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The Pros And Cons Of Selling A Watch On Consignment

You may have a number of reasons for looking into selling your beloved watch. You may be stockpiling funds to lend to your next big watch sale, a family emergency requires a quick influx of money, or you simply want to have the feeling of a few notes in your pocket. We don’t blame you…

Nevertheless, we hope you are fortunate enough (and addicted to watches!) to want to be saving up payment for another big watch. If you want to trade in your timepiece have you ever considered a process called consignment?

In effect, this specific way of selling puts you (the consignee) in contact with a 3rd party (the consignor) and the watches go to them to try and sell it. They tend to earn a commission at the end of the sale, but it may take a while. I am afraid time may not be on your side in this instance you devoted horophiles.

You may be concerned about the process you wish to undertake when you are selling your watches. Be it a pricey Patek Philippe, ravishing Rolex or an iconic lunar legend such as the Omega Speedmaster.

Would you really want to let the best possible prices slip away into the sunset without a fair and above all secure sale? How about if you are really lucky and own a Rolex Daytona. Would you really let these highly desirable, speed freak watches out into the atmosphere without complete assurance that you are getting a first rate selling process, reduced commission fees and the best prices paid?

Of course, the main topic of this article is selling your watch via consignment. We would be remiss if we failed to mention the other ventures you could take if you are selling your watch which we will cover in this in depth feature.

So, hold on to your timekeeping hats. Without further contemplation, let’s get into the pros and cons of selling your watch on consignment!

What Is Consignment?

In essence, consignment is simply defined as a 3rd party selling your watch on your behalf. They will deduct a percentage fee of the sale which they take as a commission or as a percentage of the whole selling transaction.

This doesn’t mean you instantly lose control of your watches under consignment. Au contraire time peeps. Furthermore, it’s usually expected that no money is exchanged between parties until the consignor has set up a sale.

Then, the consignor will glean commission payment, defined as “fees”. Look, the one selling your precious novelty may have access to enthusiasts and hobbyists that others may not. But if someone starts demanding money while they haven’t even begun to sell your watch, that’s not a consignment of your watches. Not in our horological book. Truth be told, You are being stood up. Well, there is always a first time!

There is both the consignee (That’s you!) and the consignor (the person who sells it) in the entire consignment watch process. The consignor will discuss options when it comes to selling your watch. They take payment only as commission fees.

This includes prices you’d be willing to accept and time frames for getting the watch up for sale. If the consignor does their job, they should get you a fair price and will get paid through commission fees at the end. Mind you, the major drawback in this case is time. There is no guarantee that someone may plump for your novelty. It could be a week, a month, or an hour!

This is the difference between this model and going directly through a reputable source like Chrono Hunter. We offer the best prices paid as well as instantaneous offers in under 24 hours from our verified network of luxury retailers. Not bad!

The role of the consignor typically follows these functions:

Dealing with administration like unknown fees
Liaising with buyers
Sorting out delivery.
Listening to your demands and enacting them
Ensuring you get a fair price
Working with your minimum selling price
Their commission rate at the end of the sale
The type of payment choice e.g cash, cheque etc
When you get your cash!

If the consignor has landed themselves a seller who you are more than happy with from their bank of contacts, they will expect payment in the form of a commission.

Sometimes the sale of your luxury watches can fall through if your price request is too high or the buyer backs out at the last moment. Ultimately, unlike Chrono Hunter, you are not in control of the sale. Don’t worry, you get your watch back if the sale is terminated or completely collapses on its face.

Rolex Deepsea Cameron - Source - Christie’s

It’s nice to know that the consignor will sort out delivery and other added annoyances that removes the hassle out of the selling process. On top of this, they will provide guidance about the suitability of the price to manage expectations. After all, the watch world is as expansive and complex as the deep blue ocean…just ask the Rolex DeepSea Cameron.

