Author Topic: How to sell a $37,000 watch?  (Read 5856 times)

mushroom

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How to sell a $37,000 watch?
« on: October 12, 2013, 08:18:40 PM »
My aunt (who is ridiculously anti-Mustachian even after losing her million dollar house and moving into a tiny condo in a retirement community) has a Piaget watch that she bought for $37,000 years ago and that she says is now worth even a little more than what she bought it for thanks to the increase in the price of gold.

Since she is struggling to buy even a (brand new of course) car now, she was interested in selling the watch, but she had no idea what the best way to go about it was. I normally would think of Ebay or Craigstlist for selling used items, but I imagine the potential for a scam there would be too high to risk on something so expensive. Maybe an auctioneer or jeweler but I imagine they take a huge commission and she has pretty much 0 experience in this area. Any other thoughts from reformed Mustachians who have experience with something like  this?

basd

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Re: How to sell a $37,000 watch?
« Reply #1 on: October 13, 2013, 03:35:34 AM »
I'm not from the US, but surely there must be US-based forums specializing in watches with a buy and sell section. I'd try and see whether there is any interest there.

Also, try one or two auction houses or local jewellers, just to see whether there is any demand and to get a feeling about prices. You say you don't have any experience with those, but you think they're charging a huge commission. Why not try and find out? Maybe their commission isn't as high as you think. Or maybe the watch can go for a price that makes both your aunt and the jeweler / auction house happy.

mushroom

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Re: How to sell a $37,000 watch?
« Reply #2 on: October 13, 2013, 07:26:01 AM »
Thanks for your advice, basd. You're probably right - I worry because my aunt is pretty clueless and has the potential to really get taken. I bet the first place she went she would just agree to whatever to get it off her hands. I don't live near her, either, to go with her. Other family members are in the area, but my dad a few months ago sold his normally working Mercedes Benz for $1000 (nope, not missing any numbers) because the check engine light was on and it didn't pass the emissions testing. And my mom and dad are probably the most financially savvy of the family there.

I'm surprised I haven't gotten any snarky answers yet :P.
« Last Edit: October 13, 2013, 07:28:44 AM by mushroom »

basd

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Re: How to sell a $37,000 watch?
« Reply #3 on: October 13, 2013, 09:44:29 AM »
That's where you come in, no? To assist here so she doesn't get ripped off ;)

I'm no watch expert (there should be one or two on these forums though), but you might want to take a look at www.chrono24.com to see if you can find the same watch and see what they go for. I've done a quick search and it seems there are quite a few Piaget watches in your price range on offer there.

lifejoy

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Re: How to sell a $37,000 watch?
« Reply #4 on: October 13, 2013, 10:40:45 AM »
I would get advice from the forums on watchuseek.com

Be aware that they don't price watches for people, but you could find out where you should look about selling it! They're so nice there but check to see if your question has already been answered before you ask it :)

DocCyane

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Re: How to sell a $37,000 watch?
« Reply #5 on: October 13, 2013, 02:42:46 PM »
A few thoughts:

- Even though your aunt bought the watch for $37k, she should have it reappraised by a certified Piaget jeweler/dealer. A proper appraisal will help her get fair value and temper expectations. Most likely she is greatly overestimating what someone will pay. Or heck, maybe she has the rarest watch on the planet and it's worth a fortune. You should know either way.

- Selling to a jeweler/dealer will get the lowest amount because he has to flip it and make a profit, but it's zero fuss.

- Selling on eBay should be taken seriously. If you don't already have an active account with dozens (if not hundreds) of transactions and a positive feedback score, you need to sell other, smaller, less expensive things to learn the ropes. Crooks scour eBay looking for people who don't know their tricks selling big, expensive items.

- If you sell on eBay, use their escrow service (escrow.com) for the transaction. This will lessen the chance of fraud and scare off most criminals. Don't use ANY OTHER service. The bad guys set up fake escrow services to defraud people.

- Realize everyone gets a piece of the pie. eBay will get fees, the escrow company has their fees, shipping by verified carrier with tracking and insurance costs money... Prepare Auntie to share the take.

- Taxes, taxes, taxes. Oh yeah. And if you sell it via eBay, taxes must be paid. Whoever owns the account will receive a 1099 at the end of the year and Uncle Sam wants his cut. Make sure Auntie sets aside enough to pay that bill.

Good luck.


SnackDog

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Re: How to sell a $37,000 watch?
« Reply #6 on: October 13, 2013, 03:30:53 PM »
Maybe she could trade it for a condo in Florida. Or a house in Las Vegas!

Argyle

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Re: How to sell a $37,000 watch?
« Reply #7 on: October 13, 2013, 06:43:54 PM »
If she has documentation about the original price -- receipts or what have you -- then I believe she will have to pay taxes only on the profit above the original $37,000.  If she has no proof of all that, then she'll be liable for taxes on the whole amount.