Once you’ve targeted a watch (or what the heck…a bunch of watches!), you’ll need to figure out whether to pay the asking price or what to bid/offer. And don’t assume that regardless of what you pay for the watch, it will be worth more when you decide to sell it. And you’ve heard this a million times: if a deal looks too good to be true, it probably is.
Researching sale prices
Don’t get so caught up in the moment that you don’t step back and research the market price for the watch.
Good sources for finding market or comparable price points include:
– Auction houses that post their results (for major houses, this will happen only for auctions that are held in person; online-only auctions may not display final sale prices). If you are searching specific past lots, make sure to note whether the lot successfully sold, and if so, to include the buyer’s premium as well.
– eBay. As with auction houses, you’ll want to see watches that both sold (you can use both ‘Completed Listing’ and ‘Sold Listing’) and those that did not successfully sell, as reference.
– Forums. You may not know the final sale price for those offered, but likely close.
– Dealers. Some dealers continue to shown their asking prices after the watches were sold, though of course final prices may be lower than shown. If we look to dealers for comparables when buying, we factor in up to a 20% discount. Don’t forget taxes if applicable.
– Books. The Complete Price Guide to Watches 2017 by Cooksey Shugart, Tom Engle & Richard E. Gilbert is one option. We have never used this book to research prices, however. With some prices moving very quickly, it is difficult to believe that a book would be better than researching the latest sales online. Maybe useful in conjunction, but not alone.
– Online guides. Some websites, such as Gallet World and the Vintage Heuer Price Guide, offer estimates. These may provide starting points, but should always be supplemented with additional research.
Which sales channel has the best vintage watch prices?
Prices vary for each channel, and you see both low and high prices on forums, eBay and auction houses (there are tons of auction houses worldwide, both large and small, that sell vintage pieces). Looking across all sellers, you will likely see highest prices from dealers, particularly those will brick-and-mortar locations. That’s not a reason not to purchase from a dealer, however. Perhaps they have a watch that is hard to find, in great condition, or you appreciate the comfort that comes from a retail store (their guarantees, return policy, etc.). Most individual sellers and dealers, even big-name with brick-and-mortar retail locations, are willing to negotiate on price, so it never hurts to make a counteroffer. If you never ask, you’ll never know.
The most important factors are that you trust the seller, and you have done thorough research to understand what you are buying.
Don’t forget to add service costs
Unless we see a receipt for a recent service for any watch we purchase, we assume that the watch we are buying will require a service at a minimum, and cross our fingers that no expensive repair is needed (don’t forget to ask about how the watch is running before purchase, and also any return policy). We have purchased more than one watch advertised as running and in excellent condition, only to have it wind up in service shortly after receipt.
If you think there is a chance you’ll need to service the watch, and you won’t be performing the service yourself (and given we have only taken HSNY’s Watchmaking 101-104, we won’t be doing any servicing on our own anytime soon), you will want to consider what additional costs you may have for service and/or repairs when determining how much to pay. Servicing a watch doesn’t come cheap, and the more complications or rare a piece, the more dollars you may want to set aside.