Sell Luxury Watches on Consignment
For those considering selling a pre-owned luxury watch, whether it is the Rolex you simply never wear or your Breitling given to you as a gift, you will most likely be doing some research into the best way to sell your second-hand watch. When considering selling vs. consigning, it is important to take a closer look at how consignment works in order to identify if this is the best fit for you. We take a look at how to sell luxury watches on consignment and the realities of doing so.
We take a look at the following:
- How does consignment work?
- Advantages of selling watches on consignment
- Disadvantages of selling watches on consignment
- Alternatives to selling watches on consignment
How Does Consignment Work?
A jewelry store will sell your luxury timepiece on your behalf for an agreed price, of which they will take a percentage. This generally ranges anywhere from 10%-30%.
A few things to establish prior to entering into a consignment agreement:
- When and how will you be paid?
- What is your minimum price?
- What happens if the store does not manage to sell your watch?
- Are there any additional fees?
- What commission percentage will they charge?
- Is there a chance that this particular store could shut down?
Sell Luxury Watches On Consignment: Advantages
The good news is that it is possible you may be able to raise more cash by selling your luxury watches via consignment. This is dependent however on the sale price and the percentage of this that the jeweler will charge.
Consignment enables you to reach a targeted audience who are actively looking to buy high end, luxury timepieces and sell for closer to the retail price of your watch.
Sell Luxury Watches On Consignment: Disadvantages
The main drawback when selling watches on consignment is of obviously time. It is unlikely that the sale will go through in a matter of days. You are essentially waiting for the right person, on the market to buy that exact watch at that price, to walk past that exact store.
It can take months or even years and there is no guarantee that it will sell. People regularly look into consigning luxury watches but soon find out that it is a long process with no guaranteed sale. Ultimately the store is only as good as its marketing. You will be looking for a successful store that you are convinced will be able to make the sale on your behalf.
Furthermore, not all stores will necessarily be interested in your particular watch model or brand. Some stores specialize in certain brands such as Rolex and Omega but would not have the right client base to sell an F.P. Journe for example.
It all depends on their customer’s tastes and price point as to whether your watch would be of interest to them. It may take you time to find a store that would be interested in your particular watch and with whom you will agree on a price and commission percentage.
Last but not least, there is the question of trust to be considered. Your luxury watch is being handed over to someone else and there is always the chance that your timepiece could be damaged or that the store could shut down. When consigning luxury watches, you will want to make sure to find a trustworthy and financially stable store to work with.
You are effectively partnering with them so do not simply opt for the jewelers who offer the lowest commission and are willing to ask for the highest selling price. Your priority should be instead on locating a store that is reputable, professional and dependable.
What Are The Alternatives To Consignment?
Given that selling via consignment can result in a lengthy process whereby your watch does not sell months or even years, this is not the right fit for those who are looking for a quick solution.
If you need to generate money immediately, then selling your watch to specialist watch buyers will be the quickest solution. Online watch buyers offer the best price for your luxury watch and will help you get the sale finalized in a matter of days. Sell your watch in as little as 24 hours to myGemma.
Tips For Selling Luxury Watches
Thorough research is key when selling your luxury watch. Do your homework and look into the jewelry store or watch buying company you would like to work with. Read their online reviews and check that they are accredited by the Better Business Bureau. It is advisable to get quotes from various places before making your choice.
Box and papers add to a watches value. Make sure to hold on to these in order to make the most money from selling your luxury watch.
The condition of your watch plays a vital part in its second hand value as repair costs will be factored into the price you are offered. Regularly servicing your watch ensures that you maintain the highest price at resale.