Selling a luxury watch can be an exciting yet daunting process. One of the most effective ways to sell high-end timepieces is through consignment. Consignment allows you to tap into professional services that handle the sale on your behalf, making it an appealing choice for watch owners who want to ensure their piece finds the right buyer at a fair price.
In this article, we’ll explore how to sell watches through consignment and the benefits it can offer.
What is Consignment Selling?
What does selling on consignment mean? Consignment selling is a method of selling in which you entrust your luxury watch to a professional dealer or marketplace to sell it on your behalf. Instead of receiving payment upfront, the item remains in the seller’s possession until it is sold. Once the sale is completed, you receive the proceeds minus a consignment commission fee for the service.
What is the Process of Luxury Watch Consignment?
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Choose a reputable consignment service.
Start by selecting a reputable consignment service, such as an auction house, watch dealer, or online marketplace like Jestik Collection. Look for a service with a strong track record in luxury watches and a large customer base. Make sure they offer authentication, secure storage, and marketing to reach the right buyers. -
Submit your watch for evaluation.
Once you've chosen a consignment service, submit your luxury watch for evaluation. The service will assess its brand, model, condition, and current market demand to determine a fair price. You may need to provide supporting documents, such as the original receipt, warranty papers, and service history, for a proper watch appraisal. -
Set the price and terms.
After the evaluation, you'll work with the consignment service to set a selling price for your watch. Some services offer their own watch appraisal and pricing recommendations based on their market expertise, while others allow you to suggest a price. It's essential to agree on the consignment duration, the consignment commission fee (typically 10% to 30% of the sale price), and the terms of the agreement. -
Display and market the watch.
The consignment service will take care of marketing and displaying your watch. This includes photographing your watch professionally, listing it on their platform or in their store, and promoting it to their network of potential buyers. Many services also offer global exposure through online platforms. -
Secure storage and watch insurance.
During the consignment period, your watch is securely stored in a vault or an insured facility. Many services offer insurance to protect against loss or damage while the watch is under their care. -
Sale of the watch
When a buyer purchases your watch, the consignment service handles the transaction. They take care of payment processing and shipment. You and the buyer must be satisfied with the sale. -
Receive your payment.
Once the watch is sold, the consignment service will deduct its commission and remit the remaining proceeds to you. The payment method will be agreed upon beforehand (typically bank transfer or check). -
What about unsold watches?
If your watch doesn’t sell within the agreed-upon consignment period, you may have the option to renew the contract, lower the price, or retrieve the watch. Some services will return unsold items after a set time, while others may offer to store them for a longer period at a reduced fee.
What are the Pros and Cons of Selling Your Watch Via Consignment?
These pros and cons can help readers weigh the benefits and drawbacks of selling via consignment, helping them decide if it's the right method for them.
Pros of Selling Your Watch via Consignment
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Higher Sale Price Potential
Consignment services often sell watches at higher prices than direct sales or trade-ins. They cater to a network of buyers who are willing to pay more for authenticated luxury items. -
Expert Authentication and Marketing
Consignment services authenticate your watch and professionally photograph it. This provides an excellent presentation of the watch to potential buyers. Their marketing efforts often include listings on high-traffic websites or in exclusive auctions, reaching a larger pool of interested buyers. -
No Need to Negotiate
Unlike direct selling, where you must haggle with buyers, consignment services handle negotiations on your behalf, which can reduce the stress and time involved in the selling process. -
Access to a Qualified Buyer Network
Consignment services have established relationships with collectors, investors, and other buyers of luxury watches, making it more likely that your item will find a buyer at a fair price. -
Convenience
Once you’ve agreed to the consignment terms, the service handles everything from valuation to sale. This is especially helpful if you're not familiar with the watch market or don't have the time to handle the sale yourself.
Cons of Selling Your Watch via Consignment
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Consignment Fees
The major downside is the commission fee, which can range from 10% to 30% of the sale price. This means you will receive a smaller portion of the proceeds compared to selling the watch directly or trading it in. -
No Immediate Payment
Unlike a direct sale, where you receive payment upfront, with consignment, you must wait until your watch sells. The timeframe can vary from a few weeks to several months; it all depends on the market demand and the consignment service's success in securing a buyer. -
Market Fluctuations
The value of luxury watches can fluctuate based on market demand. While a consignment service may get you a higher price, if the market conditions are poor, your watch might take longer to sell or be sold for less than anticipated. -
Unsold Watches
If your watch doesn’t sell within the agreed consignment period, you may need to negotiate a lower price, extend the contract, or retrieve the watch. This could mean a prolonged selling process and the possibility of having to lower the price to secure a sale. -
Limited Control Over the Sale Process
You give up some control when selling via consignment. You rely on the consignment service's expertise, and decisions regarding pricing, marketing, and negotiations are mostly in their hands. -
Not Ideal for Quick Sales
If you're looking to sell your watch quickly, consignment may not be the best option. The sale process can take time, especially if you choose a service with a longer consignment period or if demand is low.
What are Some Things to Watch Out For When Selling Through Luxury Watch Consignment?
