Why Consign a Watch?
Traditional Selling vs Consignment
When it comes to selling your watch you have options, but which one is best?
Selling a Watch to a Dealer
Selling a watch to a dealer and consigning a watch are two different things. When you sell a watch to a dealer you get paid 65-70% of the current market value of the watch depending on condition and demand. If the condition is poor then the dealer will pay less. If there is not much demand for that particular watch, then the dealer will pay less. The reason why there is a 30-35% markup for the dealer is because the dealer has to cover their operating costs like rent, employees, repairs, and the cost of having their cash tied up in a watch for an indeterminate amount of time. There are no guarantees that the dealer will be able to sell the watch. The market for that particular watch could always tank. The reasons why people sell watches to dealers are the same reasons why people sell their cars back to dealerships. It’s easy, safe, and payment is instant. The dealer wants your watch so they make the process easy for you. It’s a safe process because the dealer has a reputation to uphold that could be ruined with one bad deal. Payment is instant because the dealer is in the business of buying and selling watches.
Consigning a Watch
Consigning a watch is the best option if you want to get the maximum for your watch. During the consignment process the owner and the dealer work together to sell the watch for as much money as the market will allow. The owner provides the watch while the dealer prepares, photographs, lists, markets, and ultimately sells the watch. The dealer deals with collecting payment from the purchaser and shipping the watch. Once the watch is sold the dealer pays the owner of the watch the full sale amount minus the previously agreed upon consignment rate. Consignment rates are typically significantly less than the 30-35% that the dealer makes in a traditional sale with the average consignment rate being around 20%. At FLÂNEUR our consignment rates are the lowest in the industry ranging from 8-15%. The only downside with consignment is that the owner doesn’t get paid until the watch sells, which can range from days to months. The upside though is that if you can wait, the dealer uses their status, connections, reputation, and reach to sell your watch and get you paid the most for it. An example of a typical consignment payout is below.
Sale price $20,000
8% Consignment fee -1,600
2 shipping labels -120
Total money to owner $18,280
Are you interested in consigning your watch? Contact me at email@example.com