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Selling a luxury timepiece can be an involved and time-consuming process, but you want to make sure you get the most money possible for your watch. If you’re looking to sell your luxury timepiece, choosing the right buyer is essential. It can simplify the process and make sure you get a good price for your watch.
Click here to read our guide on selling a second-hand watch.
In today’s guide, we’ll walk you through the steps of finding a buyer. And remember that BQ Watches is always happy to make an offer on any timepiece you have for sale. With that being said, let’s dive into the guide!
First, you will want to research the luxury watch market. There are plenty of online retailers selling pre-owned luxury watches. The best way to go about this would be to look up your specific timepiece, down to the reference number, and see what the average price is for that watch.
Watch websites, auction sites, and even marketplaces like eBay are a good place to start. Remember, the luxury watch market is constantly changing, so it’s good to get a comprehensive view of what people are paying for watches these days.
Of course, you can also get an appraisal from a reputable service for your watch. This can help you get a solid starting point for how you should price your watch.
When you have an idea of how you’d like to price your timepiece, you will want to find a reliable channel to sell it. Here are some reliable channels to look into:
Authorised dealers and retailers – Retailers like BQ Watches can offer you a fair price or trade-in value for your watch without the typical hassles that come with selling a watch. BQ Watches offers an online selling program, so you don’t have to sell your watch in person.
Online marketplaces – Online marketplaces are another popular option for selling watches. You can list your watch for a price and field offers from potential buyers. Just make sure to be aware of scammers.
Auction houses – If you have a high-end watch, you may be able to have an auction house handle the sale for you. Just keep in mind there might be a high fee attached, and you might not get the maximum value for your watch.
Regardless of the channel you choose to sell your watch, remember to be aware of scams and properly vet the channel to ensure your transaction goes off without a hitch.
If you get offers from one of your selling channels, you will want to evaluate the credentials and reputation of the buyer that makes an offer you want to accept.
If you’re selling to a retailer, you can easily vet their reputation online and see the experiences other retailers have had. If you see negative feedback, it may be best to consider selling through a different channel or to a different buyer.
Recommendations, reviews, and testimonials are great resources when you vet a buyer. For retailers and dealers, you can see what experiences other sellers have had working with them and if they enjoyed the experience. Online forums are another good place to learn about the reputation of a dealer or retailer.
For online marketplaces, users who make an offer usually have a profile associated with their account. You can check their profile to see if they have bought or sold watches in the past and see their reviews from other accounts on the marketplace. This will help you determine their trustworthiness.
Remember, while positive recommendations can be helpful, making your own judgement based on your research and personal interactions with the buyer is important. Don’t hesitate to ask questions and get as much information as possible before making a decision.
Once you’ve decided you want to move forward with a buyer, you will want to verify the trustworthiness and security measures of the sale. In other words, you should verify payment and shipping policies ahead of time to ensure your watch gets safely to the buyer and you get your money securely.
For instance, BQ Watches has an online shipping program that ensures your watch for £25,000 in transit, so your timepiece is protected on its way to us. BQ Watches also has a secure payment channel in place, so you can get your money as soon as you accept an offer.
Most retailers or marketplaces should have some shipping protocol and payment guidelines. Make sure to review them thoroughly so you can ensure the transaction goes as smoothly as possible.
Now that you’ve established trust with your buyer, it’s time to move on to negotiations. If you priced your watch at the price you’d like when you listed it, or if a dealer makes you a satisfactory offer, you can skip this step and head right to finalising your payment.
Of course, negotiations are typically part of luxury timepiece sales. Remember to have reasonable expectations for your pricing based on the research you’ve done earlier. Keep in mind the condition of your watch and other factors, like if you have the original box and papers. Feel free to make a counteroffer if someone makes an offer that isn’t quite what you want. Just keep in mind that you may have to compromise a bit and have your lowest possible price in mind, along with your ideal price point.
Once you’ve agreed on a price, make sure that it’s stated clearly in writing, including the payment terms and method of transfer. Make sure you also factor in the buyer’s commission or fees in your final pricing. It’s always best to negotiate in good faith because you may want to sell to this buyer again in the future or have them extend the same level of good faith to you if you buy from them later on.
Now, the only step left is to finalise the sale. You will need to transfer ownership of the watch and receive payment. A sales agreement or a bill of sale will also be needed for your records.
As for payment, make sure to use a secure payment method, such as bank transfer or PayPal. Once the payment is in your account, congratulate yourself on a successful sale!
If you’re ready to sell your watch, why not make the process as simple as possible with the experts at BQ Watches? We would be happy to make a fair offer on your watch. We make it convenient by providing you with an insured shipping box to send us your timepiece. After appraising your watch, we will make you our best offer. You can also sell your watch in person with us at our London, UK, location if you’d prefer.
If you're looking to sell a Rolex, Click here to read our article on how to sell a Rolex watch.
In either case, we look forward to doing business with you! Submit the form below to get in touch with one of our knowledgeable team members.