At Qollateral, we are passionate about luxury watches. Not only are they a pleasure to wear and enjoy, but they are also a fantastic financial investment. The majority of luxury watches retain their value well—some more than others—and can easily be converted into cash when you need it, either by selling or through a collateral loan. If you have invested or are considering investing in a luxury watch, there are a few things you can do to protect that investment and maximize its value. We’ve gathered our top tips to help you get the most value out of your luxury watch.
1. Keep the accompanying documents and the box that it came in.
The watch’s accompanying documents, including its manual, warranty, certificates, and proof of purchase, will testify to your luxury watch’s authenticity and can affect its resale value. We suggest storing these in a plastic sleeve to keep them pristine. It’s also a great idea to save your watch’s original box, whether or not you intend to use it for storage, as this can add hundreds of dollars to the value of your luxury watch.
2. Protect it while you’re wearing it.
Avoid sunlight, heat, and any kind of chemicals, including cologne, especially if your watch has a leather band. Respect your watch’s water resistance by following the indicated depth limits. Remove your watch when exercising, cleaning, or doing any kind of manual labor. You may also want to remove it while working on a computer if it rubs against the surface of your desk or laptop while typing. Alternatively, you can get a cushion for this very purpose.
3. Store it properly when you’re not wearing it.
When not in use, always store your watch inside a box, whether it’s the original box or a watch storage box you can purchase separately. This will protect it from dust and friction that can lead to wear. It should be clasped around a cushion, that way if the box ever jostles or falls, the watch is secured. For automatic watches that you are not regularly wearing, you can purchase a winder box to keep the mechanisms running smoothly. Avoid laying it down while clasped, as this will inevitably create some friction on the inside of the watch case. Reminder: do not keep your watch close to a magnet as this can disregulate its timekeeping.
4. Service your watch regularly.
Most watch experts agree that every 5 years is an ideal frequency for luxury watch maintenance, but you can choose to go as early as every 3 years if you’re on the conservative side. Usually, servicing will include a thorough cleaning of every single part, lubricating, repairing or replacing any damaged parts, and regulating the watch. This is going to keep your watch running smoothly and looking sharp for the long haul.
5. Don’t have your watch polished.
Some of us luxury watch fans love a bright and shiny watch that looks like new, but you should know that the decision to polish affects your watch’s value. Polishing can take hundreds or thousands off your watch’s value. Even if you’re not planning on ever selling your watch or borrowing against it, it’s smart to protect its value by not polishing, provided that it doesn’t bother you too much to have the natural patina of a worn watch. You just never know, and since luxury watches are often heirloom pieces, you’ll also want to protect its unique look and its value for future generations.
6. Keep an eye on the value of your watch over time.
Even if you’re not considering buying or borrowing against it now, the trends can help you judge when is the best time to sell in the future. You’ll want to check and note its market value periodically. If you are not in a rush, you can sell when the timing is ideal. Generally, this is when your watch’s value begins rising. You may be tempted to wait for the peak, but just be aware that it can be risky to do so, as the trends are not always linear or predictable. We’re not financial investors, so this is not intended to be financial advice. It’s just to give you a starting point when considering selling or borrowing against your luxury watch.
7. Find the right buyer or lender.
You want to find a collector or an establishment that is knowledgeable enough to be able to recognize the value of your timepiece. You should go into an estimate having already researched its current market value so that you can have a range in mind of what to expect. If the offer is on the low side, it ever hurts to get a second (or third!) opinion.
It’s no surprise that we are going to suggest Qollateral if you are looking to sell your luxury watch or borrow against your luxury watch in the New York tri-state area. Our team of expert appraisers will be able to quickly provide you with a fair offer completely confidentially, and should you wish to accept, you can get a same-day cash payment. There is never any pressure, and we make the experience as quick, easy, and painless as possible.
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