Grey market dealer for consignment?

[BriansRolex]

I've been trying to sell my 126618LB privately for the past couple of weeks but due to its price point I've found it very difficult to complete a sale. I've had multiple buyers interested but the deals fall apart every time it comes down to the payment. I don't want to accept a cashiers check because the buyer could report it lost or stolen to stop the funds and then I'm out the watch and the money. The buyers don't want to send a wire transfer and have to wait for it to clear before they can come back and get the watch for the same reasons. The banks don't have that much cash on hand so they'd have to order the funds so the deal can be done on a later day and frankly I don't really want them giving me that much money in cash. I guess this is why more people don't try and sell their watches privately? Is the only solution to go to the local grey market dealers and see about consignment? All the dealers who have reached out so far because they saw it listed for sale are making lowball offers and trying to buy at a very low wholesale price which I understand because PM pieces are slow at the moment and it's expensive for them to stock so they only want to buy steals but that's just not the case with my watch. I don't need the money and I'm looking for a retail buyer so I can get a fair price and not just give it away and take a big loss for no reason. If consignment is the only option does anyone know what they typically charge so I don't walk in blind? I'm assuming it's either a flat fee or a % which would vary from place to place but a general idea or ballpark of what people have typically seen would be helpful. I'd rather just bring the buyer myself and pay a small fee for them to broker the transaction but I'm not sure if they would be willing to do that for potential liability reasons. Thanks for any input!

Note: If I was looking to immediately replace it with another watch I would look into trading it but I'm not planning on buying anything new at the moment.

[brandrea]

I’ve sold a number of watches privately either by meeting the buyer face to face at my bank with a certified check, or by wire funds in advance.

My belief is that it’s very difficult to sell a watch privately without some prior sales (referrals) or reputation with the broader watch community.

If you sell to a dealer you’ll take about a 30% hit but it will be hassle free and guaranteed funds.

If you sell privately, be prepared to get about 10-15% less than you see similar watches being listed for by gray dealers. At least this has been my experience

[Bazil]

Is chrono 24 not better way to sell ?
I know it’s not everyone’s favourite but eBay ?

[rmwill]

Don't consign a watch. Google Timepiece Gentleman.

[rushca01]

Fog City vintage.

[Gearjockey]

In your case, I would definitely look at Chrono24. Fee is 6% of the sale but they have an “escrow service” which greatly reduces the risk to a buyer.
If you’re trying to build a seller history for future private sales , you could at least use that as a starting point.

[TudorDXB]

Consignment is by far the worst way to sell any watch. You lose the possession of the watch whilst still retaining all the risks

[hutch300]

Originally Posted by rushca01

Fog City vintage.

Tim (FogCity) is a straight shooter and easy to work with. I have consigned with him within the last year and it was easy and worth it. Much like you I am not great at selling myself.

[vesnyder]

That is a lot of money to transact when the buyer can be several states away! Let us know what you figure out as I may be confronted with the same situation.

[swexlin]

Originally Posted by vesnyder

That is a lot of money to transact when the buyer can be several states away! Let us know what you figure out as I may be confronted with the same situation.

I have two (neither are Rolex) thinking of selling, I touched base with Watchbox (since I am local to them). They wanted me to take about 1000 pictures (even though I can drive to their Govberg store in Ardmore PA (where the rep is) in about 40 minutes.

The also told me they have "stepped back" from purchases, and are only considering trades. I don't want to trade, I want to free up the "watch cash" for a possible future purchase.

One is a Tudor, and one is a Cartier. I may look at Chrono 24 as well.

[Kevin of Larchmont]

I would sit on that watch (since you don’t need the money) until I wanted something else (sooner or later I always want something else) and then trade it in against that new watch purchase. The transaction is safe and clean with no risk and yields the highest return.

That’s how I’d do it.

[swexlin]

Originally Posted by Kevin of Larchmont

I would sit on that watch (since you don’t need the money) until I wanted something else (sooner or later I always want something else) and then trade it in against that new watch purchase. The transaction is safe and clean with no risk and yields the highest return.

That’s how I’d do it.

You make a good point.

[GRabens]

The least risk and less hassle way is to sell to a dealer. You don't have to worry about getting scammed out of the funds assuming you are dealing with a reputable dealer. You don't have to deal with PIA buyers. Yes, you get less, but once the deal is done it's done.

[Harry-57]

Originally Posted by Gearjockey

In your case, I would definitely look at Chrono24. Fee is 6% of the sale but they have an “escrow service” which greatly reduces the risk to a buyer.
If you’re trying to build a seller history for future private sales , you could at least use that as a starting point.

This.

Or trade it in and negotiate your price up a bit?

[Wingman244]

This is a money losing hobby as are all hobbies - the last couple of years notwithstanding or being lucky enough to buy a Daytona back in the 70's. The thread has done a good job of lying out the alternatives. We will be taking a significant haircut every time we flip a watch. Figure in how much enjoyment the watch has given you in terms of money. If that amount of enjoyment does not equal the cost - maybe think of another hobby. Thinking that way got me to swear off boats forever.

