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Old 21 October 2009, 02:28 PM   #1
tkc324
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Icon6 How much does pawn shop offer for Rolex?

been watching some Pawn Stars on History chanel.
This old espisode was talking about used Rolexes.
I was curious does any one know or have been offer by pawn shops for their Rolexes?
I wonder how much profit they make per Rolex... etc??
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Old 21 October 2009, 02:37 PM   #2
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There isnt a pawn shop around me that I know that ever has a Rolex for sale.The ones that say Rolex that I have seen were fake.

A good question to ask is what do the guys that run the full page ads in the sunday paper pay?Take a watch there and sit back and laugh
I wanted to buy an early 60's mint box and papers submariner and the owner told me to go with him to this hotel that had a BIG dealer that wrote a book paying top dollar.He said if he offers more than you hes got it.Having offered 10k for the watch I went with him thinking I might have to offer more for it in the end considering it was the nicest 5512 I had ever seen up until than.The Big dealer offered $1200.00 and told him that if his staff saw it they would scream cause it was way more than blue book.He showed the man a sheet of paper doctored up to show the values and what they pay. The man was not dumb as I had shown him what they go for when I made my offer he turned and walked away and the big dealer ran out to the parking lot and offered 7k the old man said this fellow offered me 10k and I wasted his time the big dealer than offered 12k as to not dare let anybody else buy it. The old man decided to keep the watch.It was a big circus in there.In front of me they where paying get this .50 for $1.00 silver morgan dollars as they told the old lady you cant spend these anymore and this is what we pay.
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Old 21 October 2009, 02:38 PM   #3
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I believe they use like 10-30 cents per dollar usually, I do not know if it is the same for Rolex watches.. but not much more than that.
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Old 21 October 2009, 02:39 PM   #4
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That is an interesting show. In one episode they had a 16713 in pawn for 2,000 and I believe they sold it for around 5,000 ? I would hate to even think of selling a Rolex to a pawn store, as Im sure it would be a fraction of the value.
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Old 21 October 2009, 02:42 PM   #5
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I would say a Pawn shop will pay about 50% of what your Rolex is worth. Then they will price it at 150% of it's true market value. Usually the Rolexes they stock, if any, are not worth looking at. Stay clear of the pawn shops!
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Old 21 October 2009, 02:48 PM   #6
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I have no problem with someone making a living, but pawn folk in my opinion take advantage of people that use them, the ones I have known will pay pennies on the dollar and want to sell for full retail. Just my opinion...
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Old 21 October 2009, 02:54 PM   #7
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A local shop has a 16610 circa 2003 for 3500 right now.
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Old 21 October 2009, 02:58 PM   #8
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A local shop has a 16610 circa 2003 for 3500 right now.
offer 3k.. I was offered a 2004 for 3K.. papers and all..
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Old 21 October 2009, 03:22 PM   #9
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Wouldn't go near them
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Old 21 October 2009, 03:26 PM   #10
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The low prices offered may be a historical artefact, as pawn shops were always a great place to "fence" stolen goods.

Not saying this to offend any 2nd hand-dealers out there (as they like to be called now), just commenting on the percieved history, which is also often repeated and exagerated in Hollywood movies, popular culture etc.

Yes, for a stolen watch, you would likely get 30-50% of it's actual value...
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Old 21 October 2009, 03:39 PM   #11
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There are many legitimate shops. I have personally taken a loan against my sub for business purposes. I popped in the shop last month, to ask what kind of inventory they had. I was curious what they woud offer my serti 16613 D serial with box and papers. The watch is in new condition, and he offered me 5K. Sounds cheap, but if you're forced to sell hard up for cash when you need it.....

I spoke to the owner in length, and most of watches that he buys are immediately sold to a broker. This keeps him in the loan business, and not the jewelry business.
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Old 21 October 2009, 03:52 PM   #12
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There's no set rules

on how much the pawn shops can offer for your goods, 10, 20, 30 cents on the dollars, the lower he pays you the more money he will make. One thing to keep in mind is that not all pawn shops operators have the expertise and/or have the proper tools to open and to authenticate the watch. I once looked at a vintage 1655 at a pawn shop down in the LA area, the owner had just bought the watch from a guy who claimed to have inherited the watch from hid father. He swore the watch was 100% genuine Rolex, he even had the case back opened to show me the real Rolex movement inside. Sure the movement was indeed real, but what he did not know was that the case was an Italian made replacement case...
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Old 21 October 2009, 04:06 PM   #13
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The real answer is that not all pawn shops are created equally. In general a pawn shop will want to buy at a price point that will allow them to sell an item at 50% of list price and still make a profit. There are 2 ways that pawn shops receive merchandise; they buy it outright and they retain the item when the owner fails to pay the pawn loan as agreed to. Whether you can find good items at a pawn shop is largely based on geography. Las Vegas has some good pawn shops with quality products as well as some horrible pawn shops with junk.

