Selling a Rolex

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gwe67
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Selling a Rolex

Post by gwe67 »

Not another watch thread, I know....

So I have a 1999 Rolex Datejust that I would like to sell. It works correctly. I have the watch, band, and booklet. It looks like the value is $5,000+. Some questions:

I have had it for many years and it has not been serviced, although it also has been rarely used. Should I have it serviced prior to sale? If so, should I have Rolex do the work? It could also be serviced elsewhere such as:
https://www.watchdoctor.biz/rolex-repair/

The box is missing. Should I buy a Rolex box for the sale? There are "genuine" boxes on ebay, although they all seem to ship directly from Japan, which seems odd.

Where to sell? I am an experienced ebayer but have not sold on another online platform. Selling locally is probably not a great idea, but I could travel to a large city to sell.

And finally, the watch was given to me as a gift from someone who is deceased. There is no documentation of the gift. If sold, will I be taxed on the transaction?
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inverter
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Re: Selling a Rolex

Post by inverter »

RolexForums.com is similar to Bogleheads, but for watches.
nyx328
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Re: Selling a Rolex

Post by nyx328 »

gwe67 wrote: Fri Mar 26, 2021 10:47 am Not another watch thread, I know....

So I have a 1999 Rolex Datejust that I would like to sell. It works correctly. I have the watch, band, and booklet. It looks like the value is $5,000+. Some questions:

I have had it for many years and it has not been serviced, although it also has been rarely used. Should I have it serviced prior to sale? If so, should I have Rolex do the work? It could also be serviced elsewhere such as:
https://www.watchdoctor.biz/rolex-repair/

The box is missing. Should I buy a Rolex box for the sale? There are "genuine" boxes on ebay, although they all seem to ship directly from Japan, which seems odd.

Where to sell? I am an experienced ebayer but have not sold on another online platform. Selling locally is probably not a great idea, but I could travel to a large city to sell.

And finally, the watch was given to me as a gift from someone who is deceased. There is no documentation of the gift. If sold, will I be taxed on the transaction?
You could sell it to Crown and Caliber. Check out their website. It’s a great company down in Atlanta. I’ve sold an Omega to them and have purchased an Omega and a Patek from them. They buy and sell all major luxury watches. From my experience, and from that of others, I’d say they offer good prices and have very good customer service.
z91
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Re: Selling a Rolex

Post by z91 »

What's the reference number? Unless it's a precious metals piece or unique, I'd be surprised if it sells for $5000 based on the condition you described (i.e., requires service, no original box).

Don't sell on eBay, you'll get destroyed on the fees; the best bang for the buck is selling online as a private seller, but it requires some history to sell a watch for that amount. Normally I'd suggest wire payment which absolves any scamming, but the buyers will be scared if you don't have any history/feedback (eBay doesn't really count, unfortunately..). You'll have to take Paypal and hope that the buyer doesn't screw you over (this could happen with eBay as well).

Or just take a hit and sell it to a private buyer. Crown and Caliber, Bob's Watches, DavidSW are a few places I can think off the top of my head. Good luck! You'll probably get better responses on a watch forum though.
sk2101
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Re: Selling a Rolex

Post by sk2101 »

chrono24 is another legit option.
London
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Re: Selling a Rolex

Post by London »

I’ve sold a few watches this year, mainly to private parties using timezone.com. I definitely wouldn’t get it serviced before selling. You won’t make it back. The discount to a newly serviced watch isn’t an equal price.

Good luck and choose a buyer you can verify.
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windaar
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Re: Selling a Rolex

Post by windaar »

You can sell directly to a reputable company like tourneau.com. Tourneau will give you a free quote. Do not buy boxes/papers on eBay, they will be fake and will then cast doubts on the authenticity of the watch as well. I have sold a less expensive watch on eBay before with success, but would avoid selling something as flashy and wanted as a Rolex. To easy for the buyer to say they received an empty box, or do a chargeback, or any number of tricks and eBay usually sides with the buyer.
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gwe67
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Re: Selling a Rolex

Post by gwe67 »

z91 wrote: Fri Mar 26, 2021 11:33 am What's the reference number? Unless it's a precious metals piece or unique, I'd be surprised if it sells for $5000 based on the condition you described (i.e., requires service, no original box).

