How To Sell Luxury Watches In Dubai?
Dubai has become a famous destination for watch enthusiasts and collectors. The region provides investors the opportunity to buy some of the most valuable and rare timepieces. Not only that, but the market is also a great place for sellers to sell their luxury watches. With high competition and constant demand, the Dubai luxury watch market is the perfect place for you to sell luxury watches. Therefore, in this article, we have provided you with a detailed guide on how to sell luxury watches in Dubai.
Guide to sell luxury watches in Dubai
If you are thinking about selling your luxury watch, and are in search for the perfect market to do so, Dubai is your one stop destination. While the process of selling a luxury watch is easier than you think, there are a few essential aspects to note to ensure a seamless and hassle-free selling experience.
Hence, we have decided to elaborate on some important points by providing you a brief guide below.
- Study the market
- Know your watch well
- Decide how to sell your watch
- Select a reputed seller
- Hand over the documents
- Be prepared for price negotiation
- Sell your luxury watch
Study the market
One of the most essential aspects you must delve into before selling your luxury watch is to study the market. Many sellers skip over this particular step, and are faced with challenges as they move further into their sale.
If you are thinking about selling your luxury watch, the first thing you need to do is to analyze the current trends prevailing in the luxury watch market. Acquiring this knowledge will help you determine how you should proceed with your sale, while also assisting you with pricing and other decisions.
Know your watch well
Another critical factor to consider when selling your luxury watch is knowing your watch well. Let’s take for instance, you currently have a Rolex Pepsi watch that you are thinking about selling.
You must know everything there is to know about Pepsi, its functions, its build quality, aspects that make it valuable and why it is demanded in the market.
As a watch seller, you will hold a higher ground only if you know your product well. Therefore, it is important to study all the required details related to your watch, before selling it.
Decide how to sell your watch
There are multiple channels you can use to sell your luxury watch. Direct customer to customer sale, customer to business, and consigning are the various ways you can adapt to sell your watch.
While each method has its own advantages and drawbacks, you must understand each of them to choose the one that suits your requirement the best.
Select a reputed seller
If you have decided to sell your watch to a watch dealer or consign it to one, the most important thing here is to choose the right dealer. With a large number of dealers present in the UAE, the choice might be challenging.
Perhaps, the most effective way to select your dealer is by checking out online reviews. Reading through dealer reviews will expose you to all kinds of feedback.
The tip is to always select a dealer who has been in business for a longer duration, one with a considerable amount of experience, and positive reviews. Approaching a reputable watch dealer, will allow you the opportunity to sell your watch directly or consign it without any hassle.
Hand over the documents
The original documents pertaining to your watch are very essential in determining its value. This is one of the main reasons why sellers always encourage buyers to retain the papers as well as the original box of the watch.
Apart from the condition of the watch, maintaining its original papers will also help you fetch a better sale price. Therefore, on the completion of the above procedures, you must hand over the original documents for verification.
Be prepared for price negotiation
When you are thinking about selling your watch, the price you decide needs to be based on the information you have gathered. In the secondary market the value of a watch is determined by the following factors:
- Watch condition
- Availability of original papers and box
- Demand for the watch
- Rarity and exclusivity of the watch
Therefore, based on the criterias your watch fulfills, you can determine a price range for the watch. However, the one thing you must remember is that you will not always obtain the exact price that you have in mind. Hence, you must give yourself some room for negotiation.
Always maintain a realistic negotiation range and do not expect a price above the current value.
Sell your luxury watch
Finally, once you have fulfilled all the above requirements, you can sell your luxury timepiece, hassle-free. This is how simple it is to sell luxury watches in Dubai.
What is ‘watch consigning’?
Selling your watch to a final consumer with the help of a dealer is referred to as consigning. How this works is that you list your watch on the dealers page or showcase it in their showroom for sale.
The benefit of consigning is that you get to utilize the marketing and selling expertise of the dealer, for a predetermined commission charged based on the sale.
Why you should sell luxury watches in Dubai
Dubai is recognized as the most trusted and profitable market for luxury watches, which is why we believe it to be the apt destination to sell luxury watches.
Over the last decade, the watch market has grown exponentially, both retail as well as the pre-owned market. This has encouraged investors from all over the world to travel the region to acquire watches that are rare to find or expensive in other countries.
Timepieces by world-class watch brands like Rolex and Patek Philippe are available at relatively low prices, when compared to the international market. Now, why would you not consider Dubai as your next stop if you are looking to expand your collection of watches?
Sell your luxury watches in the most lucrative market
From all the insights we have gathered and provided you in this article, you can now enable yourself to a seamless selling experience. The most important aspects to note while dealing with watches is to ensure its authenticity and to understand the market value of it, to obtain a fair price.