Faq

Common Questions

Common Questions

What is a reference number and how do I find the serial number for my watch?

Generally, the paper work that comes with your luxury watch will have the reference and serial number on it. Quite often the watch serial number can bet found on the back of the watch or on the inner bezel.

What is an escrow service and how do I use it?

An escrow service is a process that simple and safe, enabling you to protect yourself in transactions which involve payment.

Step 1: To start a transaction, register with out escrow service– your details are completely safe.

Step 2: Create a escrow form with the amount to pay, the conditions under which this is to be paid, and the name of your referee in case there is a dispute between the parties. A neutral referee can be used for those who cannot agree on their own referee.

Step 3: Click Submit and a confirmation email offer is sent to you and the other party. The other party must then (register and) log in to our escrow service to review the transaction terms. If they agree, they click ‘Accept and Agree to Terms’, and a confirming email is sent to both parties.

Step 4 If the other party isn’t entirely happy with your offered terms, they can make changes and click on the ‘Submit Changes to other party’ button, which sends an email to both parties detailing the amended terms. This process continues until one of the parties accepts and agrees the latest terms offered.

Step 5: Both parties receive confirmation of the agreed terms which will govern the Transpact, a reference number and escrow payment instruction and bank details.

Note carefully: Until this point, although offered terms have been agreed, no commitment has been made and there is no obligation binding on either party. Also, no fees are yet due and there is as yet no financial liability whatsoever. When payment in full is received by our escrow service, the transaction terms agreed between you become a contract between the parties governing the payment. So you can negotiate with our escrow service without pressure and without cost, only committing yourself when payment is made.

Step 6: When we receive full payment from both parties, we will notify you that the transaction is now live, as can and should be confirmed by logging on to our escrow service and checking the status. Your money will be safely and securely held by our escrow service until either party instructs payment to the other side, by logging in to our escrow service and clicking the ‘Make Payment’ button and following the Make Payment procedure. As soon as the payment instructions are completed, we transfer the money into your or the other party’s bank account.

How much does it cost to use the escrow service?

The fee to use our escrow service is just £15 per item.

How do I find the true value of my watch?

We will help give you a guide line of the value of your watch, but it is also wise to search around the internet to see what the current value is, as some models increase in price after purchase because of the rarity.

Why is the minimum advert period three months?

We have found that selling a luxury watch can be quite a slow process and on average a luxury watch will take around 3 months to sell. Obviously some popular models sell quicker and some less poplar models take longer, so running an advert for 3 months saves you time and money.

Can I accept cash for my watch?

Yes, but make sure to take safety measures when doing so, meeting in a bank and depositing the cash straight away is a good idea. Aways think safety when selling your luxury watch for cash

Why do I have to have the watch verified?

We do our very best to prevent fraudulent watches being sold here, so by making sure every watch is verified we can help prevent fraudulent watches being sold.

What should I keep in mind when buying from a private seller?

If you want to buy from a private seller, our escrow service is the safest way to pay. Your payment goes to an escrow account, where it remains safely until you have the watch in your hands.

If the private seller doesn’t offer the escrow service, we suggest you meet the seller in person at a safe location. Meeting at an established watch dealer’s shop where the watch can be immediately checked is a safe way to buy your watch.

The seller wants payment in advance by bank transfer.

When buying from a commercial dealer this is fine, however when buying from a private seller, paying in advance by bank transfer is not a safe method.

Does Luxury Watch Trader buy watches directly?

We do not buy watches directly, we are a platform that brings buyers and sellers together.

How long will my watch take to sell

Be patient when selling your watch,  try not to be in a rush and stay optimistic and take your time. Skillful negotiation can sometimes result in a better price..

Can I trade in my watch to a trader

Yes, but remember a trader will offer a lower price because they will want to sell the watch to make a profit, just like trading in your car to a garage, you will normally get a lower price from the garage as they will have to take the risk and sell it on.

What other safety measures should I think about when buying or selling a luxury watch

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How do I photograph my watch

Setting the hands

Setting the hands at the 10 past 10 location give the watch the best look as most logos and names are set at the top or bottom  of the watch.

Don’t forget to clean the watch

Clean your watch with a lint-free cloth as this should remove any fingerprints the casing and crystal. Try to avoid using a damp cloth.

Background

The watches box and papers are best as the background. If you don’t have those then use a non-reflective surface and try to avoid glass or high-gloss backgrounds.

Best angles

Take pictures from the front, back, and sides. You can also lay it down flat and take a photo of the watch with the open bracelet or strap. Highlight any damage or deep scratches the watch might have by taking a close-up photo.

Lighting

Try to position the watch in a way such that the sunlight is coming from the 12 o’clock angle, then take a piece of paper or light plastic board and place it at 6 o’clock. This allows the light that comes in to bounces back from the white surface and spreads onto the watch, giving a professional finish.

How do I explain the condition of the watch

The condition of a watch is generally broken down into 7 classifications:

New

  • Brand new, without any signs of wear

Unworn

  • Mint condition, without signs of wear
  • From old stockpile, may have minimal signs of wear from storage

Very good

  • Worn with little to no signs of wear
  • Glass, hands, dial, case, and movement in very good condition
  • Movement serviced to an adequate extent
  • May have been polished

Good

  • Light signs of wear or scratches
  • Glass, hands, dial, case, and movement in good condition
  • No large dents. No hair-line cracks.
  • Repaired using only original parts
  • Movement potentially serviced
  • May have been polished

Fair

  • Obvious signs of wear or scratches
  • Fully functional
  • Glass may have been replaced
  • Small dents
  • May have been polished
  • May contain non-original spare parts
  • Movement may require servicing

Poor

  • Heavy signs of wear or scratches
  • May not be fully functional
  • Case heavily dented
  • Dial, hands and/or glass need replacing
  • May have been polished
  • May contain non-original spare parts

Incomplete

  • Components missing, non-functional
  • Suitable only for retrieval of spare parts
  • May contain non-original spare parts

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What is a Watch Register Certificate?

A Watch Register Certificate is a certificate that is issued for any watch which is clear from our database. Our partners database includes all the major luxury brands, and currently has over 70,000 stolen watches registered. Rolex watches constitute a third of the database with 25,000 registered.

How much does it cost to get a Watch Register Certificate

The fee for a watch register certificate is £7, this is non refundable if the watch fails the search.