You must be aware of a few critical points when trading luxury watches. Premium watches are bought and sold for high prices. Therefore maintaining utmost care is essential. To guide you through selling watches, we have listed the important things to consider before selling your watch.
Top 6 things to know before selling your watch
Many collectors have complained about unsatisfactory selling experiences. It is primarily due to the lack of proper knowledge regarding how to sell a watch.
The UAE has become one of the most famous watch markets in the world. When you decide to sell used watches in Dubai, you must be aware of all the critical points that impact your sales experience. Therefore, we have mentioned below all the top factors to note before you sell your watch.
- Be sure about selling your watch
- Understand the market value of watches
- Prepare all the documents related to your watch
- Ensure that your watch is in excellent condition
- Identify your method of sale
- Be prepared for price expectation changes
Be sure about selling your watch
Collectors have previously talked about selling their watches haphazardly. It is because people do not evaluate the potential their watches have as investments. Just because the watch market is doing well does not mean you need to sell your watch.
Most collectors make hasty decisions to sell their watches, regretting their decision later. Therefore, before selling your watch, be sure you want to do it. Analyze the importance of the watch, and then make your decision to sell or retain the watch.
Understand the market value of watches
Once you have made up your mind about selling your watch, you are then required to spend some time researching. You must focus on understanding the market value of watches and, more specifically, the watch you are selling.
You can obtain this information by watching news related to the stock market and world economy. Additionally, you can browse the internet for specific world-watch-market related information.
Knowledge of the current market condition for watches will give you a broader understanding of the prices. Therefore, based on this data, you can decide on a certain price range of expectations for your watch.
Knowing the market condition will also give you confidence when negotiating or dealing with a buy. It will indicate that you have knowledge regarding the market and you know what to expect as the value of the watch.
Prepare all the documents related to your watch
It is the most vital point to consider when selling watches. Although you can evaluate various components to identify the authenticity of watches, original paperwork is also essential.
Paperwork or documentation regarding watches is to ensure their originality and help determine the watch’s price. In many cases, collectors who have sold their watches without proper documentation have ended up settling for lower prices than the expected amount.
Therefore, prioritizing the availability of all original and relevant documents is essential when you sell a watch.
Ensure that your watch is in excellent condition
It goes without saying that a watch that lacks quality or has been damaged will fetch much lesser prices than expected. Hence, every time you decide to sell one of your watches in the pre-owned market, you must ensure its condition.
It can only be possible if you have correctly stored your watch during your ownership and serviced it promptly. High-end watches, particularly, are durable but attract scratches and dents if not appropriately handled. Therefore, when you purchase a watch, maintain it well, as it will help you gain a better price during resale.
Identify your method of sale
There are multiple different ways in which you can sell your watches. Perhaps, not all methods are reliable and effective. It would be best if you were more careful when you decide on the method of selling your watch, as the possibility of fraud is high.
Two of the most common methods of selling watches that people choose are as follows:
- You can sell a watch directly on an online selling platform. There are multiple different options available on the internet today. All you need to do is take attractive pictures of the watch and add an informative description.
- Another effective option is to utilize the consigning service provided by leading luxury watch dealers. It works by approaching the dealer with the watch and all its additional requirements.
They then evaluate the watch to check its authenticity. Photographs of the watch are taken by the dealers and then listed on their site.
When you directly list your watches or consign them through a dealer, you will be charged a specific fee for listing them on the website. Subsequently, when the sale occurs, you will be charged a certain percentage as a commission. The commission rates and fees are decided in advance.
Be prepared for price expectation changes
One thing you must remember when you sell watches is that the price you expect may differ from the one you receive. You must maintain room for price variations, mainly when you sell used watches. It is because the competition in the pre-owned market is high.
The availability of a specific model might be high. Thus, buyers can negotiate the prices or switch to other sellers. Therefore, you must decide on a specific price range between which you are comfortable selling your watch.
An effective way to attain the price you are looking for or the price closest to it is by consigning your watch to a reputable watch seller. They will utilize their marketing and sales resources to ensure the best price for your watch.
Sell your watch in the most lucrative market
Watch selling is relatively easy, provided that you follow all the required steps. To ensure a seamless selling experience, we have provided you with all the tips mentioned above. An added note is that if you want to sell your watch through reputed dealers and attain a reasonable price, consider the Dubai luxury watch market.
Additionally, the luxury watch market in UAE also enables you to trade in your old watch for another model. Hence, you have the opportunity to find some exquisite timepieces in the market that match your asking price.
