Author Topic: Noob needs advice on value of his current watches  (Read 6169 times)

Offline WKChin

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Noob needs advice on value of his current watches
« on: September 24, 2019, 02:51:14 PM »
Hi MWF members! I'm new here and don't know very much about timepieces other than surface things. I already know I'm a watch dummy but the more I read various posts here, the more I realise I don't know squat!  :D

I've recently retired but while I was working, I bought a few automatic watches over the years that were affordable and which looked nice to me. Now I find myself wearing them less and less and I'm considering selling them to those who might appreciate them better.

My dilemma is, how to get a fair appraisal of their current value. I went to a dealer today that trades in used timepieces and I was frankly stunned at how low I was offered. I know that the shop has to make a worthwhile margin of course, but my gut tells me the values were way off the mark (ranging 12% - 19% of what I paid  :o). According to sites like chrono24.com I was under the impression that one of them at least might even have appreciated. Granted my watches are not the super hot collectibles but I would have thought they could retain some value somewhat better than that.

My question is, how does one go about finding out the real market value of one's watches?

Offline David_cheong

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Re: Noob needs advice on value of his current watches
« Reply #1 on: September 24, 2019, 03:05:15 PM »
For better value, its best to sell to end users.
Selling to preowned or used watch dealers, be prepared to lose out 70-80% of your purchase  values.
Watches that are firmed  in the used market are make such as Rolexes / Pateks. These are also depend on its models.
To put your watches on the unknown market, you be facing uncertainty as you do not know whom are buying from you.
Selling to shops means you have less hassle and collect cash but their quotes may shock you.
dc

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I am almost a recovered watchaholic, but last checked shows only 70% recovered. How?

Offline Sathiskumar

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Re: Noob needs advice on value of his current watches
« Reply #2 on: September 24, 2019, 03:18:00 PM »
Hi WKChin,

I'm no expert but market value is determined by supply and demand. Are your watches in demand or are they desirable? You can get the rough market value by referring to chrono24 prices.

Most people wouldn't buy a second hand watch for market value except if it's a most sought after model. They always look for something way below market value.

Let's say you bought the watch for 1000 a few years ago. We'll assume the condition is very good and it was recently serviced (for automatic) and comes with the original box and papers. The dealer is offering you 200 for the watch but the market value is 500 at chrono24 or elsewhere. You won't be able to sell it for 500. But you'll have a better chance of selling it between 300 to 400. Again, this depends on the brand and the desirability of the watch. Trust me, selling a watch is not easy. Almost all watches, even Rolex depreciates in value over time except a few iconic models.

Hope the above helps. Good luck.

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Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #3 on: September 24, 2019, 03:21:40 PM »
Hi David,

Indeed, I was shocked. But at the same time, I also don't know if I should have been. In the case of my experience today, I was expected to lose more than 80% of value, which I don't think is quite right. My watches are from Ball, Oris and Montblanc so definitely not the JLC/IWC/Rolex/etc class but still I think the quotes I got were too far off the mark. Would you be able to recommend a reliable way to ascertain their real value? Or perhaps a used dealer that I should visit?

 :Cheers:


Selling to preowned or used watch dealers, be prepared to lose out 70-80% of your purchase  values.
Watches that are firmed  in the used market are make such as Rolexes / Pateks. These are also depend on its models.

Selling to shops means you have less hassle and collect cash but their quotes may shock you.

Offline G.MAC

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Re: Noob needs advice on value of his current watches
« Reply #4 on: September 24, 2019, 03:26:53 PM »
Looking at the brands you mentioned, even if selling on the forum, you would lose 60% off the bat. You would lose more if the models are non-popular ones from the brand. Chrono24 is not too accurate for these brands as the prices are based off USD and are what dealers are selling the pieces for. Hence i am not too surprised that the pre-owned dealers lowballed you. Not a pleasant experience but that is reality.
Your ONLY job in this world is to make sure that you are happy

Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #5 on: September 24, 2019, 03:29:52 PM »
Yes it does. Thanks mate!

 :Cheers:


Hope the above helps. Good luck.

Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #6 on: September 24, 2019, 03:32:38 PM »
That's very helpful, G.MAC. Gives me a frame of reference to work with and is much appreciated.

 :Cheers:



Looking at the brands you mentioned, even if selling on the forum, you would lose 60% off the bat. You would lose more if the models are non-popular ones from the brand. Chrono24 is not too accurate for these brands as the prices are based off USD and are what dealers are selling the pieces for. Hence i am not too surprised that the pre-owned dealers lowballed you. Not a pleasant experience but that is reality.

