Selling High End Jewelry, Watches

[ThriftShift]

I acquired the lot pictured for $150; with auction fees and shipping, it ended up being $185.00. I sold the two perfumes and red gloves for $155. I bought the lot for the perfumes, which I thought were full size and not mini size. Oh well. But it came with a watch; when I got the lot in August I saw that the lady’s watch was white gold and had diamonds with the brand name “Baume and Mercier”. I took to a local jewelry shop and said I only wanted a cleaning, repair, and an insurance evaluation. Unfortunately they sent the watch off for repairs, then called me in three days and offered me $350. I was ticked, because I specifically told them I didn’t want to sell it. Now I felt I could not get a fair evaluation. Once I received back after two months! and spending $400 on repairs, I took to another jewelry store in November that was recommended to me by several older Southern ladies. The women there understood I only wanted an insurance evaluation; I spent $150 for a professional 10 page report and an estimated insurance value of $4,500.00. I plan to list this watch on 12/10 (I’m currently on a work trip). I think I have safeguarded myself as best as I can against unscrupulous buyers with the very detailed report, experts who can review a “returned” watch, and I know the civil lawsuit side. So does anyone have any other advice when it comes to selling high-end watches and jewelry? I’m excited and planning to list it at BIN w/BO for $4500 and see what happens.

Auction lot: $185
Lot Sales so far: $155

Costs for Watch cleaning and repairs + insurance report = $550

https://imgur.com/a/2r3ng

• This topic was modified 8 years, 4 months ago by ThriftShift.

[Jay]

Huge congrats. Great job doing your due diligence and being willing to spend money to get it in shape.

If they value it at $4500 for insurance, maybe list it for $5500 with Make Offer so you have room to negotiate.

I see ones that look like yours sell for over $5k:
https://www.ebay.com/sch/i.html?_from=R40&_sacat=0&LH_Complete=1&LH_Sold=1&LH_ItemCondition=4&_nkw=baume+and+mercier+ladies+watch&_sop=16

[Inglewood]

You may be able to find a high-end jeweler that would pay a good rate for the watch.

You have to sift through all the “Cash for Gold” and fly by night hotel conference room buyers, but there are actual honest jewelers that will pay you a good rate for the watch if you don’t want the risk of sending it to someone.

[Zach]

Maybe you could sell the watch through some kind of high end auction company. I don’t if I’d trust selling something that valuable through eBay. Seems like that category would be rife with scammers. It might be worth taking less through another venue in order to avoid the potential hassle. It looks like you have done your homework, but if someone did try to scam you, you could be looking at major legal fees and certainly lots of time to try and get justice for it.

[AdventureE]

That is my biggest question. How do you protect against scammers? How do you protect against what we have seen in SL with someone purchasing it and then saying something is wrong and sending back something totally different?

[Sharyn]

Recently, ebay started a service that authenticates high end purses. You send the item to ebay, they authenticate it, and then they send it to the customer. They take a 20% cut, but it would protect you against scammers. Here is the annoucement:
https://community.ebay.com/t5/Announcements/eBay-Launches-Authentication-Service-for-Luxury-Handbags/ba-p/27601197

The notice states that other items will be added in the future. I would think that high end jewelry, including watches, would be one an obvious category for expansion.

Someone asked me about selling some vintage gold jewelry on ebay. He had taken the jewelry to a “we buy gold” service, and they offered around $1200. So, you know that the jewelry is worth much more. I told him that I would be nervous about selling something so valuable, but I would be much more confident if ebay had an authentication service for gold jewelry. I’m on the lookout for when the program expands.

[Jay]

I know we’re all fearful of Scammers, but I wonder how common they are. I hear the second hand stories about them with a very rare example here and there.

If you search on eBay for sold items over $10,000, there are plenty of items in that category being sold everyday. I assume all successful sales since they happen each day. People sell gold coins, jewelry for muchh more than even the big price we’re talking about here: https://www.ebay.com/sch/i.html?_from=R40&_sacat=0&LH_ItemCondition=4&LH_Complete=1&LH_Sold=1&_nkw=gold&_sop=16

How do you think these sellers protect themselves? That’s the better question.

[WBird]

If you do sell it on ebay, be sure to require buyer’s signature at delivery. Costs $2.50 I think.

[ThriftShift]

Thanks for the comments. I contacted an experienced seller in NYC who sells similar watches at high prices, some $10K. She said she has not had any scam returns in about 400 transactions but has had two credit card “chargebacks”. She said she delivers via UPS, requires signature, and has a report beforehand on the watch to authenticate it. I listed my watch for $7500 and am doing the same. I thought about researching jewelry stores in the area but I don’t want a small cut. Also, I did check with Ebay “valet” which is the service that receives high end items – they don’t accept high end jewelry though and art that requires more authentication. So we will see. My item # is: 142621444777

Ebay valet link
https://www.ebay.com/s/valet/faq#prohibited

[Jay]

Good luck! We’ll cheer when it sells!

[Author]

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