tribefan 6,768 Posted February 23, 2023 https://www.bloomberg.com/news/articles/2023-02-22/watchfinder-cuts-pre-owned-prices-by-15-as-rolex-and-patek-fall Watchfinder & Co., the online pre-owned watch-selling platform controlled by luxury conglomerate Richemont, has dropped prices by about 15% as valuations of used Rolex and other top models have declined. Watch dealers and investors have flooded the market with supply, in recent months, of once-sought-after Rolex Daytona, Patek Nautilus and AP Royal Oak models leading to a 24% decline in a luxury watch market index, compiled by Watchcharts, in 12 months. The index comprises 60 watches from the top 10 luxury watch brands by transaction value. The CEO said the correction in prices and surge in supply was not a surprise to Watchfinder, which uses data to track and predict market performance as supplies surged. However, the breadth and the speed of the selloff has been unexpected. “Most people in the industry were not naive that prices would plateau and go down, but not with this magnitude,” he said. Watchfinder is expanding to add a trading platform in the UK, apart from buying watch inventory for resale on its website and in its stores. The new program will allow dealers and private sellers to post watches for sale on Watchfinder with the company taking a £175 sales commission on each watch and a 4.9% share on the sales value. How splendid of them. Fuckers. 7 Share this post Link to post Share on other sites
Eikos 6,447 Posted February 23, 2023 I like their used straps on ebay but their watches are way overpriced IMO, even after the price drop. Also, I find statements like "correction in prices and surge in supply was not a surprise to Watchfinder" particularly amusing....yeah right Mr CEO, after you just massively expanded your watch inventory and operations based on high price and target sales assumption... 1 Share this post Link to post Share on other sites
Redfire1066 11,209 Posted February 23, 2023 I was buying from Watchfinder online from around 2014 . .. always found them reliable with superfast delivery and prices were fair with around an average of 5% negotiable discount (minus the watch service voucher). Alas. . . .. I seen the light and started buying Rep's, microbrands and homages . ... better fun IMHO .. . 3 Share this post Link to post Share on other sites
deju 1,889 Posted February 23, 2023 1 hour ago, tribefan said: The new program will allow dealers and private sellers to post watches for sale on Watchfinder with the company taking a £175 sales commission on each watch and a 4.9% share on the sales value. How splendid of them. Fuckers. TBH I think that fair, there is chronohunter too that allows you to float your watch to trade offers. On a £4k watch, losing £371 to not worry about PayPal fee’s or eBay scams is more than viable to me. EBay would cost more and has so many hassles: eBay Fee: £400.00 Fee percentage: 10.00% (VAT included) PayPal Fee: £116.30 Fee percentage: 2.9% + £0.30 1 Share this post Link to post Share on other sites
tribefan 6,768 Posted February 23, 2023 2 hours ago, deju said: TBH I think that fair, there is chronohunter too that allows you to float your watch to trade offers. On a £4k watch, losing £371 to not worry about PayPal fee’s or eBay scams is more than viable to me. EBay would cost more and has so many hassles: eBay Fee: £400.00 Fee percentage: 10.00% (VAT included) PayPal Fee: £116.30 Fee percentage: 2.9% + £0.30 Sure, agree that it's better than ebay, but anything is better than ebay. And I was wondering if that price is going to include payment fees or not. Share this post Link to post Share on other sites
Piccolo 674 Posted February 24, 2023 On 23/02/2023 at 20:55, deju said: TBH I think that fair, there is chronohunter too that allows you to float your watch to trade offers. On a £4k watch, losing £371 to not worry about PayPal fee’s or eBay scams is more than viable to me. EBay would cost more and has so many hassles: eBay Fee: £400.00 Fee percentage: 10.00% (VAT included) PayPal Fee: £116.30 Fee percentage: 2.9% + £0.30 Agreed… most other dealers are 10% plus if on commission - and way over that if buying outright. WF has a pretty decent reach as well, so seems like an ok deal to me. Their trade in prices were/are always a joke, so might as well use them to access a wide market on sales… Share this post Link to post Share on other sites
Pesman 9,461 Posted March 5, 2023 Agreed… most other dealers are 10% plus if on commission - and way over that if buying outright. WF has a pretty decent reach as well, so seems like an ok deal to me. Their trade in prices were/are always a joke, so might as well use them to access a wide market on sales…EBay has improved a lot. I always wait for an 80% off fees email before I list and the 'Authenticity Gaurentee " has killed the scammers on higher end sales...Sent from my SM-G977B using Tapatalk 1 Share this post Link to post Share on other sites
Piccolo 674 Posted March 9, 2023 On 05/03/2023 at 14:15, Pesman said: EBay has improved a lot. I always wait for an 80% off fees email before I list and the 'Authenticity Gaurentee " has killed the scammers on higher end sales... Sent from my SM-G977B using Tapatalk Agreed, the cheaper fee’s definitely help - but still have to factor in trying to take decent photos and deal with questions from people who probably won’t buy. It’s a lot less hassle to have someone else deal with that side of things for a low commission. Definitely depends on the price of what you’re selling and how much you’re willing to invest in it to get a sale. Share this post Link to post Share on other sites
