If you are asked to mention one of the popular wristwatch brands in the world that you know, if not one of the first two to be mentioned, Rolex will probably be one of the five top brands you will mention. This is how popular the Rolex watch is.
Somehow, over the years, Rolex has grown to build so high a reputation all over the world that several people now attach luxury and unaffordability to it. Many immediately assume that it is expensive once they hear the name of the brand. If you happen to own a Rolex, then you are probably a wealthy person or you have become so successful. This explains why several people go for pre-owned or fairly used versions.
Our article for today, though, focuses on those who intend to sell (not buy) their first Rolex. The primary question on your mind is, probably, “how much is my Rolex worth?” The answer of which is multi-faceted.
The Demand For Pre-Owned Rolex Watches
Many people go for pre-owned Rolex watches because it is believed to be more affordable than new ones. Depreciation of any product is inevitable and Rolex watches also depreciate from use. If you want to purchase a pre-owned Rolex watch, it means you are buying it from someone who has to have borne the brunt of its depreciation from buying it at the initial price. However, the price will differ on the basis of the level of depreciation and the kind of Rolex watch you want to purchase.
So, for those who have considered selling their Rolex at one time or the other, the important question that may have crossed your mind if you really want to sell your watch is, “how much is my Rolex worth?’’. This is because you want to be sure you are trading your precious watch at a fair and realistic price. This, however, depends on a number of different factors that play their roles in gauging the price of the watch.
It is possible for watch owners to make mistakes when evaluating the value of their watch and they may be sentimental because of how expensive purchasing a Rolex watch is. Not to worry, the process of finding out the price of your Rolex and selling it is quite easy. (Click here to read Why Are Rolex Watches So Expensive?)
How To Value Your Rolex Watch
There are basically two types of appraisals that can go into Rolex valuation and it all depends on your purpose for the valuation.
1. Insurance Valuation
The insurance valuation comes up when your watch has become lost or stolen. Insurance companies always demand an insurance valuation that is usually based on the value of the replacement cost. It is usually the current retail price of the Rolex used for this valuation. We, however, will not be dwelling much on the insurance valuation.
2. Sales Valuation
The sales valuation is necessary if you want to sell your Rolex or you want to know the worth of your watch. However, the sales valuation is quite subjective. It does not give you an accurate valuation that can be used a precedent. The result is only an opinion.
This accounts for the different methods applied by different valuers. There is no right and wrong in this regard, the valuations are just bound to differ. It depends on what the market dictates and decides. The same rule that applies to valuing stocks and bonds is also the same rule that applies to valuing a Rolex watch. Supply and demand will be dependent on how many buyers and sellers are in the market for a particular watch. Currency exchange rates are also one of the factors that affect valuation.
How to use the sales valuation method:
Start With The Retail Price
You are lucky if your Rolex brand is the current one or has its updated version in production. You can easily check for the retail price this way.
The price at which a reseller will put up a Rolex will vary either below the retail price or a little above the retail price. These variations have different interpretations. For example, if a seller is selling at a higher price than the retail price, it suggests that the model of the watch is a rare type. If it is as a much lower price, then it is very likely the model is a common one. If prices vary, then buyers would be willing to go for a lower price. Keep this in mind.
Assess Current Market Prices
If your Rolex watch is a current model that has the original box and papers and just the usual signs of wear and tear, here is what to do. If you have looked up the retail price and you have ensured that your watch is in good condition, the next thing is to assess the current market prices. Afterward, you determine how much discount a potential buyer would expect. Here, the subjectivity of the valuation is more evident and you would begin to consider some factors if you are willing to sell your watch.
Factors That Help Determine The Worth Of Your Rolex Watch
1. Model And Serial Number
If you want to find the model and serial number of watch, it will be at the watch lug at 12 o’clock where the case and bracelet come together. The serial number, on the other hand, is engraved on the case where the model number also is. If it is not there, then it will be on the other side of the watch at 6 o’clock.
The model number tells you the year, material, and the movement of the Rolex watch. The serial number, however, helps to ascertain authenticity. Both the model and serial numbers are important in determining the value of your watch.
