The below is in the context of purchasing a watch from a collector/individual/dealer. I am willing to overlook some of the below, of course, depending on what kind of existing relationship I have with the seller.
Some suggestions to avoid losing your hard-earned dollars:
Payment
– Don’t pay by wire or personal check. EVER. There are tons of stories on the boards about people burned by paying via wire transfers. Go read them. Then try to find stories of people getting taken when paying by credit card (and send me those if you find any).
I use forms of payment where I consider myself to be (more) protected against situations where watches either never show up, or are other than described. Yes, this results in letting some watches pass us by, but we find that even (reputable) sellers saying “wire transfer only” are often are willing to be flexible on form of payment. For example, paying by credit card using PayPal (and NOT sending payment as a “gift” just to avoid fees). Right or not, I feel like there is additional recourse if something goes wrong. Even if the seller demands an additional X% to cover the resulting PayPal fees, it worth it for peace of mind. Plus…miles! If seller asks for additional dollars to cover that payment, you should ask if they are willing to share or split the amount, as sellers have done for me in the past.
– If you are still unsure about PayPal and credit card funding, it is possible to step up to the next level and use an escrow service (which generally have reasonable costs for the insurance they provide). This is absolutely a rarity, but provides a way to ensure you receive the watch. Now, you can run into issues depending on the condition, as we sell in discussions around the Chrono24 escrow service in forums.
– If you are looking for additional purchase protection and there are different channels through which to purchase, such as a dealer Instagram account (as simple as via DM) or website, and online platforms such as Chrono24, consider purchasing through a platform that provides additionally protection for you as a buyer.
Trustworthiness
– If you are looking at a watch posted for sale on a forum, remember that it is possible that a reputable seller’s account has been hacked and a scammer is posting a watch for sale (often at a too-good-to-be-true price). This doesn’t happen frequently, but it does occur. And if you send a wire to someone other than who you think it is, you can kiss your hard-earned dollars goodbye.
– People say “buy the seller”. Sadly, you can generally never do that either, as chances are you most likely don’t really know the seller (just like all those buyers who thought they ‘knew’ Horology House, as an example). So always research all you can on the seller (even set up a phone call or meet in person, it doesn’t all have to be on WhatsApp) – never simply “buy the seller.”
There will always be cases of sellers that have sterling reputations, where the buyer didn’t received what was advertised. I like this quote from Man on Time: be careful not to confuse prominence or standing within a community with integrity or trustworthiness. The biggest test when something goes wrong is…does the seller rectify the situation, or just walk away?
I’m not saying you will ever be able to guarantee a purchase without issues. On a personal note, I once purchased from an individual who I didn’t trust (!). As a result, I simply didn’t put any weight in the information he provided me (though I still asked them questions in order to see what I could learn and then layer that into my decision). Ultimately, I felt that it didn’t matter as I had done extensive research. I bought in person, had the opportunity to inspect what I was buying, and was comfortable with my decision.
Watch details
– Ask where the watch originated. The watch may have been shopped around dealer WhatsApp groups for a long time (not ideal usually), maybe purchased from an auction house, perhaps found via one of their pickers, or maybe bought back from a client.
– If the seller isn’t forthcoming with information, including the case/movement number, pass. This includes if someone brushes you off with a “refer to the pictures”. That gives some indication of the level of support they likely provide.
– Get a current photo of the watch to confirm the seller has it, set to a specific time you choose, or against today’s paper or with your email exchange in the background.
Prior to your purchase, make sure to save all the posts/images from the website for the watch (if there is one) along with the description of the watch, and any written exchange you have had with the seller. As these pieces of information could disappear at any time, always retain a backup copy.
Shipment
– Make sure when the watch is sent that tracking information is immediately emailed to you.
– If you do not have insurance for the watch, make sure it is sent fully insured. Some insurance companies do offer policies where watches in transit, even to you upon purchase, are insured (mind you, these policies aren’t inexpensive).
– If you want a specific shipper, like FedEx, make that clear. If cross-border, don’t ask the seller to reduce the declared value for custom reasons. Depending on the cost versus taxes to import, it may even make more sense to hop a flight to pick it up in person.
Post-sale Support
– Make sure there is a return policy. Or if there isn’t, consider paying with a credit card which, depending on the card, may offer purchase protection. Related, you’ll want to know the policy on return shipping (and insuring) and also if there are any fees for taking the piece back (run away if there is a “restocking” fee).
– You can also ask if the dealer is willing to help you resell the watch when (if) the time comes. There are those to really work to support their clients, and those that are more focused on the transaction but after that, you’re on your own.