The times are changing with how people exchange their ideas, money, and products, with the luxury watch market changing too. Since the dawn of all things cyber, incorporating the world of luxury watches from brick-and-mortar to digital has been challenging, exciting, and a learning curve for many. It is important to consider all the options when selling a luxury watch. If you are looking to move a timepiece, you may find the options overwhelming or confusing, with more variety than ever to choose from. Which selection will communicate your item’s value accurately, what kind of outlet is going to work best to get the most for your piece, and who can you trust?
Here we have a look at the options, evaluating the pros and cons for each, so you can decide which route is perfect for moving your timepiece.
Consignment
Pros: Local brick-and-mortar jewelry stores sometimes accept luxury watches on consignment, promoting your watch via the store’s website, as well as through local advertising and foot traffic. At a retail store, your watch has a presence—it can be physically engaged with and tried on, which emotionally binds the customer to becoming interested in the piece.
Cons: On the down side, the reach is often smaller, with fewer people physically entering a brick-and-mortar store, when compared to the vast reach of the internet. This can lead to failing to reach the full monetary potential of a luxury watch. Also, if you are trying to sell your watch within a given timeline, this may not be the best fit, since there is no guarantee a watch will sell.
Digital Auction Houses
Pros: Another viable option is the online auction house. Over the years the exclusivity of the big auction houses has moved online, with private auctions for consumers interested in specialized, luxury items. Any watch enthusiast or collector could check out your timepiece, bidding on it from afar. In addition, the major auction houses have excellent reputations, and are digitally engaged with live auctions streaming in real time. Bonus!
Cons: Many of the best digital auction houses do not sell for anyone, though. Many will list your item, as long as you have a large collection to sell, or an item they are specifically interested in representing. If that is not the case, selling on their site may not be the way to go. For high-ticket watches, both Christie’s and Sotheby’s accept watches with estimates above $5,000, yet charge additional fees for placement. Also, if the need to sell is time sensitive, this may not be the best option, since it can take months for the process to complete.
Digital Marketplaces
Pros: Websites such as Amazon.com, ebay, and even Craigslist can be tempting venues as well. On these sites, you are your own representative, selling your product however you choose, and for the price you want (setting the minimum reserve). You can take time into your own hands, and don’t need to worry about hidden fees, or third party valuations.
Cons: On Craigslist, everyday consumers could be exposing themselves to potential risks, and therefore the transaction may be difficult to close due to a lack of trust between you and the buyer. For both Amazon and ebay the handicap is that if you are not a recognized retailer on their sites, the ratings are not in your favor. Lack of seller history, buyer comments, and ratings are a red flag for many consumers wanting to spend luxury-level dollar amounts for an online transaction.
Online Trading
Pros: Online trading offers a combination of “Pros”, with ease of convenience alongside the benefit of a quick, trusted sale. These companies put your watch in front of exclusive dealers, without the need to pre-establish oneself in the industry. By going with a BBB accredited company, like WP Diamonds, you know you are getting the most value for your watch, with the comfort of knowing it is safe and insured. Because of the scope and resources available, reputable online traders are able to offer competitive rates for your timepieces, when others may not be able to.
Cons: Because online traders work within a specific set of guidelines regarding pricing, offers are generally not as easily negotiated, when comparing to other methods of online sales. That said, the good online traders include complimentary express shipping and insurance, making it easy to move on quickly if the offer isn’t your desired one.
A little research goes a long way in the world of online sales. Educate yourself about the options and find the best one that works for you. All you have to do is make money to buy more time…