Newly bought Rolex watches usually come with boxes and authentication papers. The serial numbers usually match those on the case. Watch owners are meant to keep track of these to ensure they are selling original watches to enthusiasts.
Once you know the serial and model number of your watch, you can make use of the pricing tool on the Rolex page and then request a quote. Even though many sellers do not publish the prices, you should still be able to locate your Rolex Model or its reference number on the Rolex certificate.
If you don’t have a certificate, then you can then go ahead to get the quote for the value of your pre-owned Rolex watch by submitting the serial number and production year information to the Rolex platform online.
2. The Age Of The watch
The age of your watch depends on the model. How long have you been using it? Rolexes depreciate in value as they go from new to used which is similar to the way cars work. But Rolex watches with high demand, limited edition or antique Rolex watches tend to increase in value.
3. The Condition Of The Watch
The condition of the pre-owned Rolex watches will definitely vary depending on how much wear and tear has occurred. It can either have some dings because of too much use or still be in perfect condition if it was barely even used.
A Rolex in perfect condition will definitely cost more than one with dings. Most of the issues in Rolex watches range from non-functioning clasps, droopy bracelets, gauges, and light scratches. Surface scratches are mostly always, present, the valuation just depends on how deep the scratch is.
Also, the ceramic bezel comes into play. If it is damaged, it costs so much to repair. If there any major repairs to be made to the watch, it is always deducted from the baseline valuation which affects the valuation of the watch. This is why if you intend to re-sell your watch at any point in time, you should try your best to keep it in good condition to enable get a good price for its perfect condition. Don’t take the risks of leaving your watch to deteriorate.
4. The Rarity Of The Model
Some Rolex watches may be commonly available since its time of production while some may have a limited number when they are produced. Therefore, the price of your Rolex will be based on how unique it is.
5. Materials Used To Produce Your Watch
The materials that go into producing your watch has a lot to say about its price. Materials like platinum, yellow gold, white gold, and diamonds are very expensive. Therefore, the value of your watch might not depreciate if made with these kinds of materials.
6. Box And Papers
Talk of keeping things properly. If you can provide your purchasing enthusiast the original box and papers that came with your watch when you purchased, you are portraying to the person that you are not selling a fake product and you are giving a sense of belonging. The box and papers can make your enthusiast not hesitate to add a few hundred dollars.
7. The Movement Your Rolex Uses
Is your Rolex movement quartz or automatic? This will be considered by your buyer too. Because of the many delicate mechanisms that go into making a watch with an automatic movement, it will be of higher value than a Rolex with Quartz movements.
8. What The Market Demand Is Like
If your Rolex is of high demand, it might be something worth purchasing by a jeweler or any serious buyer. However, if it happens to be a model that does not really sell well, the offer for the purchase may be really low because it might stay on the shelf for a long time before anyone considers buying it. Maybe it is better for you to know the models that sell better. Some of them are:
- The GMT-Master.
- The Rolex Daytona.
- The Yacht Master.
- Day-Date Models.
- The Rolex Submariner.
9. The Trade-Off Between Price And Time
The higher you make efforts to sell your Rolex at a high price, the longer it takes to sell. It takes about 3-6 months to sell a watch as you cannot guarantee what the demand will be like. So, you should consider this especially if you are in a hurry to sell your watch. You will need to reduce the purchase price in such a way that it will be an offer that your enthusiast will consider too good to refuse.
A Rule To Live By If You’re Considering Selling Your Rolex
Take your watch to a trusted jeweler. As much as you can privately decide to sell your watch, it is very likely it would take a much longer time than if you decided to sell through a jeweler. Therefore, it is better to sell your watch through a jeweler.
If it is very confusing for you to give value to your Rolex watch, you can take it to a trusted jeweler. But be sure to have done your part in finding a trustworthy one. Your Jeweler is meant to make an appraisal of your watch and afterward give you an estimated price. Then, if you are comfortable with the price, you can go ahead to put it up for sale.