Four prices circulate for the same watch and they are constantly confused. This article sets out which four they are, where the difference comes from and why a list of figures does not help you.
"Why is a pre-owned Rolex dearer than the retail price?" and "why does a dealer offer so little?" are two questions with the same cause: four different prices circulate for the same watch, and nobody says which one they mean.
Once you separate those four, the whole market falls into place. So here they are, from high to low as they usually sit.
1. The brand's retail price
What the watch costs at an official dealer, if there is one to be had. That last point is precisely the problem on a number of models: there is a retail price, but there is no watch. Then that figure is a theoretical value and not a price you can buy anything for.
It is also the reason a pre-owned example is sometimes dearer than the retail price. That is not profiteering but the difference between "this is what it costs if you can wait until one is available" and "this is what it costs if you want it today".
2. The asking price in a listing
What a seller hopes to get. This is where visitors most often go wrong, because it is the figure that is easiest to find and means the least.
Think about what you see as you scroll through listings. Well-priced examples disappear quickly; overpriced ones stay up. So what you mostly see are the listings that have been hanging there for months, and by definition those give too high a picture. It is a selection of what did not sell.
3. The price it actually sold for
This is the figure that means something and the one you find hardest to get, because a successful sale disappears from view. It sits almost always below the asking price.
That figure also carries the things that are not money: you advertised, answered messages from people who never turned up, received a stranger, and you carry the risk yourself if something turns out to be wrong with the watch later. That is the price behind the price.
4. A dealer's purchase offer
That sits below it, and it is useful to know why, because it is not arbitrary.
A dealer buys today and sells in weeks or months. His money is tied up in the meantime. He gives the next buyer a guarantee and carries the risk if the movement turns out to have a fault. He photographs the watch, advertises it, and with us a year's guarantee on the movement and the statutory right of return apply on top. That difference is not only his margin; a large part of it is what he takes over.
What you get in return is that it is settled today, with no advert, no visit and no argument afterwards. If you do not think that is worth it, you should advertise it yourself. That is a sensible choice for anyone with the time and the patience, and we say as much to people at the counter.
What makes the price differ from watch to watch
Within the same reference two watches can sit far apart. Where that comes from, from heaviest to lightest:
- The state of the case. At Rolex the weightiest point. The case consists of brushed surfaces with polished edges between them, and those edges should be crisp. With every buffing material goes and it does not come back.
- Completeness. Box, warranty card, service receipts. How much difference that makes depends on the brand and the age; see the article on selling without papers.
- The version. The colour of the dial, whether it carries stones, which bracelet is fitted. Differences that look small in a photo and are not.
- The service history. A recent service with a receipt helps, because the next buyer need not spend money on it straight away.
- Whether everything belongs together. On older examples this is the most work: is the dial the original, does the bracelet match the reference, do the parts agree with the period.
Why there is no list of figures here
For three reasons, and the third is the important one.
First: a list is about a model and not about your watch. Two examples with the same number can differ so much that one line is wrong for both.
Second: it goes out of date. What holds today is history in six months, and a visitor who walks up to a counter with an old line starts the conversation with the wrong picture.
Third, and this is the point: a figure on a dealer's web page is never neutral. It is there to steer. So we name no figures and make an offer on your own watch. Then it is about something real.
What you can go on when buying
If you want to build a picture of what is usual, these are the most useful sources, in this order:
- What actually sold. Auction houses publish their realised results, including the premiums. Those are real transactions.
- Listings that disappear. Follow a model for a few weeks. What goes quickly gives a better picture than what hangs about.
- Several sellers side by side. One price says nothing, five prices give a range, and the outliers at either end are the most interesting to understand.
And what you have to take into account: buying from a dealer includes a guarantee and a right of return in the price. Buying from a private seller does not. Two figures that look comparable at first glance are therefore buying different things.
In short
Retail price, asking price, realised sale price and purchase offer are four different figures, and they usually sit in that order. Do not reckon with asking prices from listings, because what you mostly see is what did not sell. With a purchase offer you are paying for speed and certainty, and that is a fair trade-off you are free to make yourself.
If you want to know what your watch does: send a few photos of the dial, of the case from the side and of the lugs. Within 24 hours you hear what we offer, weekends included, and you are committed to nothing.
