Even though purchasing a new Rolex is for most men a dream come true, it becomes more popular nowadays to obtain a pre-owned Rolex through auctions, but the brand has a high resale price. So how do you find a bargain?
For example when you want to determine the value of the Rolex Oyster Perpetual, you might find yourself looking at astronomical figures, because the market price depends on a variety of factors. So initially you have to figure out what the true value of the timepiece is, compared to the retail price.
The price of a Rolex depends for a large part on its model number. The model number will tell you how rare the watch is. It is located at the watch lug at 12 o’clock, right where the case and the bracelet meet. When it has a lower availability, the value will go up. It also tells the year, the material and the movement of the timepiece.
The material is a second indicator for the value of your timepiece. Platinum has the highest value, followed by gold and then stainless steel. The bracelet, dial and bezel can all have different materials, thus a different value.
Obviously the shape in which the timepiece is, influences the value of the pre-owned Rolex. If any elements are missing, damaged, scratched or blemished it will decrease the rate for which it will be sold. A Rolex is built to last generations, but if an owner doesn’t take care of their chronometer, then it can be subject to damage by dust, water or other particles and that might mess up the watch movement.
A brand new Rolex comes with authentication papers and a box to store it. Not every owner preserves these items, but you might want to pay extra money to have these items, since it offers storage and authentication of your luxury item.
Researching recent watch sales can assist you in finding the appropriate price for a pre-owned Rolex watch. It is important to know how to value this timepiece to ensure that you buy or sell your watch for the correct amount of money.
Now that you know how to value a Rolex, you can start looking for bargains. The top five watch auctioneers (Sotheby’s, Phillips, Bonhams, Christie’s and Antiquorum) prefer to sell watches that start at $10,000 to $15,000. They promote their watches like international movie stars, so that thousands of people join in the bidding and that they will drive the price up.
Bargains are hard to find over there, but you might be more successful at lesser famous auction houses, like Heritage Auctions in Dallas and Fellows & Sons in the United Kingdom. Still if you opt for vintage timepieces then you have to be ready to pay the big bucks, recent models are more likely to sell at a lower value. You can keep track of past sales of similar models to have an estimates of the final prices, sometimes more than 50% off their retail price.
Knowing the value can help you set a spending limit, when you bid in an auction. If suddenly the price jumps through the roof and goes way beyond your budget and the true value, then it will be more easy for you to drop out. If all else fails, you can always ask the in-house watch expert of an auction house. They are inclined to give honest advice and have your interest at heart to keep a relationship with you as a buyer.