Perhaps that pre-loved Rolex Submariner lying at the back of the drawer just doesn’t float your boat anymore. Whether you’re trying to declutter or make yourself a small fortune, every watch collector will want to ditch some timepieces at some point.
Selling such an expensive watch can be daunting and with so many options to advertise it, how do you know where you would make the most cash? You could trade or part-exchange it – lots of places offer this – but do you actually want to buy another watch?
If it’s cash in hand you’re after, would you trust seller marketplaces like ebay? What if it “never arrives” with its buyer? You could sell to a dealer but they’ll be taking a lot of cream off the top. You could take your chances at auction but there is another option…
What is a consignment service?
If you’re looking for the best way to sell your watch and get the best return for it, a consignment service has got to be up there.
Simply put, this is where an individual or business sells your watch on your behalf. The important thing is that no money changes hands at the start of the process. You basically own the watch until it is sold.
You (owning the watch) are the consignee and the person you choose to sell it for you, the consignor. The consignor will find the best buyer for your watch and take commission off the sale.
As a rough example, If you decide you want £20,000 for your Rolex GMT Master II, a consignor sells it for slightly more, you take home £20,000 and there’s nothing more to arrange. No haggling down on the price, as you’d expect for a dealer or direct sale.
Here we share 10 reasons why you’ll have more in your pocket and fewer worries by choosing to consign your watch with a trusted luxury watch seller.
- A wider network to sell your watch – How many people are actually on ebay or market place looking for high-end watches? Not that many. With consignment you can reach a broader range of interested parties that you would never normally have access to giving you a bigger pool of buyers, often in professional networks.
- Expert sale – Professional images of your watch are added to the consignor’s website and other selling channels, and can be shared with their existing and returning clients, posted on social media accounts and given prime position in their boutique.
- A fair price – Someone who offers this service will give you the most competitive price based on market trends. You wouldn’t necessarily be able to do this selling yourself. You can also take advantage of being guided through the process by a professional who will achieve a higher sale over you selling directly.
- Take home more money – You get what you want for your watch without dealing with haggling or people trying to bargain you down on a watch you need to make money for.
- Professional advice – Consignment allows you to name your price but of course, you can be assisted by the consignor who will take into account the price you paid for the watch and what you hope to achieve for it.
- Consignor takes control – Consignment takes the element of risk out of being exposed to buyers, getting scammed and of course, handling the cash. With everything in the consignor’s hand you can rest assured that they will handle everything so you have less hassle and distractions.
- Insured – Your watch is fully insured and well looked after whilst in the consignor’s possession. You may even get your watch serviced, ensuring it is in the best possible position for a sale.
- Rolling agreements – All agreements are for a minimum term of one month which rolls over until your watch is sold. It’s also good to know that you can take your watch back at any time after 24 hours in writing, if you decide to consign with Luxe Watches.
- Quick cash after a sale – When your watch is sold you receive immediate notification of it and you’ll see the funds drop into your account within five to six working days.
- Chance to cancel – In the unlikely event that your watch doesn’t sell you can cancel the consignment agreement at any time after one month,and have your watch returned to you.
Nick Hickey, managing director at Luxe Watches said: “Having built a strong reputation in the luxury watch market over a decade, our consignment contracts have a 95% success rate in selling watches in fewer than 30 days.
“One of the most important things when buying and selling watches is to be sure to work with someone you can trust. Check reviews and remove risks.
“Clients know they can visit our high street boutique to ensure the best secure service possible and we have an unrivalled sales team with networks here in the UK and further afield to ensure we get the best price for any consignment clients.”
