Rolex watches are ranked as one of the best investments in luxury timepieces. Unlike many other watch brands, Rolexes can increase in value over time. Although Rolex watches in pristine condition will have the highest resale value, watches with cosmetic issues can also fetch a good price on secondary markets. The following are the most frequently asked questions about selling used Rolex watches.
How can I sell my Rolex watch?
To start off, you want to guarantee you are selling a genuine Rolex. If the Rolex was purchased from an authorized retailer, then this won’t be a major concern. However, if you inherited the Rolex or purchased the watch used, then the authenticity may be questionable. If you have the box and paperwork from an authorized Rolex dealer, then this helps confirm authenticity. However, if you don’t have any documentation, you should bring the Rolex in to a luxury watch retailer to check its authenticity. A reference number on the Rolex will confirm that the watch isn’t a fake. On most models, the reference numbers can be retrieved from inside the watch between the 12 o’clock lugs. The watch bracelet will need to be removed to access the reference number.
In preparation of the sale, collect any paperwork and documentation related to both the purchase and maintenance of the Rolex. Rolex watches with original boxes have a higher resale value. If the Rolex was stored in the box too, the condition is likely to be very good. Any type of maintenance or repair work orders should also be collected before selling a Rolex. When you have confirmation of what type of repairs were made to the Rolex, this will help increase the overall value of the watch.
Once you have decided to sell your Rolex, take a lot of photos of the timepiece, box, and documentation. It is best to be honest about any flaws, so take pictures that point out any imperfections.
Research any potential buyers online before choosing a luxury watch broker. Read reviews about their services and check for any complaints from clients. Contact vendors and ask questions about the Rolex selling process. Find out how they appraise the watch and how they choose an offer price. Ask about requirements for the sale. Does the exchange need to be done in-person? Or can it be completed through courier or mail services? Finally, inquire about the vendor’s payment policies and timeframe of when payment can be expected.
How do I estimate the value of my Rolex?
Knowing the reference number along with the model and style will help you better research pricing data. This information allows you to confirm authenticity of the watch too. Keep in mind that you should not share your watch’s serial number publicly. The serial number is specific to your watch and can be stolen as a way to produce a replica. Only share the serial number with reputable companies that you may use for the sale.
Once you know the Rolex is real, you can research online the typical prices for your specific model. Any prices online should only be used to estimate value. Cosmetic condition, rarity, and features will impact the price you will receive at time of sale. The average secondary market price for a Rolex is usually very different than the retail price paid.
One way the value of the Rolex will change is whether parts were swapped out of the original watch. The highest price will be paid for Rolex watches with all original parts. Even if Rolex-brand parts were used in the repair, the price may still decrease.
The reference number not only confirms the model of the Rolex, but will also lead you to the year that the Rolex was manufactured. The age of the watch can either have a positive or negative effect on the overall resale price. Antique watches produced for a limited collection may offer better pricing than a standard Rolex made in the last ten years.
Cosmetic features will also play a part in valuing your Rolex. Gold Rolex watches are typically higher in value than stainless steel versions. Rolex exclusively uses 18-carat gold for watches with yellow gold, white gold, and rose gold all options for the timepieces. Self-winding, water resistance, mechanical memory, and programmable timers are additional features in Rolex’s professional collection of watches that could add value to the timepiece.
Take your time to research your Rolex and current market prices before you sell the watch. Unlike other resale markets, pricing for used Rolex watches isn’t as volatile. Waiting a few weeks to sell a Rolex will not significantly increase or decrease the amount you receive.
Can I sell a Rolex without documentation?
Paperwork is not required to sell a Rolex. Although having the documentation and the box is beneficial, an experience broker will not require it. If paperwork is available, the documentation must be legible or it won’t add value to the watch. If you don’t have the Rolex paperwork, reach out to a vendor and discuss what is needed to complete the sale. In order to sell the Rolex, you’ll need to choose an experienced luxury watch broker. The broker will examine the Rolex in person to validate the authenticity. As long as the Rolex is real, an offer can be made on the Rolex.
Where is the best place to sell a Rolex?
Selling a Rolex watch takes research on the part of the seller. A common mistake is to sell luxury watches on bidding sites or through classified advertisements. A drawback of selling a Rolex watch through these avenues is the risk of falling victim to a scam. Furthermore, you’re not likely to fetch the best price possible. Instead, you want to choose a vendor who has experience in buying and selling luxury timepieces. Rolex watches can be safely sold in person through MyGold. Local New Zealanders can sell their Rolex in person at our Auckland storefront. However, if you are not local to Auckland, we accept used Rolex watches through online requests. No matter what condition the watch is in, we can assist you with selling it and receiving a fair price. For online sales, the process starts with a simple enquiry submission. A friendly team member will get in touch with you to set up delivery of the Rolex. After the watch is assessed, a no obligation offer is sent. If offer is accepted, payment is made promptly and securely. MyGold has a wealth of experience in selling Rolex watches, so you can rest assured you are going a fair price. When dealing directly with a jewellery business, there is accountability. When selling to an unknown individual, there are no protections in place if payment issues arise. Moreover, the quoted price you receive is what you get from MyGold. Auction sites have high fees and will take a percentage of the sale price.
Selling your Rolex is an easy way to make some quick money. The money you receive could be used to upgrade your timepiece or put towards a down payment on a new home or car. The experts at MyGold want to make selling your Rolex a positive experience. Contact us today with any questions or concerns you have about selling luxury timepieces.