It seems you are close. "which I understand because PM pieces are slow at the moment and it's expensive for them to stock so they only want to buy steals but that's just not the case with my watch."

[0nly5iv3Digits]

Consignment is a big "no-no" zone... You're asking for trouble.

[Kevin of Larchmont]

I’ve had a number of expensive hobbies, none of which I’ve made money at. I’ve always considered the difference between what I buy and sell for as “rent”. I’ve often told myself that the lessons I’ve learned from those experiences are a form of education and college costs money too. I remain comfortable with what I’ve spent on rent and education.

[77T]

Originally Posted by BriansRolex

I've been trying to sell my 126618LB privately for the past couple of weeks but due to its price point I've found it very difficult to complete a sale.

When you sold your 116334 DJII last September, was it also a private sale?

I do understand the difficulty finding buyers with the price point you may want for the 126618LB in a softening market.

- you may want to strike a 2-phase sale to a dealer.
1. Sale at 70% of your ask.
2. Split final resale to end user at 40/60 if final price exceeds your ask point.

The market isn't getting stronger so we need to get creative.


Sent from my iPhone using Tapatalk Pro

[hutch300]

I find it interesting all the distrust to mail or consign a watch. The TPG thing was a dumpster fire from the beginning. I would not have transacted with him or many others out there. I think when working with good people consignment is a viable option and mutually beneficial. Vetting a relationship is important when it comes to high value items.

[geologistraid]

I don't follow people like this, I hate the ¨flexing¨ or as we would have said boasting.

[rmagoo57]

Originally Posted by geologistraid

I don't follow people like this, I hate the ¨flexing¨ or as we would have said boasting.

Random award for first post!

[Radbloke]

Originally Posted by Wingman244

This is a money losing hobby as are all hobbies - the last couple of years notwithstanding or being lucky enough to buy a Daytona back in the 70's. The thread has done a good job of lying out the alternatives. We will be taking a significant haircut every time we flip a watch. Figure in how much enjoyment the watch has given you in terms of money. If that amount of enjoyment does not equal the cost - maybe think of another hobby. Thinking that way got me to swear off boats forever.

It seems you are close. "which I understand because PM pieces are slow at the moment and it's expensive for them to stock so they only want to buy steals but that's just not the case with my watch."

Nothing absolutely ruins bank accounts like boats. It's genuinely impressive how ridiculously expensive anything boating-related seems to be. I could get the same experience standing in a cold shower, fully clothed and ripping up $100 bills and sill come out on top.

[BillA]

OP, I don’t understand your description of the wire, it clears same day, so you can ship watch the day you receive the money. I have sold and bought using wire all the time and seller/buyer ships same day.

[BriansRolex]

Thanks for all the responses! A wire will hit my account the same day but it will not clear until the following day. I've sent and received hundreds of wires and this is how it works every single time. To clarify I'm not having trouble finding a buyer or getting my asking price I'm having trouble completing the transaction due to the payment issue. I've sold watches privately in the past but they were much lower price points so the deals were a lot easier. Selling a watch for almost $40,000 is a much different ballgame as I'm currently experiencing.

[travisb]

Stick to a private sale done by wire. If a buyer isn't willing to wait one day for the watch, they don't really want it.

[BriansRolex]

Originally Posted by travisb

Stick to a private sale done by wire. If a buyer isn't willing to wait one day for the watch, they don't really want it.

It's not about the one day wait it's about the trust issue that they're ultimately wiring a lot of money to a stranger and hoping they'll actually get the watch the next day.

[travisb]

Originally Posted by BriansRolex

It's not about the one day wait it's about the trust issue that they're ultimately wiring a lot of money to a stranger and hoping they'll actually get the watch the next day.

If you can provide references for prior watch sales it could be helpful. Good luck.


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[1William]

A difficult situation when it comes time to sell a valuable watch. I have been in this situation several times before and I have developed a strategy that somewhat buffers the potential loss. I shop the watch to all of the reliable Trusted Sellers as an outright sell and I also ask what the value is as a trade toward other watches. Typically there is a better trade value than an outright sell value. I get that information and see where I am. I will then find lesser value watches, SS Submariner/Explorer/etc. and trade my PM watch for them provided the numbers are better for selling those watches back to other dealers for more than I would have gotten from the sell of the PM piece. Somewhat complicated, yes, but if you are trying to get the most money out of a deal(s) this is a way that has worked for me, depending on the details. Good luck and let us know how it goes.

[The_Collector$]

Adrian (Luxury Bizzare) done over 30 deals with these guys. They are first class, pay immediately, and value the relationship. 100% trust with them.

[TudorDXB]

Originally Posted by swexlin

I have two (neither are Rolex) thinking of selling, I touched base with Watchbox (since I am local to them). They wanted me to take about 1000 pictures (even though I can drive to their Govberg store in Ardmore PA (where the rep is) in about 40 minutes.

The also told me they have "stepped back" from purchases, and are only considering trades. I don't want to trade, I want to free up the "watch cash" for a possible future purchase.

One is a Tudor, and one is a Cartier. I may look at Chrono 24 as well.

They are not buying because they can’t sell. The greys are sitting on a lot of inventory that they cannot move and in this business liquidation is key.