In this Article I will deal with the following when you want to value a watch
As the watch buyer at Watches Of Westminster Im afraid to say the valuing of watches is not a precise science most of the time !
The value of items such as watches will with most goods vary on a number of factors some of which can work in reverse for certain watches /models even down to the personal preferences of the valuer.
For example a 50 year old Rolex Submariner will have a much greater value than a 5 year old Submariner IF it is original. A 1 year old Submariner will have more value than a 5 year old Submariner for the same model BUT a 5 year old Submariner with box and papers in unworn condition will have a greater value than a 6 month old worn/scratched submariner with no box or papers.
There are generally 6 prices / values for a watch ( highest first )
There are of course a few variations on these 6 especially when considering the first rule of retailing which is supply and demand which to a certain extent do not apply to vintage watches of any note as the supply is pretty much fixed although it has to be said that Ebay has not done certain watch prices a favour as people realised a few years back when it started . People realised there was a cheap and easy way to sell their old watches and ended up flooding the market hence driving prices down.
British army watch
All starting to look a bit complicated ? Well I’ll simplify it ( and then complicate it further ).
If you know what watch you have take a look at Ebay or Chrono 24 and you will get a feel for what your watch might sell for in the market ( rarely the asking price ). You will need to make an assessment on its condition , service history and the presence of original box and papers . Deduct the cost of a full service (£200 to £600 ) , the cost of a polish and perhaps a new strap , the cost/risk of a 12 month warranty , the normal overheads for any business and of course VAT ( any reputable watch business will have long passed the turnover threshold for VAT of about 6k a month , thats turnover not profit ) which is taken off any GROSS profit and then Corporation tax which is on nett profit. The complication is that this figure will vary for every watch.
You then might not be too surprised why you are being offered about half of what you thought your watch was worth !
Now the big caveat on all of this is the watch itself. A expensive say 10k watch will not take such a large ( in proportion ) hit as a 1k watch but these same numbers make certain watches simply not worth buying which is why I have now introduced a lower buying limit. Making 100% profit on a £200 watch may sound great but in fact any decent watch firm will be making a loss !
The simplest solution is to simply let Watches Of Westminster give you a purchase value. Theres no obligation to sell and its a free service. We are open pretty much 7 days a week 12 hours a day for online contact although most if not all watches will need a full inspection to determine their true condition and originality.
If you have a watch you want valued just contact us with details of your watch
and we will do the rest or if your really in a hurry just call us on
07768316371 and ask for Simon
Or use our contact form
WoWadmin December 23rd, 2016
Posted In: Second Hand Watches, Sell My Watch
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