While there has always been a particular niche market for luxury timepieces, now there seems to be an entire industry developing specifically around the market. With enthusiasts near and far scoping out prized timepieces, online marketplaces are some of the most invaluable resources for people trying to sell or buy luxury timepieces.
What to Know Before You Sell or Buy Luxury Timepieces Online
Luxury watches are some of the best candidates for resale. Even years after they were originally purchased, high quality watches will still function fine, and as long as they were properly cared for, they will still look stunning. In the current market, most shoppers are looking only for the highest quality Swiss watches.
Before you try to sell or buy a luxury watch online, it’s important that you completely familiarize yourself with the specific product and the general market. Be sure that you have a clear understanding of how your watch should look, feel, and function before you either ask a price or make an offer.
What are Your Options?
If you’re trying to sell your luxury timepiece, you have plenty of options.
- Sell your watch through a brick-and-mortar auction house
- Sell your watch via an online selling company
- Sell the watch yourself through an online marketplace
If you’re looking to sell or buy luxury timepieces, going through a brick-and-mortar establishment is certainly a safe bet. Sotheby’s remains the pinnacle of high-end auction houses, but unless you’re dealing with a timepiece that’s worth $10,000 or higher, the hassle of using a brick-and-mortar store probably won’t be worth the payoff.
The second option, using online trading sites, is another good option if you’re willing to give up a cut of your profit.
The final option, however, ensures that you will receive 100% of the profits (provided the website doesn’t take a cut), and you will be completely in charge of the whole process, so you can ensure that everything is done to your liking.
Why Sell Online?
Though selling your watch through a dealer may trim a couple of minutes off the whole process, it will also cost you. If you involve a third party, you will be required to share your profits at rates that can be alarming. On the other hand, if you choose to sell your watch online, you will receive all of the profits and will be in complete control of the process.
This is important for buyers as well. While watch sellers and resellers are jacking up prices to ensure that they get a decent cut, independent sellers are working to keep their prices reasonable to ensure that their product sells. Buying from individual sellers will usually be the most cost effective way to buy a luxury timepiece.