Whether your watch is strictly a timepiece or a work of art, when you decide to take it in to get it appraised there is a criteria which will create the value of the item. These factors will either raise or lower the value of your watch appraisal.
Condition is everything. If you're getting a watch appraisal chances are you are either getting it because you need it for insurance OR you are planning to sell the watch. If you are planning on selling the watch then the condition is really going to be important. Is the watch new or old? Is it brand new or does it have a few scratches or scuffs? Does it need repair or is everything in top form? These are things that will be considered in your watch appraisal.
If you have a Rolex watch, you have to understand that different years will also vary the watch appraisal. For example, a Rolex President's watch from 1985 will not have the same value as a President watch from 2012.
Rarity will always matter when it comes to any commodity. The rarer the Rolex, chances are the more it will be worth. However, I won't say this is guaranteed because in some instances the rarer an item is the less of a demand there will be for it!
For example, the Rolex Paul Newman Daytona is not only a loved and cherished Rolex, but it's also super rare and VERY in demand. In fact, there are only 20 of these watches in the world and they are estimated to be anywhere from $772,000 to $1.5M! There are thousands of watchmakers, and Rolex Enthusiasts who would love to have this watch in their collection. Chances are it will be incredibly valuable.
On the other hand, something like the Submariner is very common as it is listed as one of the most popular and highest selling Rolex watches. If you tried to sell one of these in perfect condition you would get nowhere near the actual cost of the watch because of how common they are. The Submariner is $8,550 and $7,500.
Materials Your Watch Uses
Just like with any other type of jewelry, the materials used will matter. Rolexes are usually made from quality materials, including 18ct yellow gold or Oyster steel. However, if you have a watch that uses a lower quality material it's going to affect how valuable your watch is.
The market conditions can fluctuate almost daily, which is why if you can't find a price point you like or even agree with, shop around or wait for another day to get it reappraised again.
When choosing a watch appraiser, make sure you find someone that is experienced in appraising watches and they are aware of how each factor will affect the value of your watch!
If you are interested in selling your used Rolex watch or have questions, visit Ralph Mueller & Associates or call 480.949.9229