You’re looking to sell a watch and want to know a reasonable sales price? Or you’ve inherited a timepiece and are hoping for Paul Newman Daytona-esque returns so you’ll finally be set for life?
Regardless of your motivation, having a sense of the current value of your watch is worthwhile in numerous situations. While you certainly don’t want to scare off potential buyers with an excessive asking price, you also don’t want to undervalue your watch. The following tips will help you assess the realistic value of your timepiece easily and comfortably.
Chrono24’s New Appraisal Tool
There are a few different ways to estimate the value of your watch. Traditionally, the only option would have been to take your timepiece to an auction house, jeweler, or a skilled watchmaker. For many watch owners, this was the natural choice. However, is it the best one? We believe there has to be a simpler, faster, more economic, and likely more accurate way, analogous to selling luxury watches online. Thus we are now offering a new complimentary appraisal tool on Chrono24.
If you want a reasonable estimation of the market value of your watch, this will save you a trip to the jeweler’s shop, or to several. Our new tool enables you to select the model and condition of your watch and receive the current market value immediately. We compare your watch to over 300,000 current offers in our database and help you determine a successful sales price for your watch with our price recommendation. It’s important to note that the suggested price represents the average price of comparable offers on our platform and does not guarantee a sales price.
Comparing Similar Offers
When investigating an appropriate sales price, you can also search for comparable models. When searching by reference number or model name, make sure to note whether you are truly looking at an identical model in terms of material (e.g., stainless steel or white gold bezel?). Of course, these details directly impact the value of a watch.
Having a watch’s box and papers is another important criterion when it comes to value appraisal. This topic deserves an entire article in itself, seeing as the impact of the box and papers on a watch’s value often leads to heated discussions. The fact is that they have an especially large influence on the price of newer watches with manufacturers’ guarantees. If the box and papers are missing, then you may see a significant reduction in price. Things are typically less dramatic with older watches; buyers generally view a lack of box and papers as less critical in this case.
An additional factor is the watch’s complications. Elaborate complications such as a perpetual calendar, moon phase display, or flyback chronograph can significantly increase the value of your timepiece. Make sure to note whether comparable watches feature all of the same complications.
Popularity and Demand Determine Price
Similar to other markets, the current value and sales price of any watch depends on supply and demand. Of course, there are myths out there of watches that suddenly appear and earn their owners a small fortune. We don’t want to rob you of this dream, but realistically it’s safe to say that the majority of us aren’t in possession of or wanting to sell one of the coveted Paul Newman Daytonas mentioned above. Thus we’ll try to be a bit more measured with our approach here.
Try to develop a sense of how popular your watch is at present. For example, check to see how many offers for your watch are currently listed on Chrono24’s online marketplace. Are there numerous similar models on offer and new ones constantly appearing? Or has the same single ad been sitting there for months? Save comparable ads to your notepad and pay attention to how quickly the watches are sold. A few additional tips: Look for recent articles about your watch in blogs or trade magazines. Is your watch garnering a lot of attention at the moment? Has your timepiece been adorning the wrist of a Hollywood star or famous tennis player lately? If so, these could be signs that your watch is gaining in popularity and enjoying heightened demand.
If your watch is out of production or part of a limited run, then it will generally be valued a bit higher.
Private Seller or Professional Dealer
Be aware that private sellers generally get lower prices for watches than commercial dealers do. Why is that? It’s simple: Commercial watch dealers are obliged to offer a seller’s warranty. In addition, most dealers can check a watch’s precision, waterproofness, etc. before selling it and then provide a guarantee. Buyers are generally willing to pay a premium for these lower-risk purchases. That’s why it’s even more important to set a realistic price for your watch.
Did you know that we also offer an Escrow Service for private sellers? This lowers payment processing risks and boosts your sales chances.
Different Countries, Different Prices
Market prices can also depend on the country you are selling your watch from and to. This is largely due to shipping costs, customs fees, and tax regulations.
It is generally advisable to use your home market as a reference when determining the right sales price. Due to the customs fees that arise from a sale made to Europe from the US, for example, it’s best to optimize your ad for your home market. That way, the sales process will be easier for both parties.
Find out the value of your watch here:
