Fashion, Headlines

So you want to sell your watch: What you need to know

BY Carl Cunanan

October 6, 2022
2:14 pm

You bought the watch. Now what?

We have been getting a lot of questions lately about watches, but there is now a more significant number asking how to sell them. This may be partly a function of the volatile market that has actually gone down in the last few months. People who bought watches on the secondary market at unfortunately high prices now see that this market, like any other, has ups and downs. They may now be worried.

What are the avenues for selling your watch if you aren’t part of the traditional enthusiast community? Let’s look at a few options and give some of the positives and negatives.

Within the more traditional watch enthusiast communities, watches can move with just a message in the right Viber group or at one of our get-togethers. But in those communities and groups, everyone knows each other and trusts them and to be honest, it isn’t that easy to get into the right ones. Too many people try to get in with ulterior motives of trying to sell to them or even identify them for other things. There have been cases abroad of criminals choosing their targets and targeting watches through social media posts.

There are several more established watch sellers that have been in the market for decades and that predate the current craze and those generally are a good place to start. They provide the security of experience and ease of transaction. They may not have the best prices, but they also have less risk if you choose the right one. Try to look for those who have been around longer than just a few years.

If you bought a watch from someone who makes it a business of buying and selling watches on a more personal level, selling it back to them is another option. You may well be selling it back at below what you paid for and you suddenly become a different person in their eyes. But the good ones are more interested in their reputation than in a few extra pesos and the best of them really began as enthusiasts.

This daily-wear Oyster Perpetual Rolex is over half a century old and so rarely seen many people think certain details such as the bezel are not original. But true collectors know it well. Not
particularly pricey to acquire.

Opportunists and criminals

Many people live and die by Facebook Marketplace and Instagram sales posts nowadays and that has positives and negatives. Enthusiasts will see your watch, but so will opportunists and criminals.

Even before the current craze, we have verified accounts of people meeting up and never leaving their cars, yet somehow the watch disappeared. Even groups have fallen victim, with someone they thought they knew taking a bunch of pieces to the United States to sell for them and never returning. We actually got a call from a US sheriff about this confirming some details and the person served time. So, do understand that there are risks to dealing with people you don’t know.

Many people ask about auctions, but there are certain things you need to understand. The watch auction market has moved drastically from historically significant and important pieces to those that are just in demand. You have pieces coming up that are actually still available in stores if you know where to look.

I would personally look to auctions for pieces that are truly rare and important (and not just hype driven). Having said that, if you are the seller then auctions may be a good way for you to go as long as you understand all the fees involved. If you think you will automatically get the nosebleed prices that are shouted about, think again.

Know your limited editions well. Omega Speedmasters are extremely popular, but they have a lot of special releases. Even within the “Snoopy” family there are three. This 20-year-old model was the first, before all the hype and most went to collectors rather than watch traders. Often overlooked, it
has all the points of a good collectible.

Online options

There are several online options now for buying and selling watches and some have become part of large companies and have connections with watch companies. This in a sense commodifies the watch but also makes it relatively easy to move. Some of them will just act as marketplaces for you, allowing you to post. Others may act as intermediaries, holding funds in escrow until the watch is delivered and accepted properly. Still, others may take possession of your watch to confirm state and such or even buy it themselves to resell. These online options have become increasingly important, but they put in the infrastructure because it makes them money, so understand that you may not get top dollar. Still, less risk means less reward. Also, note that some of these online arenas have acted to corner the market of certain brands and then increase the prices of what they actually own and sell themselves.

So if you look at this option, see what a watch is posted at on several sites including chrono24, WatchBox, Crown and Caliber, Watchfinder and the like. Don’t just look at the highest prices, either; many times there will be overpriced pieces put there just to drive up the talking points. Look for completed sale prices if you can.

The watch market is more fluid and complicated than many realize, but at its best, it is a group of enthusiasts sharing a passion that previously was only rather nichea. One of the things I like about being seen here in the Philippine Daily Inquirer is that we are bringing this passion to more people and answering more questions from those just starting out. Please do throw us any thoughts you may have.