Selling a high-end timepiece can be a profitable but daunting task. With the demand for vintage and new Rolex watches soaring, it is important to do your research in order to ensure you get the best possible price for your luxury watch. There are many options available for consideration… Here we explore each avenue and the associated pros and cons.
Whilst certain jewellers will purchase pre-owned Rolex watches, it is advisable to consult with several different potential suitors to ensure the price you are being offered is competitive. It is important to remember, a jeweller will always need to make a margin, and prices can fluctuate quite dramatically. One of the best places to do this is Hatton Garden in London, where there are an abundance of shops and dealers who would be interested in purchasing your watch. Another downside to this, can be locality – if you don’t live in London, the travel involved could be costly. Whilst you will also need to visit different stores and wait for someone to assess your watch and then discuss / negotiate an agreeable price for your watch, which can potentially be incredibly time-consuming.
Pawnbrokers traditionally offer instant cash loans against valuables, including Rolex watches, however it is important to be aware that the loans can be about a third of the market value. Indeed, they also offer to purchase items outright, which can be useful if you need instant cash, however, again the business needs to make a margin, so the offer will be under the market value.
Online marketplaces such as eBay, Facebook marketplace and Gumtree are another avenue to consider. Whilst this offers one of the potentially highest pay-outs, most experienced sellers agree that this method can be difficult and is strewn with potential issues. Not only are you responsible for providing your own descriptions and images, and accurate pricing, but you are also responsible for ensuring a secure transaction for payment and shipping. For anyone less than an online sales expert, this task can be incredibly overwhelming and challenging. Sadly, there are many scammers and unsavoury characters operating within the online space these days, targeting anyone selling high-end luxury items such as a Rolex or jewellery. Our advice, would be to tread extremely carefully if you are considering selling a Rolex in this space, help from an experienced online seller is a must!
There are several specialist online watch dealers, who will offer ease of transaction, peace of mind and the benefit of sales expertise. With so many new websites starting up, it is imperative that you research each marketplace and scrutinise the reviews to ensure you are dealing with a reputable company. Make sure you understand all the costs and commissions that you will ultimately be liable for – as these can vary greatly from one site to another. Unfortunately, the offers made through these sites are not always the best price, so having a rough idea of what your watch is worth in the open market is certainly considered to be good due diligence.
Auctions are a reliable enterprise for selling your Rolex, or any other luxury watch for that matter. Reputable and established international auction houses often outpace other market competitors achieving impressive hammer prices. Here at Dawsons we stream all our auctions to over 10 million active bidders across the globe, whilst we also have an in-house marketing team who create bespoke campaigns that target known international buyers and collectors of Rolex watches, which means that your watch will have maximum exposure and achieve the best possible price on the day.
With a global audience of millions, Dawsons can achieve the best price at auction
Get in touch with our Watch Specialists today, we would be delighted to provide sales advice: