Buying a watch is always in need of money. Therefore, selling them can potentially help you to make some more bucks. The current watch industry is mostly concerned with just selling you some new things. At some point, more of the interesting parts of businesses are completely ignored. The traditional view of just selling watches was that it can be well covered through auction, mainly to a retailer, or even possibly finding friend or even fellow watch lover.
The internet has opened up resources like EBay and watch he trading sites, which really changes ease of selling and not necessarily who you are selling to. Right now, new businesses are popping up that mostly buy the watches. The profit model is mainly derived from just buying timepieces in convenient manner and selling them on back-end to range of dealers and some other resources. It is mostly needed resource for many people who are not interested in taking time in finding out and qualifying buyers of potential valuable watches. This one is granted little attention from media.
Have a chat with experts:
If you take example of Hamilton Powell, he was convinced in investing a fund to work for in a new business, which was all about buying the watches. He even went far as to run it himself. The company is called Crown & Caliber. Checking out the watch industry from investment standpoint, Powell saw some valuable inventory which was stagnated potentially.
By procuring watches straight from owners who are willing to unload them, the business might form special relationships with dealers and other collectors for selling those watches at profit and on regular basis. This service is primarily based on the high end forms of mechanical watches, where the pre-owned values are still in various thousands of dollars.
What watch buying business is all about?
Before you enter a field like Chronostore, you need to be aware of what this actual watch buying business is all about. Learning the pros will help you to understand the market better.
- The basic question and answer:
People always get the most excited when it comes in buying a new watch. However, the market of consumers who are selling watches is pretty large too. So, getting right into this business is a tough choice to make. How do you think the reliable watch buying businesses get into this sector on the first place?
The companies have created such watch buying platforms as it is quite difficult for majority of people to sell second hand watches. Every year, there come millions of new watches to be sold. For example, just the last year, Rolex sold more than 1 million brand new watches. Well there is no such dominant player buying these watches right from consumers when they are actually not ready to sell. So, such firms exist to serve the watch owners looking for a platform to sell their watches.
- Next question to consider:
You must be wondering why consumers choose to sell their watches on their own. Do you think that their expectations for the value are quite reasonable?
Consumers make it a point to sell their watches for so many reasons. Most of these reasons will fall under three major categories.
- The first one has to be the collector. Many of the repeated customers are primarily collectors who can sell a watch to make room for next one. There are some other customers whom they know on first name basis and have covered multiple transactions. In some of the cases, they will use the network of dealers to help collector identify watch they are looking for.
- Another group is the estate seller. Most of the customers are planning to sell watch, which might have belonged to loved one. Even though, the current decision is mainly to sell watches and it is practical, but in reality, selling watches of loved ones can be quite difficult. They will take some time in developing relationships with customers given the delicate watch’s nature, being sold.
- Life event is another option. There are some customers, which might had life changing event, which require them to sell watches to raise money. As of now, their main option was to go to pawn shop or just receive low ball offer from local jeweler. Not just they are going to offer fair price, but they will offer experience, which is deserving of such difficult chapter.
In case of expectations, it has been found out that the collectors will have some of the reasonable expectations. It is mainly because they have been around the block for so many ages and can understand what watched tend to depreciate after being purchase. Well, there are some exceptions to it as well. For example, there has been a recent transaction of vintage Patek watch or a price, which is otherwise ten times more than what the customer has paid for the watch in 1950s. This is the primary case with most of the vintage watches. But, that seems to be one exception. For majority of parts, watch is similar to new car. Once you drive it for some time, it will not maintain that same retail value.
- General ways for people to sell timepieces online:
There are primarily three ways for people who plan to sell watches online. The first one is Craigslist, which is easy and local and you can meet the buyer in person. However, due to geographical restrictions, you won’t get the full value always. Another option is EBay, which is a proven easy online way to sell to millions of viewers. The third and final one got to be Forums.
Be sure of the watch:
The one that you are planning to sell should have its worth covered. For that, you need to be aware of the companies you can move further for getting some help. Things will definitely work out as planned just for you right now.
Author Bio: Sujain Thomas is a leading blog writer and expert travel photographer. She has written numerous articles and blog posts on topics related to Travel, Food, Lifestyle, and Photography etc.
