If you’re contemplating selling a Rolex in South Africa, there may be a better alternative to consider.
This is particularly true if you need to access funds quickly.
Unlocking the value of a Rolex, without selling
Instead of selling a prized watch, you could consider using it to secure a short-term loan from LoanAgainst.
Securing this form of asset-based loan is quick, easy and convenient. It allows you to leverage the equity locked in your Rolex, without having to part with it for good.
Why it might be better not to sell
Rolex is South Africa’s top luxury brand in terms of retaining value. For this reason alone, it may be preferable to hang on to your Rolex while it continues to appreciate in value.
According to the latest Luxity State of the Luxury Market in Africa report, Rolex watches are reselling in this country for an average of 97.6% of their original sale prices.
Over time, rare and limited-edition Rolex timepieces actually appreciate in value, exceeding their once new values. This makes them solid investment assets.
There may be other reasons not to sell a Rolex, too.
For example, getting the best price is partly about timing the market. With South Africa’s depressed economy and international volatility, now may not be the best option.
Also, a luxury watch may have value as an heirloom for passing down to future generations. And it may continue to bring pleasure to the wearer for many years.
Options for selling a Rolex watch in South Africa
If you do decide to sell, finding the right sales channel can be a challenge. Ideally, you want to reach as many interested buyers as you can, without compromising your personal security.
Here are a few options to consider.
Online marketplaces
Listing an item on Gumtree or Facebook Marketplace is quick, easy and free. Your Rolex will get plenty of exposure, but not necessarily the right kind.
Safety is a major concern when advertising any item of value on social media platforms and generic online marketplaces.
There have been many incidents of muggings, and funds showing up in bank accounts, only to disappear.
Dedicated online watch markets, like Chrono24, are a better bet. Listings are free, they attract buyers from all over the world, and offer an escrow service to facilitate secure and guaranteed payments. The only downside is they charge a hefty commission.
Watch dealers
Selling your Rolex to a reputable watch dealer is safe but you won’t get the best price. Dealers buy low and sell high.
Keep in mind that not all dealers are automatically trustworthy. Talk around and get recommendations from family and friends. Get at least three to four offers before agreeing to a sale.
On the plus side, you’re likely to get your money directly after the conclusion of the sale or, failing that, within a couple of days.
Auction houses
Leading auction houses, like Stephan Welz, Sotheby’s and Bonhams, hold regular auctions of collectible items like luxury wristwatches.
Auctions attract a high number of bidders. Additionally, you can set a reserve price. Any bids under are not considered.
Depending on the lot’s value, auction houses charge commission of around 20%. That takes a sizeable chunk out of the proceeds of a sale.
Determining the resale value of a Rolex
Having your Rolex professionally appraised by a dealer or jeweller is the best way to determine a fair price on the second-hand market.
Even then, prices fluctuate with demand. Checking current resale prices online is a good way of getting a feel of what buyers and collectors are prepaid to pay.
Using your Rolex to secure a loan instead
Rather than selling a Rolex in South Africa, use it to secure a short-term loan with LoanAgainst. We offer flexible repayment terms, competitive interest rates and the option to extend loan periods if payments are up to date. Call us on 064 976 7106 for more information or simply complete and submit our online loan application.
