When you want to sell your watch, there are individuals or organisations who buy used luxury watches. Each has pros and cons.
Luxury Preowned Watch Trade Quote from a Dealer
There are companies that specialise in luxury preowned watches. They will buy and sell most Swiss brands, but many will prefer Rolex and Omega because they can be resold faster. The most important thing to know is that businesses have to add taxes and profit margins when they buy and sell second-hand luxury watches. Furthermore, because they have to stay competitive with their selling prices, they will not offer you top dollar for your watch. On the other hand, the transaction will be fast and mostly secured, as long as you trade with an established and reputable business.
Private Buyers for Watches
The most common private buyers are watch enthusiasts who want to expand their collection. Watch collectors will be ready to pay more if the watch you own is a watch that they strongly desire. For them, it is about acquiring a model missing in their collection. It does not mean they do not care about market value, but there is a bit more flexibility about prices.
You can also come across 'flippers'. It has become a rampant problem within the watch industry. For the majority of us, buying a watch is for our enjoyment. A flipper, on the other hand, purchases a watch with the motivation of making a profit. Because of it, the price negotiations can be long and end up nowhere.
You can be tempted to sell your watch directly because it is how you can maybe get the best price, but it involves trading with strangers. Online forums and social media are places where you can advertise your watch and find potential buyers. A word of caution, becoming a watch dealer for a day comes with many risks. There is a lot of ways you can be scammed when selling a luxury watch. Professional dealers know how to spot a scam; it requires knowledge and experience. I am not a watch dealer, and I will not attempt to sell a watch to a stranger.
The risks involved are not compensated with the extra cash you can make by selling your model a somebody you meet for the first time. There are videos on YouTube on how not to get caught by scammers. If you are not an experienced watch seller, my recommendation is not to sell your watch to somebody you don't know because there's a real chance that you'll end up with nothing.
Other Omega Watch Buyers Near Me
Selling to a person you know, and trust is a good option; in my option, this is the best solution to sell your model. Someone that has perhaps admired your watch from afar whilst you've been in ownership of the watch. You can let your friends and colleagues know that you are selling your watch and see if there is an interest to buy it from you.
You can ask for a fair price closer to the second-hand retail price.
If on Chrono24.com, your model is worth $10,000 you can offer it at $9,000 to your friend. You will get more for your model and your friend will get a good deal on an Omega model. The financial transaction will be more secure because it's a friend or a colleague you know and trust. It is also easier for them to buy a preowned watch because they trust you. The issue with selling your watch to a friend is that you will always stay connected to the watch. If anything goes wrong with it, you will get a call from your friend or colleague expecting you to sort out the issue. It is only a matter of time, whether it be a year, a month or five years, before your friend ultimately will come back to tell you that something is wrong with the watch. The dreaded pause follows where they are kind of hinting that you need to do something about it. It is a strange thing, but I have seen it many times. In the worst case scenarios, I have seen friendship strained by such transaction.
The best way to avoid this situation is to be clear and upfront with your friend before the transaction. Explain that the model will need maintenance. Over time, an Omega watch needs to be serviced, and he will have to send it to an authorized Omega service centre. The watch service is part of owning an expensive mechanical watch.