This is a facts first article. Without the mandatory fluff, let’s talk about selling used luxury watches because you are in need of some urgent cash. Did you know that the massive global pre-owned luxury watch market is valued at USD 25 billion a year and growing? Or that, while new watches cost pretty much the same across the world – from Dubai to Sydney and Los Angeles with differences only in local duties and taxes – pre-owned watch prices for a specific model of similar condition and vintage can differ by as much as 200%? This significant variation in the price of second hand watches is not just a fact over countries but also within them, among different cities, and even from dealer to dealer. This just complicated your life, didn’t it? In case you need figures in boxes for a clearer picture, here’s what the number crunchers at BuyBack Bazaar came up with to help break it down for you:
To translate from geek-speak, the infographic above brings home the point that even within the same city, prices for pre-loved luxury watches may vary from 60% to 90%. This is primarily because dealers quote a price based on their customer base which is driven by the comfort with and demand for certain watches. It’s a simple case of demand and supply complicated by trends and fashion. Added to that, every dealer has their own standard of what constitutes as a ‘good’ or ‘average’ condition for a pre-loved watch.
Exactly the same theory (of demand and supply) applies to you when you need instant cash. You are left with no option but to sell your fine luxury watch to a local dealer and lose a lot of value in the process. Now you’re thinking of approaching a consignment based dealer who will try and sell your watch to another individual at your preferred price. Granted, you have a better chance of getting a higher price here than at the local dealer’s, but you should know that there will be nothing ‘quick’ about the transaction. In fact, the wait could be weeks and even months. Also, if you want to have it both ways – get the cash and retain your asset – you’ve just placed yourself in an impossible situation! But it does not always have to be that way.
BuyBack Bazaar solves this quagmire quite elegantly. We offer you instant cash without compromising the value of your watch and always in total discretion. What’s more, you even have the option of buying your watch back when you feel the time is right. How do we achieve that? Our prices are a direct result of having a large global dealer network onboard, as opposed to working with just individual, local dealers. We run blind auctions on this platform which ensures dealers place their highest bid or risk losing the auction. This gets you the best price from around the world, all while sitting right here in the UAE. Given the fact that prices for used watches fluctuate so wildly on a local level (as illustrated in the infographic above), having access to the global market is definitely a win-win. Our BuyBack policy allows you to leave your watch with our trusted partners for a specified period of time (the date is extendable, of course), and buy it back at a pre-agreed price. So, you get instant cash when you need it, and also get to retain your watch, with everyone else none the wiser! If you don’t want your watch back, since this is not a loan, the transaction is considered complete as a sale.
BuyBack Bazaar’s transparent, global and competitive model of making instant cash available to you can’t be beaten. If you are thinking of putting your luxury watch on the market, do yourself a favor and check with us first. We will be happy to show you how this experience will not just be different, but also profitable, easy, legal and completely discrete. Visit our website to get a clear picture of exactly how we function.