How to Trade Luxury Watches? Owning a luxury watch is a symbol of class and status. Craze for luxury watches from brands, such as Rolex, Tag Heuer, Cartier, Panerai, Omega, Tissot etc. is well known.
But in the recent times, these have become quite popular not only among the elite, but also professionals and people from all walks of life.
However, the unprecedented growth in second-hand luxury watch market is perhaps more interesting aspect in the history of horology.
From social media pages to Google ads and employment portals, it has become common to see advertisements of pre-owned luxury watches popping up all over. And, these ads are very tempting to click on. It reflects the trend in the second hand luxury watch market.
It’s not only about buying, but sellers are also making a huge profit, year by year. Selling pre-owned luxury watches is an art and there are many individuals as well as authorized sellers who have already mastered in this art.
Mechanical luxury watches are highly collectible pieces. With nicely engineered movements and fine craftsmanship, these limited edition watches are the objects of sophistication, elegance, and luxury.
Trading of high-end watches feels more or less like ‘cash for gold’ extension of the business. Clever marketers have discovered that there is a lot of money in selling and buying luxury watches, whether new or pre-owned.
What causes the sensation? Increase in public interest in high-end timepieces is the primary factor. Along with it, convenience of online trading and availability of options has also boosted the second-hand watch market.
How to Buy and Sell Luxury Watches Online?
When we talk about trading second hand luxury timepieces online, it is much easy to find buyers for pre-owned luxury watches, while offline trading is more popular among people looking for new models and designs.
However, these days, people are more concerned about getting the best deals and services, without contemplating whether it’s coming from an online or offline retailer.
Understanding the Watch Market
The luxury watch market is one of the largest categories in the world. With brands like Rolex, Cartier, Ulysse Nardin, Panerai, Omega, Audemars Piguet, Breitling, Patek Philippe, Hublot etc., it is larger than any other consumer based industry.
Attractive designs, state of art technology and the exorbitant price tag make this industry one of the most coveted one. You can find watches as new as yesterday, and as old as three generations or older.
The whole idea is to own a watch or a collection of watches that give class and recognition in the society. And, with increasing purchasing power of people around the globe, the trend for luxury watches is growing leaps and bounds.
Buying a luxury watch is no more a dream for people and with watch dealers coming up with attractive offers, the buying process has become even easier.
However, there is an altogether different scenario when it comes to sell watches online. With increasing number of competitors, not many sellers are able to survive the erratic conditions of the market.
The main problem is the fragmented condition of the market because of lack of rules, regulations and guidelines.
The absence of transparency and lack of support from the original brands has made the market for fake replica watches like the Wild West, requiring every buyer and seller to be aware. That’s when the need for a reliable platform to buy and sell luxury timepieces arises.
So what is the future of this industry? In a broad prospect, modern luxury watch brands are influenced by the luxury fashion industry. These mechanical watches have become more focused on visual imagery and lifestyle.
The real deal is whether or not the luxury items are sold on a degree of the lasting value. The enthusiasm is to appear fashionably consistent, and this means that brands are coming up with designs and ideas that enforce buyers to buy new trendy models every year.
It can be said that until the hoard to look stylish, socially fashionable and updated is alive, the market for luxury watches is here to stay.
Understanding the Watch Brands and Models
Luxury watches are not new; they have been around for centuries. High-end watch brands have rightly positioned themselves as status symbols for both women and men.
It is easy to find people who align themselves with certain watchmaking brands, which reflect their personal style and taste.
But before dig deeper about different type of watches and their functionalities, you need to be aware of some of the most highly competitive high end watch brands, such as Baume & Mercier, Breitling, IWC, Tissot, Omega, TAG Heuer and Rolex among others.
It is all about understanding what makes them, literally, luxurious in all spheres.
Movements: One of the key components that we all consider when purchasing a luxury watch. Movements drive the force behind its motion.
Majority of luxury watches come with the precision Swiss mechanical movement.
However, there is a vast range of movements used in the luxury watches. Some of the most common ones are:
- Mechanical Movement
- Jewel Movement
- Automatic / Self-Winding
- Quartz Movement
- Chronograph Movement
Second most consideration is the style of watch. It is no surprise that there are a myriad luxury watches available on the market. Finding the right style and variety is solely dependent on an individual’s personal preferences.