Offline Sathiskumar

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Re: Noob needs advice on value of his current watches
« Reply #7 on: September 24, 2019, 03:35:12 PM »


Yes it does. Thanks mate!

 :Cheers:


You're welcome.

Oh btw.... Don't waste time with dealers. You're better off selling direct to the buyer online. It's a bit of a hassle but you get better value for your timepiece.

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Offline David_cheong

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Re: Noob needs advice on value of his current watches
« Reply #8 on: September 24, 2019, 03:35:25 PM »
Chin

I am afraid that's the way the used market are quotes in the present values.
There are no 2 ways about it.

For better values, target the end users. And a word of cautions, careful of scammers.
Good luck.

dc
I am almost a recovered watchaholic, but last checked shows only 70% recovered. How?

Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #9 on: September 24, 2019, 03:39:25 PM »
There are scammers here too?  :o



And a word of cautions, careful of scammers.

Offline Geneve

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Re: Noob needs advice on value of his current watches
« Reply #10 on: September 24, 2019, 06:41:47 PM »
Check online for the price as reference and you may sell it on this forum or other places at the price that you are comfortable with...

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Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #11 on: September 24, 2019, 07:32:33 PM »
What's a good place online to check for prices?


Check online for the price as reference and you may sell it on this forum or other places at the price that you are comfortable with...

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Offline AKM

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Re: Noob needs advice on value of his current watches
« Reply #12 on: September 28, 2019, 08:47:57 PM »
I wanted to sell my lightly used Rolex recently. I bought it in 2017 and I was offered around 40% of its price. It's a DJ so I understand it loses value but not to that extent. Those shops will just kill the price and add a huge mark up when they resell in their shops. Better sell to end users directly. 


Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #13 on: September 29, 2019, 08:37:28 AM »
Yeah that's becoming glaringly apparent to me  :(
Thanks for the advice!

BTW, how do you determine the fair value of your timepieces if you can't rely on dealers for that?




I wanted to sell my lightly used Rolex recently. I bought it in 2017 and I was offered around 40% of its price. It's a DJ so I understand it loses value but not to that extent. Those shops will just kill the price and add a huge mark up when they resell in their shops. Better sell to end users directly.

Offline G.MAC

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Re: Noob needs advice on value of his current watches
« Reply #14 on: September 29, 2019, 07:11:51 PM »
Use chrono24 and look for the exact watch closest in terms of year, and type of offering ( box, box and papers etc ) and knock a percentage of the price off. I have learnt that everyone rates conditioning differently so I dont normally use condition as a means to justify that my watch is more valuable than another same model. As an estimate, the reduction can start around 15% for hot models( Rolex Sports Models, Nautilus and Aquanauts, Royal Oak Extra-Thin), 30% for popular brands and model ( Speedmaster Pro, SS Datejust) , 40% for popular brands but not a hot model ( Some TT Datejust, 36mm Rolex ), 60%-80% for anything else. I maybe wrong and most will disagree but that formula has not failed me so far when i am estimating prices and value. What I have learnt is that, the first buyer ALWAYS takes the biggest and most painful punch hence I look to pre-owned pieces or I do not buy and then sell watches i bought brand new.
Your ONLY job in this world is to make sure that you are happy

Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #15 on: September 29, 2019, 08:03:08 PM »
Very interesting! Thanks, G.MAC. Very valuable lessons in there, especially the last bit.

 :Cheers:



Use chrono24 and look for the exact watch closest in terms of year, and type of offering ( box, box and papers etc ) and knock a percentage of the price off. I have learnt that everyone rates conditioning differently so I dont normally use condition as a means to justify that my watch is more valuable than another same model. As an estimate, the reduction can start around 15% for hot models( Rolex Sports Models, Nautilus and Aquanauts, Royal Oak Extra-Thin), 30% for popular brands and model ( Speedmaster Pro, SS Datejust) , 40% for popular brands but not a hot model ( Some TT Datejust, 36mm Rolex ), 60%-80% for anything else. I maybe wrong and most will disagree but that formula has not failed me so far when i am estimating prices and value. What I have learnt is that, the first buyer ALWAYS takes the biggest and most painful punch hence I look to pre-owned pieces or I do not buy and then sell watches i bought brand new.

Offline Sathiskumar

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Re: Noob needs advice on value of his current watches
« Reply #16 on: September 29, 2019, 08:36:03 PM »
That's an excellent piece of advise G.MAC. You are not far off in your estimates. I have more or less experienced the same. Thank you for this post.