Don't sell on eBay, you'll get destroyed on the fees; the best bang for the buck is selling online as a private seller, but it requires some history to sell a watch for that amount. Normally I'd suggest wire payment which absolves any scamming, but the buyers will be scared if you don't have any history/feedback (eBay doesn't really count, unfortunately..). You'll have to take Paypal and hope that the buyer doesn't screw you over (this could happen with eBay as well).

Or just take a hit and sell it to a private buyer. Crown and Caliber, Bob's Watches, DavidSW are a few places I can think off the top of my head. Good luck! You'll probably get better responses on a watch forum though.
Reference number is 16234.
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apex84
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Re: Selling a Rolex

Post by apex84 »

You can sell on watch forums, but need a history before anyone would consider buying from you.

Easiest would be a place like Crown and Caliber or Watchbox. I would not be surprised if the value is less than expected, but these are professional buyers & sellers and fair.
Aaand...it'sgone
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Re: Selling a Rolex

Post by Aaand...it'sgone »

I vote to go with crown and caliber or another reputable dealer. Having them take their cut is worth all the hassle you'll save vs trying to sell on eBay or Chrono24.
GmanJeff
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Re: Selling a Rolex

Post by GmanJeff »

Another reputable potential buyer: https://www.bernardwatch.com/
z91
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Re: Selling a Rolex

Post by z91 »

gwe67 wrote: Fri Mar 26, 2021 12:37 pm Reference number is 16234.
Gonna need a bit more than that :D

There are probably dozens of variations of DateJusts. Do you have a photo? Could you describe it any better? (Index/stick dial, jubilee/oyster bracelet, fluted/smooth bezel, dial color, etc etc etc). Not that it matters anyway, my original advice sticks.
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gwe67
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Re: Selling a Rolex

Post by gwe67 »

z91 wrote: Fri Mar 26, 2021 1:59 pm
gwe67 wrote: Fri Mar 26, 2021 12:37 pm Reference number is 16234.
Gonna need a bit more than that :D

There are probably dozens of variations of DateJusts. Do you have a photo? Could you describe it any better? (Index/stick dial, jubilee/oyster bracelet, fluted/smooth bezel, dial color, etc etc etc). Not that it matters anyway, my original advice sticks.
I don't know the terminology but it looks like this one: https://watchcharts.com/watch/608/rolex ... just-16234
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Jeepergeo
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Re: Selling a Rolex

Post by Jeepergeo »

That is a nice watch and it should sell.

If all of its complications still function (run it for a week or two to test it) and still keeps giid time, then I would not spend the money on a service because a Rolex service from an approved repair facility could easily run a grand....and after spending that money you might just want to keep it!

Others have pointed out places to sell your watch and those businesses of course will just pay wholesale, but the transaction will be very easy and fast for you. Selling on your own can be a headache due to scammers, etc., but you'd of course net more for the trouble.

Good luck and again, nice watch.
ginstwin
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Re: Selling a Rolex

Post by ginstwin »

I had my Rolex serviced a while back and it was $700. I doubt you would recoup that.

What big City is nearest to you ? There are quite a few decent stores but obviously their bid will be lower than a private sale ( but less hassle) .
z91
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Re: Selling a Rolex

Post by z91 »

gwe67 wrote: Fri Mar 26, 2021 2:21 pm
z91 wrote: Fri Mar 26, 2021 1:59 pm
gwe67 wrote: Fri Mar 26, 2021 12:37 pm Reference number is 16234.
Gonna need a bit more than that :D