With an extensive selection of luxury watches available, both online and offline, it can be difficult to narrow one’s selection. However, some of the most celebrated styles are:
- Vintage Style Watches
- Limited Edition Watches
- Diving Watches
- Sports Watches
If we talk about watches with residual or resale value, investing in limited edition or vintage style luxury watches often turn out to be the best deal in the long run. Luxury watches are exclusive items, but in order to upturn their exclusivity further, limited edition luxury timepieces are created.
Understanding the Luxury Watch Buyers
The buyers of luxury watches don’t care about money – and that’s their basic trait. All they care about buying an authentic and stylish timepiece that can uplift their personality and make them look classy on all occasions.
Another fact is luxury watch buyers can’t get enough of one. They are avid collectors of luxury watches, to suit different occasions and times of the day.
When it comes to buying luxury watches, a consumer’s psychology is to find the best style and functionality, at best price.
There are some consumers who are brand loyal, and don’t really like to scout too much. For most, the brand value is the true value.
Their purchasing habits may be dependent on their occasional requirements and individual preferences, but the final purchase is all about getting the value for money.
The best way to deal with them is to offer them the models that are not only class apart, but also reasonably priced, which should be based on the overall functionality and style of the watch.
For instance, selling a pre-owned luxury watch with basic functions for $20,000 would not reap any success, even if it boasts impeccable design.
Smart Way to Sell Your Luxury Watches Online: 5 Tricks of the Trade
If you are in the market to sell pre-owned luxury watches, you might want to consider going through platforms that are trustworthy and have better traction.
There are a number of online sites, such as eBay, Craigslist, WP Diamonds etc that give you an easy access to enlist your luxury watch for sale.
Many of the online jewelers also sell second hand luxury watches. These online watch sellers offer free valuation services as well. Likewise, these days social platforms like Instagram and Facebook also give you ample of opportunities to sell second hand luxury watches.
There are some tricks that you need to know to be able to sell your high-end watches online. How to trade luxury watches? Things to keep in mind when selling pre-owned luxury watches online:
1) When writing a product description of a watch, be as specific as you can. Include all details as possible about the physical and mechanical description. Be sure to include history of the watch, relevant for the buyer.
2) Provide the serial number. It may vary from brand to brand.
3) Locate the model number. It may also vary from model to model.
4) Include certificate of authenticity and other details such as history of restorative work, if any.
5) Include images, as many as possible. Be sure to take detailed pictures of the dial.
How to Spot/Avoid Fake Replica Watches?
With tremendous growth of precision jewelries and their availability in countries where intellectual property rights are not strict, or not seen as a priority, replicas of luxury watches have become quite a nuisance.
Believe it or not, replicas are getting better each year and getting harder to differentiate from the authentic.
In order to find out if a watch is an authentic one or not, here are some tips that you need to keep in mind:
1) Material: Be sure to check the material, color and finishing of the watches. Fake replica watches will always be slightly off.
2) Weight: Replica watches are made with cheaper materials. On being held, you can easily recognize difference in weight. These watches are lighter than the original.
3) Engravings and the Face: Engravings on genuine luxury watches are sharper and distinct. Really bad replicas will always have spelling errors, which will make your task easier.
4) Movement: Being the most important aspect of a watch, fake luxury watches often lack in delivering the quality movement. These watches will not have good movement or even internal mechanisms.
5) Always ask for guarantee certifications and authentication proof.
6) Know the seller: Last, but not the least! Knowing the seller is very important when dealing in luxury watches. Do not trust anyone who offers you a luxury watch at surprisingly low price. Such sorts of things are often a scam.
When Should I Sell My Luxury Watch?
In general, there is no particular season for selling luxury watches. The demand for luxury watches is increasing year by year, and now could just be as right time to sell your luxury watch as any day of the rest of the year.
Whether you want to sell a vintage timepiece, or a recently purchased model, finding the right buyer is the only trick to get the right value. So now is a good time to sell your luxury watch.
All in all, it is all about finding (and creating) the right market. Staying ahead of the curve is the only way to ensure better deals, as a buyer and better price, as a seller.
The trade market for pre-owned luxury watch is hot, and there’s no way it is going down in the coming years. Making the best use of your resources, knowledge and skills should help you make take a wise, and a profitable step.