If you do choose to consign your watch, we recommend you ensure a few things:

Are they VAT registered? - A quick glance at Companies House will reveal that if they trade under £85,000, they have no need to be VAT registered. VAT registered does tend to mean that the company is more trustworthy and credible as they have reached a certain number of transactions.
Big doesn't mean great - You don’t have to land yourself a big company to ensure quality. However, sometimes choosing the big guns like Chrono Hunter ensures first rate reliability and the safest environment for your sale.
Finalise the consignment details - Don’t feel pressured to rush through the sale and miss key information. Check it’s being delivered to the right place and the payments are handled correctly. Keep receipts and records just in case something comes up and you need proof of the sale.

The Pros and Cons Of Consignment

So, what exactly is so comforting about selling your watch via consignment? Are there any drawbacks you should know about? What are the benefits and the drawbacks? Kick back, relax and take some time to read our handy pros and cons to educate and enlighten you.

Rolex Daytona - Source - Christie’s

PROS

Potential higher returns based on market conditions which you may not be able to take on individually.
Increased pool of possible buyers looking for your specific timepiece.
Working with trusted professionals as a guide
Low hassle route to market
Consignors have industry links and networks they can tap into that other companies may not have access to.

Higher Returns

In some instances, you may find that the process of consignment is able to achieve more cash for your timepiece than you originally bargained for. The consignor only earns a commission at the end of the sale which is perfect for the discerning buyer.

Let’s be honest, a few extra pounds in the pocket before payday is certainly not something that we can complain about! Especially if you want to trade in or level up to a top luxury brand like Rolex, Audemars Piguet or Vacheron Constantin

Working With Trusted Professionals

This is undoubtedly a sensible route to take, especially since they already have extensive knowledge about the watch marketplace and an understanding of current market conditions. They will have the capability to properly gauge the sector and utilise their honed selling skills to get you a potentially great sale on your luxury watches.

Low Hassle Route

Dealing with a consignor removes a lot of the risk and headaches that anyone else selling their watches individually would have to endure. A consignor typically has great info on the dealings behind the watch world, so will be able to tap into contacts and distinctive links to get you a potentially great deal. After all, they only earn their commission after the sale is done which may mean more money for you in turn!

Consignor Has Industry Links

The risk of being swindled or getting a raw deal is very low if you source a reputable consignor with industry connections. They will have a great range of companies and people they can contact, not to mention enthusiasts and collectors in order to get you the best offer possible. Again with a caveat though that it may take considerably longer.

This is especially the case when compared to going through a trusted dealer or distinctive platform like Chrono Hunter where a seller can enjoy a multitude of offers from an established network of luxury retailers in a matter of hours…if not minutes.

CONS

May take longer in comparison with a direct sale through a dealer or reputable platform.
Risk of being partnered with a bad consignor who does not have a safe site.

May Take Longer Compared To Going Through An Authorised Dealer

Partnering with a consignor is secure depending on the company but does have its pitfalls. For starters, it may take longer when compared to going directly to a professional dealer. There tends to be no waiting period with a direct, professional trader who will give you an offer almost instantaneously…just like Chrono Hunter.

Risk Of Being Partners With A Bad Consignor

Look, it can happen from time to time! Not everyone is as reputable and has a sterling reputation as Chrono Hunter! Plus, we would never want to see you get a bad deal or inaccurate valuation. Now you may land on a consignor that lacks relevant information or is new to the watch game and doesn't have any contacts or credentials.

Bad timing you might say. Let’s hope they care about you and not just the commission by not going directly to the first dealer that flutters their eyelashes and shows you the money.

What Are The Best Alternatives To Consignment?

If you are still a little uncertain about venturing down the route of consignment, there are a few other routes you could take in order to start selling your watches.

Christie’s Auction House - Source - NY Times

Direct To A Dealer

If you feel like you’ve been waiting long enough, you may want to take your piece directly to a professional dealer.

With that being said, what this means is that you can bring your watches directly to the horological mouth and begin selling your watches outright, negating the need to liaise with a third party. You can expect to have a direct sale quickly which is good if you are looking for cash in a flash.