Use chrono24 and look for the exact watch closest in terms of year, and type of offering ( box, box and papers etc ) and knock a percentage of the price off. I have learnt that everyone rates conditioning differently so I dont normally use condition as a means to justify that my watch is more valuable than another same model. As an estimate, the reduction can start around 15% for hot models( Rolex Sports Models, Nautilus and Aquanauts, Royal Oak Extra-Thin), 30% for popular brands and model ( Speedmaster Pro, SS Datejust) , 40% for popular brands but not a hot model ( Some TT Datejust, 36mm Rolex ), 60%-80% for anything else. I maybe wrong and most will disagree but that formula has not failed me so far when i am estimating prices and value. What I have learnt is that, the first buyer ALWAYS takes the biggest and most painful punch hence I look to pre-owned pieces or I do not buy and then sell watches i bought brand new.

Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #17 on: October 01, 2019, 01:57:07 PM »
 :thumbsup: :thumbsup:

Offline axaxax

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Re: Noob needs advice on value of his current watches
« Reply #18 on: October 01, 2019, 10:16:06 PM »
2nd hand dealer has their uses. They need to pay for security, establishment cost, staffing, fixing up faults on your watch, providing after sales warranty and finally considering the time value of money of they converting hard cash to an item that might sit there for years. Use them if you need money for urgent matters or you dont want to bother with knitty gritty of dealing with end user.

In case you consider selling directly to end user. Consider several factors such as the condition of your watch, when is the last service, any obvious dings and scratches, full box & papers. Obviously you will need to deal with low ballers, ffk buyer, buyer that request you to put on hold pending funds that might or might not come. Using chrono24 is a good benchmark and a starting point but you need to apply discount over it as selling thru chrono24 involves also transaction fee, risk that you might be scammed etc.

Just post up your watches at the preown section, if you dont get any replies within say a week or so, drop it by 5% and continue till you have a price taker or someone that will negotiate a price.

Remember that for every watch, there is a buyer (question is at what price). Go thru the price discovery process and be patient. Selling watch is like trading the share market, there are blue chips (rolex, trinity, etc etc) that you can sell without people able to arbitrage and there are untraded shares (QQ, timex etc) that when you sell, you will bring down the price by 30-40% or worst.

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Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #19 on: October 03, 2019, 01:54:22 PM »
Thank you very much for your insights guys

 :Cheers:



2nd hand dealer has their uses. They need to pay for security, establishment cost, staffing, fixing up faults on your watch, providing after sales warranty and finally considering the time value of money of they converting hard cash to an item that might sit there for years. Use them if you need money for urgent matters or you dont want to bother with knitty gritty of dealing with end user.

In case you consider selling directly to end user. Consider several factors such as the condition of your watch, when is the last service, any obvious dings and scratches, full box & papers. Obviously you will need to deal with low ballers, ffk buyer, buyer that request you to put on hold pending funds that might or might not come. Using chrono24 is a good benchmark and a starting point but you need to apply discount over it as selling thru chrono24 involves also transaction fee, risk that you might be scammed etc.

Just post up your watches at the preown section, if you dont get any replies within say a week or so, drop it by 5% and continue till you have a price taker or someone that will negotiate a price.

Remember that for every watch, there is a buyer (question is at what price). Go thru the price discovery process and be patient. Selling watch is like trading the share market, there are blue chips (rolex, trinity, etc etc) that you can sell without people able to arbitrage and there are untraded shares (QQ, timex etc) that when you sell, you will bring down the price by 30-40% or worst.

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« Last Edit: October 04, 2019, 12:13:01 AM by WKChin »

Offline fuzzy

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Re: Noob needs advice on value of his current watches
« Reply #20 on: October 20, 2019, 09:53:29 PM »
Chrono24 are usually fronted by dealers so their price reflects what they wish to receive plus minus some discounts.

You can also use other sources such as watchrecon or eBay and filter them out by sold listings to see how much a certain model was sold for vs listed for.

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Offline WKChin

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Re: Noob needs advice on value of his current watches
« Reply #21 on: October 24, 2019, 08:37:20 PM »
Cool, thanks very much for those tips!


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Offline Gary Teong

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Re: Noob needs advice on value of his current watches
« Reply #22 on: December 21, 2019, 08:41:10 AM »
Agree on a few member's point. Chrono24 prices are usually highly marked up. Try Watchbase.com for a more realistic market prices