Effortless Luxury Watch Consignment: Your Selling Guide

1695233223 Effortless Luxury Watch Consignment Your Selling Guide
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Using consignment to sell watches might be the best thing, or the worst thing, you could do. Scenarios can differ depending on your circumstances. If you feel your time is more valuable than money, you Selling your watches through consignment may be the best thing, or the worst thing you could do. Everyone’s circumstances are different. For some people their time is more valuable to them. If this is the case, consignment will make a lot of sense for you. Other people however want to put in the effort to sell the watch themselves for greater profit. You need to find out what makes sense for you, and after reading this blog post, hopefully you will have a better understanding whether consignment is the best path for you to take.

Omega Watches For Sale
Omega Watches For Sale

What is Consignment?

In simplest terms, consignment is when you give someone your watch to sell for you. This third party, aka the consignor, gets a fixed fee or percentage of the sale. You’re not just handing a random person your timepiece, you will have all the terms set out up front before you give them your watch.

Where Can You Consign Your Watch?

Online Consignment Store

Effortless Luxury Watch Consignment Your Selling Guide
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Online Auction

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Watch Dealers / Jewelers

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There are a variety of consignment options when selling your watch. You just need to determine which option is best for you. For that we will go over details of each platform to help guide you on your path.

Online Consignment Store

The first and most popular online consignment store we will go over is TheRealReal. You contact TheRealReal with your enquiry and they will send you a label to mail your watch to them. They will inspect it carefully and give you two options. The first is to sell it to them and they will give you money immediately. The second is for them to list it for a fixed price and you will receive that money minus their consignment fee. Should you decide not to go through with consigning with them, it’s a simple call to their customer service and they will send the watch back to you.

The second online consignment store is Worthy. This is a little different as it’s an auction site. A reserve will be set and the watch will be put up for auction. You just have to wait, and if the reserve is met, you receive the money minus the consignment fee. If the reserve isn’t met, you have the option to not sell, or sell to the highest bidder. During the auction however, you are stuck and can’t do anything. If you decide not to go through with the consignment you have to do it before the auction goes live.

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Breitling Watches for Sale

Online Auction

The two largest auctions for watches are Sotheby’s and Christie’s. There is very little difference between the two of them. While they do offer private sales, the majority of watches are auctioned. The main issue with the auctions is their focus. They don’t just sell any watch. Most of the watches on the site are very high end. You may not be able to sell your lower priced timepieces with them. These auctions are scheduled several times per year, and you can visit their site for the schedules. If you are looking to get the most money for your high end watches, this may be the best choice of consignment, if it meets the auction house criteria.

Watch Dealers / Jewelers

The two largest auctions for watches are Sotheby’s and Christie’s. There is very little difference between the two of them. While they do offer private sales, the majority of watches are auctioned. The main issue with the auctions is their focus. They don’t just sell any watch. Most of the watches on the site are very high end. You may not be able to sell your lower priced timepieces with them. These auctions are scheduled several times per year, and you can visit their site for the schedules. If you are looking to get the most money for your high end watches, this may be the best choice of consignment, if it meets the auction house criteria.

Consignment Fees

Consignment fees vary widely. We will generally go over what you can expect to pay for the service for each type of consignment.

Watch Dealers / Jewelers Fees

Consignment fees with jewelers and independent watch dealers can be fixed around $250-$500, or for higher quality watches may be a percentage range from about 5%-10%. Another form of consignment with private dealers is a set price, with the sale total above that being split between you and the consignor, for example a set price of $10,000 and if the watch sells for $15,000, you collect $12,500 and the consignor keeps $2500.

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Rolex Watches For Sale

Online Consignment Store Fees

TheRealReal

  • 30% on watches with resale list price of $995-$2994
  • 20% on watches with resale list price of $2995+

Worthy

  • 22% on watches with resale list price of $0-$5000
  • 15% on watches with resale list price of $5001-$30,000
  • 14% on watches with resale list price of $30,001+

Online Auction

Both Sotheby’s and Christie’s actually make their money from the buyer. They charge a buyer’s premium to the winning bidder. The fees are almost identical as well. With Christie’s the cutoff is $300,000 and with Sotheby’s it’s $400,000. Under this amount, they both charge buyers 25% and it’s 20% above that up to $4,000,000. You won’t have to give up any of your own profit, but remember, not all watches are available to be auctioned by them.

Grailzee.com appears to have a fee structure for sellers that includes listing fees starting at $99, with the price varying depending on the type of service chosen. Additionally, there is a 5% buyer’s premium charged to the buyer when a watch is sold.

When considering using Grailzee.com or any other platform for consignment watches, it’s essential to evaluate the fees and charges associated with the service to make sure they align with your expectations and budget. It’s also a good idea to compare the fees with other similar platforms to determine which option offers the best value for your specific needs. Keep in mind that fees can sometimes be negotiable or adjusted based on the value of the watch and the type of service you require.

Is consignment of your luxury watch a good idea?

The answer depends on your individual circumstances, and the watch you want to sell. If you have a rare watch and want the most money for it, you should seriously consider one of the big auctions. You will get the most money and won’t have to pay them anything. If your watch isn’t one that they will take on consignment, and you really want to sell it with as little effort as possible, finding a solid watch dealer could be a wise decision. Each method of consignment has its benefits, and it’s up to you to determine what would be your best option. If getting the most money for your timepiece is the most important, then you should consider selling the watch on your own. If you just want fast cash, here are the best places to sell your watch for cash.

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Effortless Luxury Watch Consignment Your Selling Guide

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