take the lack of information as a sign that your listing is not to be trusted.
When you’re listing your watches, regardless of the platform you’re using, you want to make sure you add the model number so that you avoid these types of issues.
Just remember that you should never give away the entire serial number. The serial number is something that only the owner of the watch should have access to, not every buyer.
The reason why it’s so important for you not to disclose the serial number of the watch is that the serial number defines specific features of your unique watch. They describe the authenticity of your particular device.
Scammers and fraudsters can use serial numbers to create replicas of your watch. With all the information that a serial number gives out about your watch, they can make replicas that are extremely accurate and that are even stamped with a serial number – yours!
However, it’s still important to include at least a part of the serial number. You can include it in your listing much the way you would a credit card number, by using X’s to replace the majority of the numbers and leaving just a few at the end.
Sell Your Watch the Right Way
With these tips, you’ll have no problem trying to sell your watch, whether you’re doing it online or in person. And, depending on what type of watch you’re trying to sell, you could make a pretty great profit!
Are you ready to get started selling your watch to a reputable buyer? Get in touch with our team and we’ll get you set up with the best price for your watch.