Many luxury watch enthusiasts see the art of luxury watch collection as both a hobby and a financial strategy. Luxury watches aren't just fashion statements but wearable art, and solid investment strategies for these enthusiasts.
Like all investments, the financial value of luxury watches fluctuates based on the demand and supply of the model. This is why buying your watch pre-owned is a great option for collectors. Below is a simple, yet highly effective guide to selling your luxury watch in Nigeria, whether you're in Lagos or Abuja.
Things to Know Before Trying to Sell your Luxury Watch
Brand and Model of the Luxury Watch
The first thing to note about the luxury watch is its brand and model; the brand and model of your luxury watch determine the starting price range. And these are the most significant factors that influence resale value.
More popular or recognisable luxury watch brands, like Rolex, Patek and Cartier hold their value better than lesser-known labels. But within these popular brands are models which are also priced differently.
Factors that influence the differences in model prices within the same luxury watch brand include features, functionality, materials, prestige, and even demand. Other factors that affect the resale value of luxury watches are explored below. Read this article to the end to know them all.
Condition of the Luxury Watch
Luxury Watches that have been well cared for and are in pristine condition will fetch significantly higher prices on the market than luxury watches that have seen more wear and tear and have scratches.
Further, damages to the inside of the watch can happen through exposure to magnetic fields, servicing by unqualified agents or use in water depths beyond its specifications. These damages might make the watch value low on the resale scale.
This is why it is imperative that only qualified luxury operate on the luxury watch to keep it in top condition inside and out, as well as ensure that it retains value through time.
Age of the Luxury Watch
Newer luxury watches perform better on the resale market than older ones, especially if the luxury watch is a limited edition, a rare model, or a highly coveted model.
Some old models, however, have also been known to retain their value over time. Especially the vintage models. Some of these vintage models also sell very highly at auctions due to their rarity.
Popularity and Market Demand of the Luxury Watch Model
The value of a luxury watch can also depend on the specific time of sale. What this means is that the natural fluctuations in the demand market can make a watch more valuable than it was just a few months earlier, and vice versa.
Some watches gain their popularity through popular culture, such as movies, music, or special events. Examples of these are seen in James Bond’s Omega, as well as the fact that the Omega Speedmaster was the first luxury watch on the moon.
Newer watches, which have been discontinued, also tend to rank highly on the value scale. Thus, a discontinued model might fetch higher than its readily available and easily obtainable peers. It is thus crucial for investors and collectors alike to watch luxury watch trends and keep abreast of all new information.
Tips for selling a Luxury watch in Nigeria
Selling luxury watches doesn't have to be cumbersome. But it can be, unless you have the right guides. If you are looking to sell your luxury watch, please read these tips closely to maximise its resale value:
Clean and service your watch
Luxury watches differ from luxury cars in that they don't need servicing as frequently. But they still do need servicing. To maximise their resale value, you want to have it professionally cleaned and serviced just before you list it for sale.
This ensures that the watch is in great condition and increases its resale value significantly. You must ensure that only verified professionals like Pawnshop By Bluradish touch your luxury watch, as random jewellers can damage the watch.
Put your papers in order.
Receipts, boxes, certificates and all other paperwork and servicing proof are essential to the luxury watch selling process. An appraisal document from Pawnshop By Bluradish will help you substantiate the prices you demand for it.
Set a realistic price.
If you have gotten your watch appraised at Pawnshop By Bluradish, then you already have a great price range given for it without leaving money on the table. It is advisable to keep the price realistic to sell it fast.
Sell through a reputable site or shop.
Sell your luxury watch through a reputable shop like Pawnshop By Bluradish. This helps you evade the questions, publicity and potential dangers of selling to random outlets. Please avoid street and unverified vendors as they may be dangerous.