When people think of investments, the first thoughts that come to mind typically revolve around the stock market or buying property. But what if I told you that purchasing the designer fashion items you love can also be a significant investment?
Like those made by Rolex, high-end designer watches are works of art more than they are fashion. That’s why, over time, they can grow in value if they’ve been well cared for by the wearer.
If you own a Pre-Owned or Vintage Rolex watch or are in the market to buy one, it’s time to familiarize yourself with the process of appraisals. Here, we’ll walk you through it.
What Is a Watch Appraisal?
Simply put, an appraisal is a process of determining the monetary value of an item in today’s market. This process is also known as valuation. Typically, an appraiser will conduct an extensive examination of the watch and provide the client with a document that describes, in great detail, the quality, rarity, functionality, and condition of the timepiece.
Sometimes this official document will be given to you when purchasing a watch, especially from an authorized brand retailer.
But if you’re looking to buy secondhand or are hoping to sell your watch, having an appraisal conducted can legitimize your item and provide a level of certainty during the transaction. Additionally, assessments are often undertaken for tax or insurance purposes. If you own an expensive, luxury item, it is well worth the cost of an appraisal and insurance to protect your investment.
What Factors Does Precision Watches Appraisal Take Into Consideration?
But what goes into an appraisal of a Pre-Owned or Vintage Rolex? Before going into a valuation, it is helpful to know what to expect. This way, for better or for worse, you won’t be surprised by the information the appraiser shares with you.
First and foremost, an appraisal will evaluate the condition of your Pre-Owned Rolex. What is the quality of the exterior? Has it been well maintained? An appraiser will look for any scratches, nicks, or dents on the watch. Sometimes, if a scratch on the watch’s body is shallow, it can be buffed out and won’t drastically affect the item’s value.
Significant damage will lower the value of the piece.
The appraiser will assess bracelet stretching or if any links are missing. They will also evaluate the watch’s movement, which can corrode from water or dust inside the watch.
Rolex watches will last for years, but if the owner doesn’t maintain them, the condition will inevitably falter with time.
All Pre-Owned or Vintage Rolex watches, along with other big-name brands, have long been in high demand— and it doesn’t seem like that will stop any time soon.
The resale value of specialty timepieces continues to rise. That high value is primarily due to the scarcity of their production. With luxury brands producing a finite number of specific designs, this increases the value of those coveted watches. If you are lucky enough to have a rare and highly desirable piece, this will drastically increase its value.
The reputation of the brand makes a big difference when it comes to watch valuation. One of the big reasons people will invest such large amounts of money in a piece of jewelry is what it signifies to the world.
Wearing a Rolex carries an air of prestige. Even people that aren’t familiar with watches understand the level of luxury a Rolex implies.
Authenticity is another commonly assessed factor during an appraisal. Authenticity ensures that the brand name represented is true and accurate.
For this, an appraiser will look at the serial number and model identifier. This number can show if the watch is genuinely authentic when produced and can even trace its ownership over time.
They will also check to see if any watch parts have been replaced or repaired with non-Rolex parts. Any materials used that do not meet the high standard of Rolex as a brand could detract from the value of the timepiece.
One helpful way to prove authenticity is to provide the original box and authentication papers with the watch. These documents come with the purchase of any luxury watch; keep these papers in a safe place.
Here are some common questions that people have about Rolex appraisals.
How Much Does It Cost To Get a Watch Appraised?
First, it is essential to know that appraisals should never be charged based on the total value of the item. Instead, prices should be set either per item or hourly. Typically, you can expect to pay between $50-$75 per item or $50-$150 hourly.
Does Rolex Do Appraisals?
Producing more than 800,000 watches annually, the Rolex company has its hands full already.
That level of production may be one of the reasons that the Rolex company does not do appraisals of their products. That said, they always provide documentation to prove the watch’s authenticity and value upfront when you purchase from an official retailer.
If you need an appraisal of a pre-owned watch or for insurance purposes, you will need to locate a reputable professional in your area.
How Long Does It Take To Appraise A Watch?
The appraisal process itself for your Pre-Owned Rolex often takes around an hour to complete. That said, the actual wait time will depend on many factors, including how busy the appraiser is and how many other items you are having appraised.
It is always better to give yourself extra time and start the process early.
An appraisal of your Pre-Owned or Vintage Rolex is a standard, often necessary, process. Whether you are hoping to purchase or sell a pre-owned Rolex or are seeking an estimate for insurance or tax purposes, it is a crucial step in protecting the integrity of your timepiece for years to come.
Have more questions? Ready for a valuation? Contact Precision Watches for the next steps!