However, let’s not fool ourselves and think that you will get a great deal. Dealing directly with a business means you will be getting a fair bit of value knocked off your beloved timepiece. After all, it’s a business with intentions to make money from your watches.

We can appreciate that there will be no waiting period like there is with consignment. However, you may find you recoup more cash value after the consignment commission fees when your watches eventually start selling, in comparison with a direct offer to a professional trader.

Private Forums

If you don’t have any friends that will take the watches off your hands, you are cautious about consigning your watches and the prospect of going directly to a professional trader spikes fear into you… you could try selling via a forum.

There are many online which are dedicated solely to buying and selling watches. If you know everything about your watch, including its fair market, cash value, heritage, investment potential and if all the parts are legitimate, you may fare well going it alone. Again though this has lots of perils if you are considering selling.

However, if you have any doubts, the public can be rather unscrupulous and risky, especially when left to unsupervised forums. They will haggle and somehow know everything about your watch. Since these aren’t licensed sites either or FCA approved, you may encounter a little risky trouble, including not receiving money.

Auction Houses

Ah yes, the place where all manner of things are up for sale, including horses, cars and houses! If you know a reputable auction house, you may opt to choose this particular route. But again it has its cons.

If they are completely certified and have no backdoor dealings, there is some assurance about the security of your deal. However, if you are looking for the maximum cash value for your piece, you may find that the auction house route is a little too uncertain and often too not with high levels of commission taken.

Your watches are put in the hands of people who may or may not be interested, meaning your piece is selling for your expected figure, or may go vastly underneath. Beware, once it’s gone. It’s gone!

Why Selling Your Watch Through Chrono Hunter Is Better Than Consignment

We’re reaching the end of the article.

Now you’ve seen the various routes and options that you can take. And if you are like us, you may think that going directly to sell your watch may be the best route for you to take. In that case, may we link you directly with one of the most reputable and professional platforms in the watch world. Please enter, Chrono Hunter!

For complete transparency, why don’t we walk you through our exceptionally simple process to get your watches up for sale quickly and at the best possible price in the most safe and secure environment;

Simply enter the details of the watch you want to sell via our secure website.
Receive offers from our highly reputable list of luxury watch retailers
Accept the offer that’s right for you.
Conclude the transaction directly with the retailer in the most safest and secure environment.

So, that’s our very simple process. Now, why should you choose Chrono Hunter over anyone else? Well, it’s for a number of reasons such as:

Saving time
Highly secure platform
Approved luxury retailers
A vast array of offers meaning you can choose the one suitable for you
Exceptionally quick turnaround
First class reviews
Peerless service
We treat every sale and customer uniquely delivering the most seamless selling experience with impeccable attention to detail.

Saving You Time

When you are selling your watches through Chrono Hunter, we pull no punches in sourcing you the best possible cash value for your watches.

Trust us, we’ve all been in the same position of trying to find a seller that is high quality and reputable. Even going to a certified, professional trader is a highly time consuming activity, especially when they refuse to back down from haggling and not allowing you a fair cash value. Enjoy multiple offers and the best prices paid on your watches all from our highly reliable and unique platform.

Highly Secure Platform

The prospect of selling your watches might get you fearing the risks rather than the rewards. There are so many sources to go to when you sell your watches. You may feel discomfort rather than confidence!

Chrono Hunter has answered and solved this very problem. As a platform in a very specific niche of the pre-owned marketplace, we are a leading online marketplace that allows you to make deals at the swipe of a finger. We only choose the most professional luxury retailers, vying for your business, allowing all of our sales to be secure.

As a result, we ensure you receive only the best deals and best prices paid when you begin selling your watches through us.

The Best Luxury Retailers

Chrono Hunter sources only the best retailers around. Our network is expansive and runs the entire length of the country where we only onboard the most reputable and highly approved dealers.