Never sell an item to a pawn shop because you will get much less than if you sell it yourself to a private party. You can get some good deals if you are buying at a pawn shop if you know what you are looking for. Don't ever pay asking price for anything at a pawn shop. Remember they are in the business of selling products, not storing them. You will find some owners that want to hit a home run on every item they sell and they will keep their items in stock rather than give someone a good deal - stay away from these guys. If you offer 50% of the marked price for most items you are in the money unless it is a rare or highly sought after piece.
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Old 21 October 2009, 04:14 PM   #14
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Quote:
Originally Posted by dbphotos View Post
The real answer is that not all pawn shops are created equally. In general a pawn shop will want to buy at a price point that will allow them to sell an item at 50% of list price and still make a profit. There are 2 ways that pawn shops receive merchandise; they buy it outright and they retain the item when the owner fails to pay the pawn loan as agreed to. Whether you can find good items at a pawn shop is largely based on geography. Las Vegas has some good pawn shops with quality products as well as some horrible pawn shops with junk.

Never sell an item to a pawn shop because you will get much less than if you sell it yourself to a private party. You can get some good deals if you are buying at a pawn shop if you know what you are looking for. Don't ever pay asking price for anything at a pawn shop. Remember they are in the business of selling products, not storing them. You will find some owners that want to hit a home run on every item they sell and they will keep their items in stock rather than give someone a good deal - stay away from these guys. If you offer 50% of the marked price for most items you are in the money unless it is a rare or highly sought after piece.
Very well said. and don't dismiss pawn shops as I have bought many Rolex watches from different pawn shops at great prices and all were 100% legit, many in like new condition.
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Old 21 October 2009, 04:25 PM   #15
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I think the general public has a huge misconception on how a Pawn Shop is and or should be run. Very few people have ever been into a Pawn Show, and just have a skewed perception which is more than likley picked up from movies and tv shows showing them as a place to sell stolen items.
Pawn Shops are plenty legit and send full info on all items brought into their stores to police, and then said item is held for a set number of days so the police can run the numbers and clear the item. (serial numbers, model numbers, etc.). Pawnshops are State mandated and I know that is the procedure here in Ca.

Some of the nicer pawn shops in San Francisco are in much better condition that retail jewelry stores here in Sac, and have a better inventory!
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Old 21 October 2009, 05:11 PM   #16
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The pawn shops in the city where I worked as a police officer were pretty legit. We had a pawn shop detail that consisted of 3 detectives who all they did all day was visit pawn shops and go over the items that they had in there to keep them honest. Most pawn shops nowadays that do business openly will not risk losing thier license, business and potential jail time to fence stolen items. Some tweaker comes in with a new rolex or some gold coins they know pretty well he is a thief and boot him out the door.
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Old 21 October 2009, 10:00 PM   #17
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No need to bash pawn shops ... they are doing what we all love to do: buy low, sell high ... I would love to have your subs for $1500 ....anyone wanna sell??
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Old 21 October 2009, 10:39 PM   #18
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Not all pawnshops or secondhand dealers are the same. There are many who will take advantage of other people's miseries and will pay whatever minimum they can get away with so they can make a quick buck selling the items.

I do know of one pawnbroker who has a different strategy. He will offer the usual minimum, and will have the item on display, but will have a label indicating the item is on hold.

In reality, there is no buyer. This pawnbroker knows that the person who pawned the item is aware that the item is worth far more than what he pawned it for, so he hopes to be able to redeem the item one day.

The poor man will just extend the "loan" by paying the monthly interest of between 10% to 15%. The pawnbroker told me that if he sold the item like most pawnbrokers, he would have a short term profit, but will have to wait for someone else to pawn another item. Pawnbrokers are just like any other bsuiness, they constantly require stock.

