What you need to know before selling a watch at auction
Selling a luxury watch at auction is common practice but it also has some disadvantages. The main disadvantage of selling a watch through an auction is that you will not be able to sell it with any guarantee of price and time.
There are a few things to keep in mind when deciding on a price for your watch.
For instance, many people sell used luxury watches online or at auction but have no idea what they’re actually worth, that’s never a good sign.
If you’re selling a watch with a high price tag, keep in mind that you might not sell your watch as quickly as someone who will sell their watch to iChrono.
In any case, do your research before putting a lot of time and effort into selling something online – if you sell a luxury watch at a high price, you’ll want to ensure that there’s a market for it.
Auction houses will always offer your item for sale or give you the option to withdraw it from sale if they do not think they can get the appropriate price for it. Once sold, there is no way out and no chance to negotiate on price with buyers either before or after.
What expenses are incurred when you sell a watch at auction?
There are also expenses to consider when selling a watch at auction. Some of the additional costs you need to consider include seller’s commission, shipping fees, photography fees, and insurance fees. Some auction houses also charge a buyer’s premium. For more information on this see below:
What is a buyer’s premium?
In most cases, buyers will have to pay a buyer’s premium on top of the final auction price. The amount of the buyer’s premium is usually over 20%, which means that if you’re bidding on an item that sells for €500, you’ll have to pay an additional €100 at the end in order to complete your purchase.
A buyer’s premium is an additional fee that an auction house charges the people who participate in its auctions. The buyer’s premium goes to the auction house itself rather than the seller of the item.
Another one of the disadvantages of selling a watch at auction is that you have no control over its final price.
Selling Your Watch at Online Auctions
The value of an item is not just what it costs, but also what you can sell it for. When selling your vintage watch, many people think that the best way to sell them quickly and easily is through online auctions like eBay or Craigslist.
But there are disadvantages too: You have no control over how much the item will sell for and if someone is selling something similar, yours might get overlooked. What’s more, if something goes wrong with your sale (say your buyer doesn’t pay) then there’s little recourse for getting back any money lost on shipping fees and other charges. It’s important to understand these risks before deciding whether or not to sell a watch at auction.
Do you want to give up your watch to an unknown buyer in exchange for an unknown price, but what if you could get more?
What if there was another way to sell your watch and make more money off it?
Sell your watch quickly and risk-free with us.
Just call us on 087 6301439 or fill in the sell your watch form here.
We are particularly interested in Rolex, Omega, Breitling, Cartier, Patek Philippe as well as Modern and Vintage Watches Payment for your watch is done on the same day as we receive it.
With so many options for selling your watch, you might be wondering what the best way is to sell. We’ve found that auctioning it off can be risky and time-consuming if there are no guarantees of sale or money back guarantee.
Selling your luxury watch to iChrono takes all this risk out of the equation by giving you a guaranteed price upfront, which gives you peace of mind when making the decision to sell your valuable watches online.
Plus, our experts will be able to tell you how much your watch is worth in a matter of minutes so that there’s no guessing game involved