We don’t swamp you with average dealers or get you a maximum of one professional trader making an offer for your watches like a typical bricks and mortar store. At Chrono Hunter, benefit from not one but a wealth of offers.

Not only are our retailers very professional, but our highly trained team also keeps a close eye on each transaction right through until completion. Every sale is like each of our loyal customers...different and individual in their own way. Attention to detail is one of our core values.

Therefore, we can guarantee nothing but the safest, hassle free experience together with top prices paid when selling your watch through Chrono Hunter. Customers have the ability sell all major brands through us featuring;

Don’t fret if this is your first sale or your 100th. We offer a universal experience for those looking to sell a watch that leaves our customers 100% satisfied…every single time.

Multiple Offers

We have an extensive portfolio of professional, luxury retailers who we have close-knit relationships with that are more than happy to deal with your timepiece.

Our solid experience means we only perform sales with the most reliable retailers offering the best possible prices according to current market conditions. Our ties have been forged over many years and allows us to trust our retailers to offer the most competitive prices in the safest environment possible.

Exceptionally Quick Turnaround

Our network of retailers can more often than not guarantee an offer (and hopefully a sale) within 24 hours…or less in some cases. Our handy mobile app allows Apple or Android users to view deals 24 hours a day from your dedicated account, having full control over all the deals and sales.

If the apps don’t cut the timekeeping mustard, we are happy to use emails for any update notifications regarding your watch deals or utilise your Chrono Hunter account to liaise directly with the retailer.

We’ll keep things nice and easy for you, as it should be when dealing with a high value timepiece. After all, this is not selling a pair of socks. If you have the watch and our retailers have an offer you accept, let the cash sale commence!

Brand Expertise

At Chrono Hunter, we have unrivalled brand knowledge and experience of the sector, meaning you will never get a raw deal on your transaction. We understand the market like no other as we handle all manner of sales enquiries daily across all major luxury watch brands.

Don’t worry about getting just one raw deal too many. Chrono Hunter offers multiple offers and if you are still a little uncertain, feel free to chat with us for a no obligation quote and we will be more than happy to ascertain the true value before selling.

Conclusion

Ah, Timelords. As Frank Sinatra proclaimed, now the end is near my friends. We hope you have enjoyed our guide to the pros and cons of selling a watch on consignment.

We hope we’ve offered you more than enough insight into not only putting your watch up for sale through consignment, but the other areas such as private forums, auction houses and the route of a professional dealer.

Look, while we appreciate the sale ventures of consignment, auction houses and private forums, we believe that a direct sale is the best way forward. While consigning could take you a long time to get your watch sold, companies like Chrono Hunter put you in contact directly with the best retailers around for the quickest possible sale in an extremely secure environment.

Although consignment has its pros like offering a possible higher return if you stick at the sale until the end, Chrono Hunter offers the best prices paid and a much quicker turnaround. It truly is the best of both worlds! Working with highly reputable dealers and taking the hassle away on such an expensive transaction is surely the best thing to do when selling your watch.

Whether new or pre-owned, Chrono Hunter delivers unparalleled service, a lightning fast turnaround and a dedicated team ensuring the whole process runs smoothly from beginning to end to ensure we really are the best site to sell your watch quickly!

Want to sell a watch without dealing with an untrustworthy salesman? Chrono Hunter only offers the best service when you want to sell a watch. Contact us at any time for a no-obligation quote to ascertain the true value of your beloved watch.

So, are you looking to sell your watch? Well, you can obtain the best deals possible by using our dedicated app, while receiving multiple offers in less than 24 hours. Priding ourselves on first class service, unparalleled brand knowledge from our dedicated team and rapid turnaround, we won’t beat around the bush. We can offer you the top prices paid, accurate valuations and exceptional service every single time.

Buy Or Sell A Luxury Watch The Smart Way With Chrono Hunter

If you are considering your new purchase or perhaps the sale of a beloved timepiece, Chrono Hunter is the smart way to buy or sell a luxury watch.

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