Did you know that there is a thriving market for watches? People all around the world buy and sell timepieces without even having a jewellery store or being able to use online auctions.
The growing market for vintage watches has lately seen its finest days with the recession allowing dealers and resellers to acquire some of today’s most desirable timepieces at a fraction of their price, making huge profits by selling them back at the right moment.
Here’s a run-down of how you can make a lot of money by buying and selling excellent timepieces…
Where To Begin
With so many timepieces and various brands, it’s difficult to know where to begin. As you may have heard me mention before, minimizing risk and increasing calculation in your efforts is all about understanding what you’re dealing with. When you conduct an extensive study, you are more likely to succeed and make fewer errors. Mistakes will happen, and they will occur more than once, but the beauty of it is that you may gain twice as much with the next trade based on what you’ve lost on the prior one.
In this scenario, gold is the king as it always is and more than ever before. Keep in mind that when life throws you a curveball, jewellery and timepieces are the first to go. These tough times allow you to get great timepieces for a fraction of the cost. So, what’s a smart purchase? Most dealers pay approximately 25 cents to 30 cents on the dollar for mint pieces with boxes, papers, and certificates intact. Close to those terms should be negotiated in every transaction.
Selling is more difficult than purchasing, and it entails using patience and daring to truly sell. Many individuals will undervalue your goods in an attempt to acquire them for cents on the dollar as you did when purchasing yours. This is typical behaviour that should be accepted and shouldn’t cause you to become upset, even if the offers you’re receiving are poor. This is why it is so important to reach out to experts in the industry, like The Watch Exchange London who have been in the game for years.
How to Increase Profits
A $10,000 budget is a good place to start, and practising with Breitling, Omega watches, Tag Timepieces, and other boutique timepieces is a great way to get started. You can improve to premium boutique brands and go beyond $5,000 per watch if you increase volume, profits, and listings. However, don’t get caught up in wearing all of the pieces at once.
Many novices make the error of flaunting their watches in hot weather, resulting in sweat damaging the alligator straps or smacking the timepiece against something, causing bezel swirls and scratches. Wear them just a few times and in carefully planned locations where damage and theft are reduced.
Now that you know all about luxury watches and how to sell them, it’s time to put your knowledge into practice! Follow the tips we’ve outlined in this article, and you’ll be on your way to making a healthy profit from one of the most popular luxury items on the market. Remember to research your target audience carefully and cater your marketing efforts towards them specifically. With a little hard work and determination, you can make a killing selling luxury watches! Thanks for reading!