Whatever your reasons for purchasing a luxury watch in the first place, there may come a point where you choose to sell it. Whether you’re trading up to another model, or selling to finance other personal projects — how do you know whether you’re getting a fair value for your timepiece?
It is no secret that many hobbyists purchase watches both for the joy in collecting, as well as an investment that will appreciate over the long-term. While there’s no guarantee that a luxury watch will still be as valuable whenever you decide to sell it, here are 5 things you can take note of that’ll affect the value of your luxury watch:
1. The Make and Model
The brand and model of the luxury watch you are selling is one of the biggest factors that determines its value. While well-known brands like Rolex or Patek Philippe are always in demand, and can hold or often appreciate in value, that is highly dependent on the model.
An example would be how a Rolex Daytona would fare alot better than a Rolex Celinni when it is resold a few years down the road. Also, the colour of the dial could also greatly affect the resale value of the watch.
On the other hand, it can be harder to sell luxury watches from boutique brands for a higher value simply because they aren’t as popular as the major brands — which makes it difficult to find a willing buyer.
2. Condition of the Watch
The condition of the timepiece is arguably the most important factor when trying to sell your luxury watch. While superficial scratches, dings and marks from everyday wear are somewhat to be expected, severe damage to the case or bracelet can drop the value of a timepiece significantly.
If you’re sending your pre-owned luxury watch to a dealer to be evaluated, they’ll also check the functional condition of your watch alongside its physical condition. Any damage to the movement or the presence of any aftermarket parts greatly lowers what buyers are willing to pay — so keep your timepiece as original as possible!
3. Current Watch Market Trends
The pre-owned luxury watch market is constantly shifting, and trends can cause the value of certain watches to rise — such as when a particular brand or model of watch is featured in a box office hit or collaborated with a premium brand.
Rather than keep track of the watch market yourself, it pays to build connections with a reputable dealer whose job is to keep in tune with market trends and source out great deals for their clients. Dealers can be a valuable source of information, and can tell you if the watch you are trying to sell is in trend.
4. Rarity
Depending on Brand, Limited edition or limited run watches tend to command a premium simply because there are fewer of them out in the market. A watch model that is produced in higher numbers will usually cost less than a limited edition model as their availability gives buyers more options to shop around for a competitive price.
Alongside brand name and the condition of your timepiece, rarity is one of the biggest influences on the value of your watch. However, this is also highly dependent on whether the watch in question is a sought after model.
5. Watch Box and Paperwork
As a general rule, an original watch box and papers can increase the value of a watch. Hobbyists are willing to pay a premium for the peace of mind as box and papers are typically proof that the watch being sold is genuine and authentic.
Depending on the luxury watch brand, papers can include a certificate of authenticity, certificate of origin, warranty card and watch manual. Depending on the age of the watch, papers may also include a purchase receipt or service history.
That said, don’t be discouraged if the watch you’re selling doesn’t have its box and papers. There are many ways for dealers to authenticate a watch, and many luxury watches on the market still sell well despite not having box and papers. What’s far more important is the condition of your timepiece.
Searching for your next luxury watch or planning to sell yours?
Finding the right place to sell your watch can be challenging, especially if you don’t know what you’re looking for. We hope this guide has been helpful in laying out some of the key pointers to look out for when valuing a luxury watch.
If you are in the market to buy or sell pre-owned luxury watches like Rolex, Audemars Piguet, Patek Philippe or Richard Mille, we would be happy to assist you. Get in touch with us at CHRONO95 today!