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High Commission Fees
Consignment services typically charge a commission ranging from 10% to 30% of the sale price. Be sure to understand the fee structure and what it includes (e.g., authentication, marketing, insurance). Some services might also have hidden costs or additional charges for things such as storage or shipping. -
Terms and Duration of the Consignment Agreement
Carefully review the terms of the consignment agreement, including the length of time the watch will be listed for sale. Some services may lock you into long-term contracts, while others may offer more flexibility. If your watch doesn't sell within the agreed period, understand what options you have—whether you can retrieve the watch, extend the consignment, or lower the price. -
Market Fluctuations and Pricing
The luxury watch market can fluctuate based on trends, supply, and demand. Be aware that market conditions might affect your watch's final sale price. While consignment services usually set a fair price, they may also suggest adjusting the price over time if the watch isn't selling, which could impact your expected earnings. -
Watch Condition and Authenticity
Some consignment services will only accept watches in good condition or may charge fees for repairs or servicing before listing the watch for sale. If your watch has any issues, it may need to be professionally restored or repaired to improve its appeal and value. Also, ensure the service provides a guarantee of authentication, so you don’t encounter any issues with fraudulent buyers or sellers. -
Storage and Insurance
Double-check the storage and insurance terms. While many services offer secure storage and insurance to protect your watch from loss or damage, you should confirm the coverage details and whether it’s adequate for the watch’s value. In some cases, limited insurance coverage may not fully protect your watch during its time with the consignment service. -
Exclusivity Clauses
Some consignment services require that your watch be exclusively listed with them for a certain period. This means you cannot sell your watch through other platforms or dealers while it’s on consignment. Be sure you understand if this is a condition and whether you're comfortable with it, especially if you're looking for a quicker sale or broader exposure. -
Payment Delays
Payment may not be immediate after the watch is sold. Depending on the service, you might have to wait several weeks for payment after the sale, particularly if the transaction goes through an auction or involves international shipping. Always clarify the payment timeline before committing to a consignment agreement. -
Customer Support and Communication
Communication is key. Ensure the consignment service provides clear channels for you to check the status of your watch, ask questions, and get updates on its listing. Lack of communication or poor customer support could make the selling process frustrating or confusing. -
Return and Unsold Watch Policies
Be aware of the return policy for unsold watches. Some services may require a fee to return your watch or may impose conditions on retrieving it (e.g., you might be asked to lower the price before it's returned). Understand how and when you can take your watch back if it doesn't sell, and whether you need to cover the cost of shipping or storage. -
Scams and Fraudulent Services
As with any high-value transaction, beware of fraudulent consignment services. Research the company thoroughly—look for reviews, ask for references, and check if they are affiliated with reputable watch dealers or auction houses. If something seems too good to be true (e.g., unusually low commissions or promises of quick sales), proceed with caution.
Can You Name Some of the Most Sellable Luxury Watches Through Consignment?
These models and brands consistently perform well in consignment settings due to their liquidity, collector interest, and market recognition.
1. Rolex
Rolex watches are known for their prestige, reliability, and value retention. Stainless steel sport models like the Submariner and Daytona are particularly in demand.
2. Patek Philippe
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Nautilus (especially Ref. 5711)
Patek Philippe is synonymous with fine watchmaking. Their limited production and strong collector base make them highly sought-after, especially for sports and complicated models.
3. Audemars Piguet
The Royal Oak’s iconic design and AP’s limited production create high resale value. Sporty yet refined, they appeal to both collectors and fashion-conscious buyers.
4. Omega
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Speedmaster Professional ("Moonwatch")
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Seamaster Diver 300M
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Seamaster Planet Ocean
Omega offers strong brand prestige with more accessible price points. The Speedmaster, in particular, is a legend in horology and very sellable.
5. Cartier
Cartier watches blend horology with jewelry appeal. The Tank and Santos models have timeless style and broad market appeal.
6. Tudor
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Black Bay
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Pelagos
Tudor has surged in popularity due to vintage-inspired designs and Rolex pedigree. The Black Bay line is especially popular for first-time collectors.
7. Panerai
Known for their bold, oversized cases and Italian design heritage, Panerai watches have a cult following and solid resale demand.
8. Jaeger-LeCoultre
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Reverso
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Master Control
JLC offers understated elegance and exceptional craftsmanship. The Reverso, with its unique reversible case, is a favorite in the dress watch segment.
9. Breitling
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Navitimer
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Chronomat
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Superocean
Breitling’s aviation roots and robust chronographs appeal to sport and tool watch buyers, especially models in excellent condition.
10. Richard Mille
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RM 011
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RM 055
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RM 035
Richard Mille watches are ultra-high-end and highly collectible due to limited production, technical innovation, and celebrity visibility.
Conclusion
If you're wondering how to sell luxury watches online and want to do it the smart way, consignment should be high on your list. With the right preparation and consignment partner, your watch can be positioned for maximum value and reach.
While consignment does come with some considerations, it offers peace of mind, security, and hands-off convenience. As long as you're working with a reputable partner and understand the terms of the agreement, it's an excellent route if you want to sell a high-end watch without the hassle of managing the sale independently.
