If you have ever sold your Rolex watch, you know that there are several things that you can do to make the process easier for yourself, as well as increase the value of your timepiece. Selling your Rolex can be a fairly difficult and frustrating process if you do not know what you are doing. Chances are that you have special memories tied with your Rolex and you understand its value and worth. But it can be difficult to portray that worth to potential buyers. We want to equip you with several valuable tips that can help get the highest possible value for your Rolex:
Hidden Commissions with Auctions
When starting the selling process, many sellers look into selling their Rolex to auction houses. At first, it sounds like a good idea because you can avoid the hassle of dealing with unknown individuals and the uncertainty that comes along with selling it yourself. However, there are many hidden commissions involved with selling through an auction and these commissions could negate the positives of selling through the auction. Many times, there is a Buyer’s Commission that is typically around 15-25% of the hammer price. Also, a Seller’s Commission is usually around 10-15% of the actual sales price, subtracting that amount from the amount you will receive in hand. Add on fees for insurance, photography, and shipping, and the net price to the seller is significantly less than the hammer price.
Box and Papers
When a Rolex is purchased directly from an authorized dealer, it usually comes with a box and papers that prove authenticity. When it comes time for you to sell your Rolex, including the box and papers will increase the value of your Rolex and will most likely increase the price that you can expect to receive for your Rolex. The paperwork verifies authenticity, helping to ease the nerves of potential Rolex buyers. Including the original Rolex box can also increase the value of the Rolex. Rolex boxes alone can often sell for hundreds of dollars. Selling the box along with your Rolex can increase the price that a buyer is willing to pay.
If you plan to sell your Rolex to an individual, there are always concerns and risks involved. If you do complete the transaction, there is always a chance that the buyer will come back and claim that there is something wrong with the Rolex and demand his money back. Also, there is the threat that a buyer can return the Rolex in a deteriorated state. We have seen firsthand where a buyer will remove links off the Rolex band, and then return the Rolex. For high end Rolexes, there have been several instances when a buyer has removed parts of the Rolex movement and replaced them with replica parts – unbeknownst to the seller when the Rolex was returned.
Include the Model Number
Including the model number for your Rolex is imperative when you are trying to sell it. The model number can tell a seller many important facts about the Rolex. Without the model number, a potential buyer has no way of finding out these important details and will not give your Rolex another look.
Taking high quality pictures of your Rolex can help you in the selling process. It is important to include photos from every angle, as well of every imperfection. For high end Rolexes, photos of the inside of the case can be very important as most buyers will want to see the movement. Being transparent with your photos can increase the perceived value of your Rolex.
Don’t Give Away the Whole Serial Number
Another thing to keep in mind in your attempt to sell your Rolex is to be careful when giving out your serial number. Your serial number is unique to your specific Rolex, just as your social security number is specific to you. The serial number is important because it proves that your Rolex is authentic. By giving out your serial number, a replica maker can create his replica and etch your serial number on the case. However, because the serial number proves that your Rolex is authentic, it is important that you show that you have one. If you need to include the serial number, show the first four digits of the serial number and then replace the rest of the digits with xxx.
Quartz vs. Automatic Movement
Another fact that is important to know when selling your Rolex is whether the movement is quartz or automatic. Rolexes that have a quartz movement are typically battery operated and are very accurate. An automatic (or mechanical) movement can comprise between 50 and 300 parts. This hundreds-of-years-old technology consists of gears and springs that power the automatic movement and, if serviced regularly, can be extremely accurate and can last a very long time. Because the automatic movement consists of so many moving parts, a Rolex with an automatic movement is higher in value than one with a quartz movement and will typically be worth more money.
How to Get it Authenticated
When a potential buyer is looking for the perfect Rolex to purchase, they will most likely look for proof that the Rolex is authentic. If you do not possess the papers that came with your Rolex, you can take it to a local jeweler that has a Rolexmaker. The Rolexmaker will remove the case of your Rolex and inspect the movement inside. He will then be able to give you confirmation that your Rolex is authentic, or he will relay the unfortunate news that your Rolex is a replica.
In summary, it is best to include all information that you possess about your Rolex. The more information that is made available to a buyer, the more likely he or she is to consider buying your Rolex. By being transparent and including a significant amount of information, they buyer is more likely to trust you and will be more likely to purchase your timepiece.