Need cash, found a better watch, reviewing your fine watch collection? Or perhaps a watch no longer resonates with you? It doesn’t matter. Whether you want to sell or pawn your designer watch, visiting a pawn shop should be on top of your list.
Read on to learn how much a pawn shop will pay for your designer watch and tips to help you get the best deal.
What Will a Pawn Shop Pay For My Luxury Watch?
How much a pawn shop will pay for a designer watch depends on several factors. And since every pawn shop is different, it’s impossible to predict how much a pawn shop will offer you.
So, how do pawn shops determine value?
Pawn shops base the value of an item on what they can sell it for.
The below factors should give you an idea of what to expect.
Market value or OMV (Open Market Valuation) is the price at which an item would sell in a competitive auction. It’s the price that a willing buyer is prepared to pay a willing seller.
Remember that a pawn shop is not a charity organization. They’re not going to pay you $500 today for a watch they might get $500 for in a couple of months. Like any other business, they have to pay rent, utilities, employees, etc. and show a profit.
Some brands like Rolex, Omega, and Patek Philippe are more sought after than others. The better known the brand, at least by collectors, the more you might expect to receive for it. Most pawn shops are not interested in paying for an obscure brand made in China nobody knows.
Top luxury brands include:
- Patek Philippe
- Vacheron Constantin
- Audemars Piguet
- TAG Heuer
Some designer watches, such as Rolex, are always in demand. For example, Rolex produces around one million handmade watches every year. But when visiting an authorized dealer, don’t be surprised if they don’t have any stock. And some models are more popular than others.
Pawn shops are typically willing to pay more if a watch is in high demand because the risk of it not selling is negligible.
Pawn shops typically have years of experience dealing with jewelry and fine watches. And many pawn shops have in-house experts who can quickly evaluate and even repair watches.
Based on experience, most pawn shops know how much they can get for a luxury watch and how long it might take them.
The condition of your watch is a huge factor in how much you can get for it. A well-looked after watch is easier to sell and will fetch a premium over one that needs repairs.
In addition to the above, if you have the original box and paperwork to prove the authenticity of your watch, it may fetch a higher price. And if you can prove your watch has an interesting history or provenance, it might significantly increase its value.
Why Go to a Pawn Shop?
Selling or pawning your watch at a pawn shop is one of the best ways to get cash fast.
Selling Your Watch
Selling your watch on a platform like eBay or advertising it costs money. And you may not find a buyer for it straight away. You also have no guarantee that you’ll get a better price for it, at least not over the short term. In addition, there is the risk of your watch getting lost or you falling prey to a scammer.
Pawning Your Watch
If you need a cash loan but are not willing to part ways with your watch, pawning it is your best option. Getting a collateral loan from a pawn shop is quick and easy. Pawn shops don’t require credit checks and won’t report non-payment or late payments to credit bureaus.
Tips for Selling or Pawning Your Designer Watch
Whether you’re pawning or selling your luxury watch, here are some tips to get the most money for it:
Do Your Homework
Learn as much as possible about your watch before visiting your local pawnbroker. It includes knowing how much identical ones are selling for.
Note that there might be a big difference between asking and selling price. For the best results, look at how much identical watches sold for on auctions.
Sold Listings on eBay
Search for your brand and model watch on eBay. Find the “Show only” heading and tick the “Sold Items” block. It will show you recent sales and how much they fetched.
Note that you can also narrow down your search. For example, you can choose watches by case size, display, etc.
LiveAuctioneers has a database with more than 29 million results of what items, including fine watches, sold for on auctions all over the world.
Include All Accessories
If you have any accessories, such as the original watch box and paperwork, you might get more money.
Make Sure It Looks Presentable
A neat, clean watch that looks like it has been well taken care of might fetch a higher price.
Feel Free to Negotiate
If you feel you should get more money for your watch, feel free to negotiate. But don’t overdo it and avoid coming across as confrontational. Motivate why you think your watch is worth more, but understand that the pawn shop also has to make money and carries all the risk.
That's a Wrap
We trust after reading this article, you have a better idea of how much a pawn shop will pay for your designer watch. And what you can do to get the best deal.
Pawn shops are a great place to sell your luxury watch for quick cash. Or you can pawn it if you’re not ready to let go of it but need a fast and convenient collateral loan.
All Maxferd pawn shops specialize in fine watches. We’re good at determining the value of designer watches and have a reputation of offering customers fair prices.
Whether you are a novice or an expert, if you have any questions about a watch you want to sell, pawn, or have evaluated, don’t hesitate to contact Maxferd.