watch Appraisal services
What Type of Watch Appraisal is Right For You?
Not all watch appraisals are created equal. We offer two types to suit your specific needs. Fair market value appraisals are usually provided verbally
while insurance appraisals are documented with pictures and formally written.
Having your watch appraised by our professional watch maker can be vital in substantiating the value of your watch.
Fair Market Value Appraisal
If you are planning on selling your watch than this is the appraisal that would be most suited to you. Simply put, fair market value is the price that both a willing buyer and willing seller agree upon.
Fair market value is determined by looking at a number of factors including the condition, desirability, and rarity of the watch. It is important to remember that the original value of an item is not usually a factor to rely on when determining the fair market value and it is not often reasonable to expect to receive what you paid for the watch brand new. That is not to say that some watches don't increase their value over time but these watches are generally the exceptions rather than the rule.
Selling your watch for less than it merits leaves your wallet feeling lighter than it should. Likewise, having your watch flounder for months without selling due to an unwarranted asking price leaves you with no money in your pocket. A fair market value appraisal will ensure you price your watch competitively with similar watches currently available on the market so you are able to sell your watch in a timely and appropriately profitable manner.
Keep in mind that market values fluctuate over time so you can't rely on an old appraisal to be valid in todays' marketplace.
Insurance Appraisal
If you are planning on keeping your watch and need to insure it than this is the appraisal most beneficial to you. Insurance appraisals will determine the replacement cost of your watch for insurance purposes and are always higher than the fair market value of a watch. This is given to the fact that, in the case your watch is stolen or suffers irreparable damage, you now become an unwitting buyer. Therefore, under the law, you are entitled to replace your previous watch in a timely manner without having to "bargain hunt" for months, as you might if you were willingly shopping for a new watch.
The replacement value of a watch is determined by finding the estimated cost of a new, comparable item to the one lost. That figure is then adjusted based on the condition and desirability of the watch, as well as taking into consideration depreciation.
Insurance appraisals share commonality with free market value appraisals in that they will fluctuate over time. Therefore, your insurance may require you to have appraisals done after so many years.
Insurance appraisals can also help bolster the sale of your watch in that it verifies the buyer of the condition and value of the watch before they purchase it.