These times of Coronavirus are depressing enough but if they mean you’ve lost employment as well, you may need to find some extra cash – and quick.
If you’re curious about what that Daytona lurking in the drawer is worth, you’ll want to know the top tips to get the most for your precious timepiece.
But with so many watch dealers claiming they will give you the best price for your Rolex, who should you trust? And just how do you know if you’re getting a good price?
We share some tips here for making sure you don’t get duped for a Datejust.
Scan for similar online
If you want to be really sure you’re getting a good price, the best thing to do is see if you can find a similar model online.
Try reputable second hand watch dealers, rather than places like Facebook marketplace or ebay.
The model you find needs to be of a similar age and condition, although obviously this may be tough if you’re lucky enough to own a rare model or a limited edition.
Even if you have found a seemingly identical model and you spot its price, it may not come with a box or other authenticity documents that you’d want with a pre-worn watch.There may be a few more scratches or the service history lets it down.
Dig out your docs
If you’re buying a preloved watch and parting with some hard-earned cash, you’ll want to be sure what you’re getting is the real deal. You’d be looking for a few pieces of evidence… a certificate to prove it was authentic, the original box and some documentation for the watch.
If you can locate these items, you can add on a good chunk of change on to the amount you might expect to receive as they will be proof that your watch is genuine.
Any pusher pins or extra bracelet links you have will also boost the price of your timepiece, so get searching that attic for those vital accessories!
Get a quote you can trust
One Essex company with a host of experience in buying and selling new and pre-worn luxury timepieces is LuxeWatches.co.uk. Managing director, Nicholas Hickey, says his company has created an instant valuation tool in a bid to help potential buyers find the most accurate estimation they can – all in less than 60 seconds.
Mr Hickey says visitors to his boutique often have huge variations in what they think they will get for certain models, with no realistic ideas on price.
“Our new Rolex valuation tool is an excellent way to ensure people don’t let their watch go too cheaply. With so many counterfeit watches available on sites like ebay, it can be a real minefield for people to know how much a genuine watch is worth.
“All we want to do is give people our most honest valuation based on true market price. With this new tool it’s so easy and saves people retrieving quote after quote or just taking a chance and hoping for the best.”
The online tool lets the user enter details they have about the watch, including its model number, dial size and age. These factors will be what a top team of assessors at Luxe Watches use to work out the fairest price. This of course, is subject to a close-up inspection of the watch.
If in doubt, find a reputable dealer
It’s not as easy as it seems to get the price you want for your Rolex. The best way to get the fairest market price is to sell to a reputable dealer who will work hard to get you the price you deserve.
When it comes to secondhand watches, avoid the fake watch sales on sites like ebay. Consider the situation from the buyer’s point of view. Would you pay thous
ands for a Rolex from an ebay seller with no selling history or terrible feedback? No.
Now consider the same logic on who might buy from you. Why would they think they were going to get a genuine watch from someone who is prepared to auction a very expensive Daytona?
Even if you do find a genuine buyer for your watch, consider shipping and packaging fees, as these can tot up quicker than you’d think.
But if you do see a (seemingly) identical Patek to yours online for a hefty sum, remember that the condition may be greatly different from yours on close inspection.
If you are unsure of the authenticity of a luxury watch, it’s always best to speak to a reputable dealer.