The pre-owned luxury watch market is booming and if you’re well-connected, it can be easy to find your dream timepiece at a competitive price. But have you ever wondered how luxury watch dealers get their hands on a range of timepieces?
If you’re planning to let go of a luxury watch, you’ve most likely come across two options: sell or consignment. Each has its pros and cons, but today, we’ll be taking a look at the latter and how it works.
What Exactly is Consignment?
By definition, consignment is when you leave a product you own in the posession of an authorised retailer to sell. The consignor helps you source for potential buyers and takes a cut of the sale as commission.
What is the Advantage of Consignment?
In the luxury watch world, consignment allows you to tap on professional networks and reach hobbyists you would otherwise not have access to. The people in these networks are actively looking for high-end luxury timepieces, which increases your pool of potential buyers and your chances of finding someone willing to pay your asking price.
A good consignor can also help you value and fetch a fair price for your watch based on market trends. Something you might not be able to do if you were selling your timepiece on your own.
So Why Doesn’t Everyone Make Use of Consignment?
Consignment can be a long process with no guarantee that your watch will sell. A successful sale is dependent on your chosen store’s ability to market and network of buyers. Which is why some stores that know what their buyers are interested in are selective about what models they choose to take on to increase the chances of a sale.
If you are looking to make a quick sale and generate money immediately, consignment might not be the right option for you. It can take weeks or even months to find the right buyer.
I’ve Decided to Consign My Watch. What Now?
Before you consign your watch, make sure you partner with a reputable, professional and dependable retailer you can trust. You want to avoid a situation where your timepiece becomes damaged or worse, lost because the store shuts down.
Once you’ve chosen a consignor, it’s time to enter into a formal agreement that sets the terms of your consignment. This agreement includes:
- Your minimum selling price
- Their commission rate
- When you will be paid
- The mode of payment
- What happens if the store does not manage to sell your watch
- Any additional administrative fees
The following points should be covered after your consignor has appraised and agreed to sell your watch. They may also give you advice on the suitability of your selling price.
Founded by watch enthusiasts with a passion for all things horological, Chrono95 sells authentic, brand-new and pre-owned luxury watches from brands like Rolex, Patek Philippe, Richard Mille, among others. We take consignments on a case-by-case basis, where you can leverage on our global contacts to find a buyer for your watch.
Contact us via our website at chrono95.com/contact-us, or at +65 8618 9586 / 8813 9595 to make a consignment enquiry.