Common Concerns When Selling A Rolex:
- I got it as a gift so is it okay to sell it?
- What if I changed my mind later?
- I might have some non-Rolex parts…
- I don’t have box and papers..
- I’m not sure if it’s safe to sell online..
These are fair questions and concerns, and we’ll attempt to discuss the impact of these, as well as the effect on the buying process.
So Should You Sell Your Rolex?
We often hear this question floating around the luxury watch markets and watch communities. The short answer is, “yes, if that’s what you want.” Some lucky people find themselves with a Submariner or a Datejust as a graduation gift. Some people buy a Rolex watch because it gives them a feeling of professionalism or power. Others buy them because they have a real appreciation for the craftsmanship and attention to detail. There is any number of reasons to pick up a nice watch or to sell a nice watch.
The point is if you find that you do wish to sell your Rolex, it’s totally up to you. And if you decide that it’s the way you want to go, here are a few best & common practices for selling your timepiece:
Box and Papers:
Having the box and papers does increase the value because it verifies authenticity and lets other potential buyers that it is, without a doubt, genuine. Prior to around 2000, many watch owners did not keep their box and papers. Eventually as more and more people started to resell their old watches the demand and expectations for box/papers increased. It’s more important on some brands and watches than others. For instance, it’s going to be just fine if you can’t find your TAG Heuer box, but if you’re trying to sell a Panerai, most buyers will require the original papers be part of the package.
Letting a buyer know of the model number is important when you’re trying to sell your watch as it lets the buyer know many important facts about the timepiece. If you do not know the model number, do some internet research to find it.
Take high-quality photos when selling online, and from as many angles as possible. Photographs will make sure that you get the most correct quote before shipping becomes part of the selling equation. Be cautious not to give away the whole serial number because it is unique to your watch and yours only; bad watch selling stories begin this way.
The auction house:
While it seems like a safe bet, auction houses charge hidden commissions that are upwards of 15-25% of the buy price. The seller could take a big hit with this option. Ebay is also risky and has a variety of fees.
Selling to a friend or individual:
Selling your Rolex to an individual has its risks. For instance, the buyer could demand a return of the item and it is possible that a buyer could have removed links or has removed parts unbeknownst to the seller of the watch. If you sell to a friend and the watch stops working correct, it can cause bad blood between you.
Selling to an online watch dealer or broker:
There is an increasing number of companies looking to buy or consign your Breitling, Omega, Panerai, or Rolex on-line. Bernard Watch Co. was founded in 1990 and have bought watches through the internet since 1996! A company will generally either pay you upon receiving the expected watch or taking it on consignment. Consigning a watch leads to a significant delay in getting paid. Bernard Watch sends a payment the day we get your watch. At our website, you can review the watches we buy and offer us your watch for a bid.
We hope that these tips give you more insight into how best to sell your Rolex. By being transparent and following these simple rules, buyers are more likely to trust, and transactions are likely to be easier for both parties involved.
This is a good run down on the risks and considerations for selling a luxury watch. Selling to a dealer would probably be your best bet.
Rather than selling to a dealer, there are many other options available for selling a rolex like online sellers, ebay, local watch strores. But honestly I wouldn’t sell this on ebay either. They have the same scamming issues with items like this, and their buyer protection assists those buyers who are not exactly honest.
Agree with the above comment.