Did you know that there is a spectacular market behind buying and selling watches? There are lots of people buying and selling watches around the world without even owning a jewelry shop or having access to auctions.
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So here is a breakdown of how you can make major money buying and selling amazing watches… Where To Start With so many watches and different brands, make money on watch hard to even know where to start. As you may have heard me say before, making money is all about knowing what you are involved in in order to minimize risk and make your attempts more calculated.
The more research you do, the more likely you are to succeed and the less mistakes you will make. Mistakes will happen and will occur more than once but the beauty of it is that just like the stock market, what you lose on one trade, you can make twice as much with the next.
How Does It Work?
Here are some steps you should take with starting: Understand the market: Visit forums like Rolex Forums option what is this video, eBay and TimeZone to gauge what pieces are moving, which are wanted and which are not selling. Also pay attention to asking prices and what pieces are selling for which amounts.
Understanding the market and locations where pieces are selling is key. Decide ahead how much money you can afford to tie into timepieces and pretend to be buying some and check selling prices a few days later.
Frequently Asked Questions
Try to negotiate with sellers and sharpen your skills to prepare for when you actually have to buy your first one. Understand that putting money into watches is sometimes about timing and requires patience or losses will come your way.
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The Buying Power Cash is king as in every situation and more than ever in this scenario. Understand that with every hardship in life, things like jewelry and watches are the first to go.
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These hard times mean that you can pick up worthwhile time pieces at a fraction of the cost. So what is a good buy? Most dealers will buy watches at about 25 cents to 30 cents on the dollar for mint pieces, complete with boxes, papers and documents.
Most deals should be negotiated as close as you can to those numbers. All of which are high end pieces and should be bought at least 2 years old.
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How To Sell Selling is a bit harder than buying and requires you to actually exercise patience and fearlessness. Many times, people will lowball you trying to take your pieces for pennies on the dollar as you tried when buying yours.
Lowball offers are quite common and expected with every deal but real offers come through as well. Patience is required to make the best deals that work for you and timing is make money on watch.
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There will be times when you list a watch for weeks with no hits and suddenly list it again and sell it in a few hours. There is always someone looking for that piece, you just need to make sure your piece is priced right and visible to all through watch and car forums as well as eBay.
Many newbies make the mistake of showing off all the time wearing the watches in hot conditions and causing sweat to damage the alligator bands or accidentally hitting the watch around causing bezel swirls and nicks. Simply wear them a minimal amount of times and in carefully placed situations where damage and theft are minimized. Sign up here.