There are probably dozens of variations of DateJusts. Do you have a photo? Could you describe it any better? (Index/stick dial, jubilee/oyster bracelet, fluted/smooth bezel, dial color, etc etc etc). Not that it matters anyway, my original advice sticks.
I don't know the terminology but it looks like this one: https://watchcharts.com/watch/608/rolex ... just-16234
Gotcha. So you've got a white dial, with index (or "stick") markers, fluted bezel, and Jubilee bracelet. Fairly common reference, but that's good news for you as that's what people generally look for with the Datejust. What will hurt is not having the box, but it is somewhat easily replaceable (albeit for $100-200). If you have the papers (warranty papers/cards) then the box doesn't really matter, especially if it all matches up. People don't tend to look for "full sets" with Datejusts, but papers are a must if you want top dollar. I wouldn't service it especially if you rarely wore it. Nowadays Rolexes can last 10 years before needing a full service, I wouldn't be surprised if yours still kept good time. I'd wind it up and check the accuracy for a few days.

The only problem is selling it. It's just like a car, the more work you put into it, the more money you'd make. I'd call up some folks to get a no obligation quote, and figure out what you'd want to do from there. My only suggestion is if you ever ship it out, make sure you have insurance on the parcel, whether that's from the potential reseller or to a private buyer. Last thing you want is to be out money, and a watch. I've never used it, but the pros use Parcel Pro, which is a UPS product I believe. It's quoted separately from shipment costs, and it doesn't matter who you use to ship, it's just separate insurance. Whatever insurance you buy, make sure it will cover the full cost of the watch. Some places have exclusions like jewelry/watches.
Workaholic
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Re: Selling a Rolex

Post by Workaholic »

gwe67 wrote: Fri Mar 26, 2021 10:47 am Not another watch thread, I know....

So I have a 1999 Rolex Datejust that I would like to sell. It works correctly. I have the watch, band, and booklet. It looks like the value is $5,000+. Some questions:

I have had it for many years and it has not been serviced, although it also has been rarely used. Should I have it serviced prior to sale? If so, should I have Rolex do the work? It could also be serviced elsewhere such as:
https://www.watchdoctor.biz/rolex-repair/

The box is missing. Should I buy a Rolex box for the sale? There are "genuine" boxes on ebay, although they all seem to ship directly from Japan, which seems odd.

Where to sell? I am an experienced ebayer but have not sold on another online platform. Selling locally is probably not a great idea, but I could travel to a large city to sell.

And finally, the watch was given to me as a gift from someone who is deceased. There is no documentation of the gift. If sold, will I be taxed on the transaction?
The Datejust is a common model and not nearly as popular as a Professional model (i.e. Submariner/GMT/ETC). With that particular year and without a box or papers, I would say you'd be very lucky to get $5000 for it. I'd go the route of Crown & Caliber and see what they would give you which would likely be somewhere around $3000. This is a much more realistic number.

YES, on Chrono24, there are dozens of this model for sale with a value in excess of $5000 BUT how many of these are actually selling? My guess...very few if any. It just isn't a model that is going to get a ton of attention in the market. You need to temper your expectations a bit. If you were offered $3500, I'd take it and run.
Captain_Video
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Re: Selling a Rolex

Post by Captain_Video »

A few years back I considered selling my Rolex to buy another. I talked to two authorized dealers about selling. They both told me that they do not buy watches but work with dealers/individuals that do. I asked both if I should service the watch before selling. Both said no. They said that the first thing the buyer will do is send the watch to Rolex for servicing anyway. The price they offer will be discounted by the cost of servicing. If you do decide to service the watch I suggest taking it to an authorized Rolex dealer. The dealer will send it to an authorized Rolex repair center. I have owned two Rolex watches in the last 50 years and have always done it this way. I wouldn't trust some unknown watchmaker to service it. The last time I did this it cost $700 which included the basic servicing fee, replacement parts and round-trip insured shipping. When it came back it looked and worked like a brand new watch. Why not have it serviced, keep it and wear it and enjoy it!
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illumination
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Re: Selling a Rolex

Post by illumination »

I went through something similar with a Breitling years ago, way harder to sell than I thought it would be. Long story how I got it, but I just wanted it sold. My advice is get a box that matches the watch on Ebay, people are obsessed with it having a box, it's like the first question out of their mouth. Worth paying like a $100 for, you'll get more than that back.

