If you own a luxury watch that’s been handed down through the generations, you might not ever consider parting with it, but if it’s a treat that you splashed out on yourself, you may feel very differently.

No matter how much you love your luxury watch, there may come a time when you feel like upgrading the model, or simply wearing a different design.

If this is the case, selling your existing watch to raise money for the new one is an excellent way to help cover the cost.

But a luxury watch is much more challenging to sell than many other goods, simply because of the price tag. We take a look at some of the most common ways of selling your luxury watch and consider how successful you are likely to be.

EBay

With a captive market of millions, it surely stands to reason that EBay will be the place where you could enjoy the most success and secure the highest price. Right?

Unfortunately, that’s not the case.

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EBay is not a great place to sell watches.

Although there is indeed a very wide audience, if you aren’t a high ranking and established vendor on the site – often referred to as a power seller – you may find that buyers aren’t interested in what you have to sell.

Part of the reason for this is that EBay has been flooded with fake and counterfeit goods, often sold purporting to be the real thing, and leading to disappointment once received. This has made many buyers particularly wary about purchasing either expensive items, or those which claim to be designer.

Luxury watches fall into both categories and as such, can be difficult to sell on EBay, even if you list it for a very competitive price. Buyers who are serious about buying a luxury watch will typically go to a specialist seller, rather than wade through the many cheap copies the auction site seems to spawn.

Local paper or selling site

Another option you may have considered if your local selling site, or a listing in your local newspaper. This has the added advantage of finding a buyer who lives nearby, rather than having to deal entirely online.

However, although it may seem convenient, local selling sites are another place which can be rife with scammer and fraudulent activity so you will need to be very selective about whom you deal with.

There’s the risk that once you give your address out, the watch could either be stolen, or you could be mugged after leaving your house en route to meet the buyer. This may sound melodramatic but there have been instances of both occurring so it’s important to protect yourself if you opt to go down this route.

Jeweller

If you take your luxury watch to a jeweller, you stand a much better chance of it being recognised as a true quality item and receiving a reasonable price.

However, in order to truly appreciate the value of a watch it’s necessary to be an expert in the area, something that very few general jewellers are.

You are therefore likely to get offered a much lower figure because of a lack of knowledge, and you may even be given your money in the form of credit tokens for the shop, rather than hard cash.

Online broker

If you’ve ever asked yourself the question, “How do I sell my watch?”; by using an online specialised broker, you could end up much better off.

As the transaction is conducted entirely online, you won’t need to worry about taking your watch to a rendezvous point to meet with a buyer, nor allowing a stranger into your home. Once you’ve registered your details, you simply need to send it off for verification.

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Online brokers are one option.

And it’s this verification which is also extremely valuable; an online watch broker will hold the most up to the minute and latest information about the watch market and be far more likely to offer you a far more reasonable price.

Conclusion

Selling a luxury watch can be a tricky endeavour because of the high value and very specialised nature of the item. However, by dealing online directly with a specialised watch broker, you can be certain of getting offered the right price and you won’t need to take any risks with your safety either.