Commit TV Yagi Column: 4 things you should know to avoid losing money when selling your watch!

Good evening everyone!

In recent years, the asset value of luxury watches has increased, and they have been featured in many media outlets and on social media, with many hearing things like, "A watch that cost 100,000 yen back then is now worth a lot of money!" In the midst of all this, have you ever wanted to sell your own watch, or wondered how much it's worth, and checked out various e-commerce sites such as "Rakuten," "Amazon," and "Kakaku.com"?

On these sites, watches are sold for ¥x¥x, so many people probably assume that their own watches are worth about that much.

However, this perception is incorrect, and when you get your property appraised in order to sell it, you may find that the amount you receive is completely different from what you expected.
To avoid making such a mistake,

Four things you need to know to avoid losing money when selling your watch

We have summarised what you need to know into four points, so we hope that by reading this article you will be able to buy and sell watches with the correct understanding.

1. The relationship between "sales" price and "purchase" price

The price you are looking at when checking the value of a watch is basically the "selling" price, which includes all of the following:

・Price for purchased watches
・Store operating costs
· Advertising expense
・Personnel costs
・Store profits
etc

When you hear it like this, you may realize that it's a common sense thing, but I get the impression that a surprising number of people are able to figure out how much their watch is worth by looking at the "selling" price.

Let's take a look at the difference between the price (selling price) actually displayed on "Kakaku.com" and our purchase price using the white dial "Daytona" Ref. 116500LN as an example.

This is our purchase price list as of January 25, 2024.
The price for an unused item is 4,600,000 yen .

Next, let's take a look at the selling prices listed by each company on Kakaku.com.

The lowest "sale" price for new and unused items as of January 25, 2024 is 5,259,800 yen .

The difference is Approximately 660,000 yen !!

If you take your item to a store for an appraisal with this incorrect understanding, you may end up thinking, "It's that low?" and getting a negative impression of the store.

So how can you get information close to the actual purchase price? First, let us explain the quickest way to find out.

2. Check the purchase prices offered by each watch store (= you will know the approximate purchase price)

You can get an idea of ​​the approximate purchase price by looking at the purchase prices published by each watch shop on their website. This provides a guideline amount for each certain standard (condition) that the shop is looking for, so all you need to do is a quick internet search. However, this information is only the price that the watch shop will give when it determines that the standard is met, and it does not necessarily mean that the price will be this when the actual purchase is made. If there are even the slightest deficiencies, such as "scratches or wear" or "missing accessories," they will have no choice but to give a negative evaluation. (Each company has different standards.)

Please understand that this is just an estimate.

So, if I want to know the exact price, do I have to take it directly to the store?

3. Use the online simple appraisal service (= get a more detailed price estimate)

If you want to know the exact price, you will need to provide more specific information about the item to the store.
However, simple appraisals that can be completed online have become the norm in the secondary market, so it is convenient to use this service without having to take the item to a store.

Here, let us briefly introduce the "LINE Simple Appraisal" service we offer as an example.

By following these three steps, you can find out more detailed purchase prices. We recommend that you use this before visiting a store.

Many watch stores offer this type of simple appraisal service, but there are some things you should be aware of.

This is because there are watch stores that display high prices, even though they can only buy at a lower price, making so-called "bait advertising" or "exaggerated advertising." When you actually go to the store, they may add various difficulties to make it seem as if there is nothing they can do. However, it is of course not easy to spot them.

So how can you spot them?

4. Choose a store that employs appraisers with the skills and knowledge to do the job.

Stores that are run honestly with their customers almost always have appraisers with the skills and knowledge to not have to lie. One way to gauge the skills of an appraiser is to ask them questions about watches that are not widely available on the market.

The most effective one is a vintage Rolex.

When it comes to vintage items, it is not easy to gather information about the individual items at the time or the degree of change over time just by searching the Internet. You actually need to go to overseas auctions and see these rare items with your own eyes. So, first of all, try asking for detailed information about vintage Rolexes, even if it's just over the phone. You can tell by their reaction whether they give you a clear answer right away or give you a vague answer.

Make sure to find out which store you can trust before asking about the purchase price.

summary

What did you think.

The four points we introduced here are very important points when selling watches. If you are not familiar with selling luxury watches, please use them as a reference and find a store that can sell your watch for the highest price and is safe and reliable.

Once again , I hope that by reading this column, even one more person will become interested in luxury watches!

see you!