The one I was selling was a two tone gold bracelet, Jewelry stores basically offered me the scrap value of gold for the watch. They had a used, identical one in the jewelry case they were asking around $6,000 for. What's funny is, I knew the watch was genuine, knew the history of the watch, when I went to a Breitling dealer to sell, the young salesman looked at it closely and said it was fake, then a more senior person looked at it and said it was genuine. I had no question it was legit, but even dealers get tripped up. It also shows how good fakes have gotten.

My advice is try and be transparent as possible, offer to meet at a jewelry store, and try to sell to an end user not a dealer. Just be prepared, it can be hard, people are very wary of fakes and most buyers won't go near it as they don't know how to open them up and what to look for. If you just want it gone, sell it to a jewelry store, but they'll low ball you. I ended up getting the highest price with a coin dealer. Big hassle to sell it if you're not a reputable dealer and just an individual.
Tree Guy
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Re: Selling a Rolex

Post by Tree Guy »

This watch falls into the neovintage period 1990's which has become more and more desirable as the vintage market has exploded. Stainless steel sport models especially Submariner, GMT and Explorer have seen the biggest bump in value. Datejust is the number one seller for Rolex so there are a lot out there and not as valuable as the sport models. Stainless steel is always more valuable than two-tone and sometimes more than gold.

Having all the bits and pieces including receipts, box and paperwork from the original owner can add as much as 20% to the value, but there is a lot of fakery being produced. I wouldn't worry about finding a box to sell for this watch.

My recommendation is not to have it serviced and leave that to the next owner or seller. A Rolex found untouched or unopened is the holy grail to a vintage collector. If you decide to have it serviced, do not have it polished at all. Polishing would decrease the value to a collector.

I'm happy to give you a name or two of dealers that could buy or sell this for you. I have no personal connection to any of them but have collected for years.
Sgnoweht
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Re: Selling a Rolex

Post by Sgnoweht »

I recieved a rolex for my ten year anniversary at work. I am in no way a rolex or fancy watch guy. I immediately began the search in how to sell it.
I came across places like Bob's watches, but couldn't get comfortable putting the watch in the mail.
I ended up finding a guy in the jewlery section of Craig's list wanting to buy rolex. We each drove 1 1/2 hours and met in the West Yellowstone police dept parking lot. Smooth easy cash transaction. I live in a low population state/city. I'm sure you could find something similar if you live some where with a large population.
mtwhmemn
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Re: Selling a Rolex

Post by mtwhmemn »

I can highly recommend Harry Nguyen highgrade_chronograph_watchmaker@yahoo.com was his address back in 2013. https://www.linkedin.com/in/harry-nguyen-a990b374 Check and see if he is still in business... He was very reasonably priced and does amazing work. I "met" him back in 2013 from an ad on ebay of all places. He serviced my '80s men's Datejust and did a fantastic job. He also serviced my wife's '80s Date. Yes, sending my watch to a service I found on ebay was very scary at first, but communicating with him convinced me to do it. You just box up your watch, insure it, and Harry takes care of the rest. He is factory trained and keeps the watch for a week or so because he wants to make sure it is perfect before sending it back to you. After I'd had both of our watches done, my Dad sent him his Omega which was overdue for cleaning and lubrication. My Dad's watch came back more accurate than any mechanical watch should. I think having it serviced before sale and being able to show a receipt from someone like Harry will make your sale easier. If you decide to do a private sale you could even have Harry ship it to the new owner. Just a thought.
jtdavid
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Re: Selling a Rolex

Post by jtdavid »

I would recommend www.davidsw.com.
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gwe67
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Re: Selling a Rolex

Post by gwe67 »

Sounds like the consensus is that I should:
  • not have the watch serviced
    not purchase a replacement box
    sell to a local dealer (at least one mentioned is within driving distance)
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apex84
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Re: Selling a Rolex

Post by apex84 »

I'd sell to one of the big dealers, many have been mentioned. They have the largest audience, so can buy and sell pieces quickly and have a good idea of value.

Watchbox
Crown & Caliber
European Watch Company
Bob's Rolex
DavidSW
Bernard Watch
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