Many people are compelled to sell their watch (or watches) before the time it has reached its potential investment value. Indeed Roberto Chiappelloni, owner of Manfredi Jewels, considers that "if you want to sell a new watch and realize a return on your investment, you have to wait about 20 years." As can be seen from our Value of Watches page, it is clear that watches have great investment potential. As such, we would advise that it may be more beneficial in the long term to hang onto a luxury watch or wait until the most lucrative deal can be agreed. Borro offers secured loans and sale advance loans against valuable watches, giving often much needed financial support, with your asset being returned or sold at the end of the loan period.
If you are researching how to sell your watch, there are a number of methods you can choose:
Auction houses offer a great platform from which to offload your luxury watch because they attract a large audience, give your items advertising exposure in advance and, should there be more than one interested party, can help your item exceed its estimated value. Antiquorum, Bonhams, Christie's and Sotheby's are the biggest watch-auction players. In the last twelve months they staged 34 sales between them, taking a total of $187.3 million. However, watches do come to specialist auctions and such it may take a couple of weeks for your item to come to auction. If you need to get hold of cash quickly, you can always use Borro to value your items and then acquire a secured loan while you wait for your watch to be sold. We transfer money into your account often within 24 hours of application and then return or sell your item and the end of the loan period.
If you are looking for where to sell watches online, eBay is not a bad bet. In fact it has a page dedicated to watches where you are able to add specific information to your item such as whether it has original box and documentation which will greatly improve the competition for your watch. You can also set reserves so that the watch doesn't go for a price that you aren't happy with.
Specialist watch collector (horology) magazines such as Revolution will have forums and classifieds where you can advertise luxury watches. The benefit here is that you are selling to people who are watch enthusiasts and therefore if collectors really want your item, they are likely to give you a higher price than a dealer. At the same time, they will be in the know of the going rate, so you'll need to be savvy. Aside from this, auctions are worth considering.
Luxury watches hold their value well, but also act as a fantastic investment opportunity. As such it is often preferable to keep hold of your valuables as long as possible. When people are forced to sell, they can find themselves looking for a quick sale and as such miss out on getting the best prices for their items.
In the past, alternatives to selling have been limited - an example being unsecured loans which depend on good credit rating and incur large monthly payments over long time periods. At Borro we offer a refreshing new option for extracting the value from your watch. We will offer you up to 70% of the value of your timepiece, for a short term loan secured against the asset itself. Therefore credit check are not necessary and you are safe in the knowledge that you will have your prized investment returned once the loan period is over. Moreover, we send money rapidly into your account after your application is accepted (often within 24 hours).
For more in-depth guide to Borro's secured loans see our How it works page or get in touch with us today on 0808 163 9546.
Fashions change from season to season, year-on-year and as such watches are continually changing. You will often find fashion magazines doing articles on watches for both men and women. For an example, see these two pieces from Men's magazine, GQ and ladies' fashion site Who What Where.
A few points here:
Fashion does not always dictate the best investment.
Women's watches are not as sound an investment as men's watches. This is because the former are seen more as a fashion accessory or piece of jewellery as opposed to the latter which have far more complications (specialist functions) and are seen as both opulent and technically advanced.
Timeless (forgive the pun) classics, from respected, coveted brands such as Rolex, Breitling & Patek Philippe never go out of fashion!
By skilled experts. As with any mechanical items, watches do require regular maintenance and we would recommend having your timepiece serviced every few years. The more expensive and sought after the watch, the more important it is to keep it in good condition. You can expect a good service centre to completely clean and re-oil every component to restore it to prime condition.
Many companies offer a service whereby you can send your watch off by post for convenience and a thorough overhaul can take a number of weeks to complete. When sending your watch off, always check for feedback. The online nature of today's watch business is fantastic for this, as customers can leave ratings and comments for all to see. You should also check a repairer's credentials with leading industry bodies such as the BHI (British Horological Institute).
The best way to buy is to choose a watch that not only looks beautiful, but will hold its value for years to come. To work out where to buy a watch, you can use the 'Where Can You Sell a Watch?' section as a starting point and work backwards from there. You should know that buying from an approved watch dealer or jeweller will incur a greater cost than buying direct from manufacturers. In addition, you could see a great opportunity at an auction or even online marketplace but be careful in your research and have a clear idea of value before you buy (see our value of watches page for more).
For an in depth guide to assessing the value of your watch, please have a look at our Value of Watches page. In the meantime, you can see examples of the amounts our UK customers have received for their items:
Tag Heuer Monaco
Patek Phillipe Calatrava
Collection of Dubrey and Schaaldenbrand
Chopard Happy Sport