With his strategy he is virtually assured of regular stock and income. His regular clientele (pawnees) keeps coming back to him because they know he won't sell their valuables, hoping they will be able to redeem the item one day.

Some do in fact managed to redeem their items eventually, only to pawn it again a few months later and the cycle starts again. The interest earned is usually greater than any profit the pawnbroker would have made had he sold the item.
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Old 22 October 2009, 12:24 AM   #19
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Not all pawnshops or secondhand dealers are the same. There are many who will take advantage of other people's miseries and will pay whatever minimum they can get away with so they can make a quick buck selling the items.

I do know of one pawnbroker who has a different strategy. He will offer the usual minimum, and will have the item on display, but will have a label indicating the item is on hold.

In reality, there is no buyer. This pawnbroker knows that the person who pawned the item is aware that the item is worth far more than what he pawned it for, so he hopes to be able to redeem the item one day.

The poor man will just extend the "loan" by paying the monthly interest of between 10% to 15%. The pawnbroker told me that if he sold the item like most pawnbrokers, he would have a short term profit, but will have to wait for someone else to pawn another item. Pawnbrokers are just like any other bsuiness, they constantly require stock.

With his strategy he is virtually assured of regular stock and income. His regular clientele (pawnees) keeps coming back to him because they know he won't sell their valuables, hoping they will be able to redeem the item one day.

Some do in fact managed to redeem their items eventually, only to pawn it again a few months later and the cycle starts again. The interest earned is usually greater than any profit the pawnbroker would have made had he sold the item.
That's no where near how it works here in CA. Like I said before, here in the states, each States Pawn Laws are mandated by that State.
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Old 22 October 2009, 12:30 AM   #20
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Was watching Rainman last night and when in Vegas Tom had to pawn his YG DD. MY wife asked what I thought he got for it. Then, in the next scene, Tom said "we $3500.00 to get the Rolex back".
I know it's only a movie but interesting none the less.
Unless you're really desperate it's much better to sell on your own. But many don't want to put forth the effort.
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Old 22 October 2009, 12:42 AM   #21
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Remeber they are in the business to make living and may be little more. I would not buy from a Rolex from a pawn shop not because they are bad but because I do not have the skill or expertise to check whther it is legit. So I would rather stick with my local AD or some trusted sellers here.
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Old 22 October 2009, 01:36 AM   #22
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been watching some Pawn Stars on History chanel.
This old espisode was talking about used Rolexes.
I was curious does any one know or have been offer by pawn shops for their Rolexes?
I wonder how much profit they make per Rolex... etc??
I once had to pawn my DateJust to get home from Las Vegas once back in the 80s it was worth a couple hundred bucks; enough for gas a meal and a spin !
I went back a month later to recover it !
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Old 22 October 2009, 01:49 AM   #23
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I was curious of the very same thing and just for gags I stopped into a shop local to my area with box, papers, and the whole nine. I was offered $800.00 for my LV. I said thank you and left. I almost regurgitated my lunch. Hope this helps.
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Old 22 October 2009, 01:53 AM   #24
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I was curious of the very same thing and just for gags I stopped into a shop local to my area with box, papers, and the whole nine. I was offered $800.00 for my LV. I said thank you and left. I almost regurgitated my lunch. Hope this helps.
WOW~ that is sick...
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Old 22 October 2009, 02:45 AM   #25
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I have never seen anything but junk in a pawn shop and nothing worth buying as far as watches go.
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Old 22 October 2009, 02:56 AM   #26
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Gables Pawn in Coral Gables Florida specializes in Rolex watches. They have cases full of them.
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Old 22 October 2009, 03:47 AM   #27
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Gables Pawn in Coral Gables Florida specializes in Rolex watches. They have cases full of them.
Just checked their prices.. looks like they think they are an AD..
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Old 22 October 2009, 04:11 AM   #28
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"How much does pawn shop offer for Rolex?"
Not enough or Too much!
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Old 22 October 2009, 04:15 AM   #29
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The ones I have seen in pawn shops look old and beat to hell and they ask top dollar.
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Old 22 October 2009, 04:17 AM   #30
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I once had to pawn my DateJust to get home from Las Vegas once back in the 80s it was worth a couple hundred bucks; enough for gas a meal and a spin !
I went back a month later to recover it !
Imagine them swapping your good movement out with an older one? I wonder if that happens?
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