Purchasing a Patek from Watchbox/Govberg online?

[MILGAUSS88]

I think alot of our members have a unrealistic idea of what they should receive for their watches for trade in. You cannot just look at Chrono24 or eBay and expect you should get that for yours.

I sell on ebay and at a few shows. I figure there is about 25% cost in selling fees either way. And I am a one man show, with no store front. Govberg, has 2 storefronts and 27 employees listed on there website.

Furthermore they offer a 2 year warranty, so I assume they have their watchmakers at least oil if not service the watch. That is an additional cost that I do not think the watch owner that is trading in his watch in considers.

Then there is loss, from theft, accidents and the occasional lost mail. Not to mention their free shipping, that is added into the cost of the watch.

The cost of carrying inventory. Some of the watches just will not move, and eventually they will take a loss on them. Not all of these watches sell instantaneously.

Then there is their wholesale purchase prices. Typical wholesale direct from manufacturer for high end watches is what 60%. And you are expecting to get 80%?

Unless it is a watch that they already have sold before it comes in the door, it does not surprise me that their offer is 50% of retail. Why deal in used watches that inherently have more problems if the profit margins is less than new watches.

After all the costs and risks, are they allowed to make a profit?

[dchang81]

I also take it to be the cost of convenience and not dealing with scammers and constant lowball offers.

[subtona]

Originally Posted by MILGAUSS88

I think alot of our members have a unrealistic idea of what they should receive for their watches for trade in. You cannot just look at Chrono24 or eBay and expect you should get that for yours.

I sell on ebay and at a few shows. I figure there is about 25% cost in selling fees either way. And I am a one man show, with no store front. Govberg, has 2 storefronts and 27 employees listed on there website.

Furthermore they offer a 2 year warranty, so I assume they have their watchmakers at least oil if not service the watch. That is an additional cost that I do not think the watch owner that is trading in his watch in considers.

Then there is loss, from theft, accidents and the occasional lost mail. Not to mention their free shipping, that is added into the cost of the watch.

The cost of carrying inventory. Some of the watches just will not move, and eventually they will take a loss on them. Not all of these watches sell instantaneously.

Then there is their wholesale purchase prices. Typical wholesale direct from manufacturer for high end watches is what 60%. And you are expecting to get 80%?

Unless it is a watch that they already have sold before it comes in the door, it does not surprise me that their offer is 50% of retail. Why deal in used watches that inherently have more problems if the profit margins is less than new watches.

After all the costs and risks, are they allowed to make a profit?

Good info. They Are capable of servicing their watches.

[GreenLantern]

Originally Posted by subtona

Good info. They Are capable of servicing their watches.

Indeed, they sure are!

They have some solid watchmakers on payroll in-house.

[nosignalbmwdriver]

They're prices are high but you're buying from a well oiled machine

[jon_jon]

In the US Market, I would say Watchbox and EWC (Boston) are the two largest and most reputable retailers for pre-owned Patek.

Places like DavidSw have a large Rolex inventory, but I have never seen more than 10 Pateks in his online inventory.

If you look at Watchbox, they often have GCs or MRs in their inventory that some of the small retailers won't touch because of the price of the watch and the small market for these items.

[jamestucker]

Originally Posted by jon_jon

In the US Market, I would say Watchbox and EWC (Boston) are the two largest and most reputable retailers for pre-owned Patek.

Places like DavidSw have a large Rolex inventory, but I have never seen more than 10 Pateks in his online inventory.

If you look at Watchbox, they often have GCs or MRs in their inventory that some of the small retailers won't touch because of the price of the watch and the small market for these items.

Madison time is very reputable and has great inventory too

https://www.madisontimewatches.com/

[7sins]

Originally Posted by jon_jon

In the US Market, I would say Watchbox and EWC (Boston) are the two largest and most reputable retailers for pre-owned Patek.

Places like DavidSw have a large Rolex inventory, but I have never seen more than 10 Pateks in his online inventory.

If you look at Watchbox, they often have GCs or MRs in their inventory that some of the small retailers won't touch because of the price of the watch and the small market for these items.

EWC is AWESOME. Had an incredible experience with them, great prices, very friendly with no attitude, shipped next day no questions asked. Wonderful group of people.

[mooty]

bought two GC from max at keystone.com
reasonable price
incredible condition


Madison time very good too.

[Fleetlord]

Originally Posted by ap1

Yeah, shocked from some of their price quotes on trades. I think they offered me like a hair over 2k for an omega diver 300. I was like

Sorry but without context, this doesn’t tell us anything.

If it was a 36mm, quartz, Omega Diver 300 with no box and papers, from 1994, then $2k is a strong offer!

[ap1]

Originally Posted by Fleetlord

Sorry but without context, this doesn’t tell us anything.

If it was a 36mm, quartz, Omega Diver 300 with no box and papers, from 1994, then $2k is a strong offer!

No dude, new model wave dial 42mm. Like a few months old

[Fleetlord]

Originally Posted by ap1

No dude, new model wave dial 42mm. Like a few months old

You didn't say that in your post at all. Who knew which version

That being said, it's an Omega. They are soft. Best Dealer Bid on this I've seen is $2700.00 about a year ago. There are a zillion of them out there without the demand to balance supply.

If you managed to sell it for more, you did well.

[Fleetlord]

Originally Posted by MILGAUSS88

I think alot of our members have a unrealistic idea of what they should receive for their watches for trade in. You cannot just look at Chrono24 or eBay and expect you should get that for yours.

I sell on ebay and at a few shows. I figure there is about 25% cost in selling fees either way. And I am a one man show, with no store front. Govberg, has 2 storefronts and 27 employees listed on there website.

Furthermore they offer a 2 year warranty, so I assume they have their watchmakers at least oil if not service the watch. That is an additional cost that I do not think the watch owner that is trading in his watch in considers.

Then there is loss, from theft, accidents and the occasional lost mail. Not to mention their free shipping, that is added into the cost of the watch.

The cost of carrying inventory. Some of the watches just will not move, and eventually they will take a loss on them. Not all of these watches sell instantaneously.

Then there is their wholesale purchase prices. Typical wholesale direct from manufacturer for high end watches is what 60%. And you are expecting to get 80%?

Unless it is a watch that they already have sold before it comes in the door, it does not surprise me that their offer is 50% of retail. Why deal in used watches that inherently have more problems if the profit margins is less than new watches.

After all the costs and risks, are they allowed to make a profit?

This is true, especially for brands other than the "Hawt" 5. (Rolex,AP,Patek,RM,Journe). Once you get into most Omega, IWC, Panerai, Cartier..etc The seller is sometimes lucky to even get an offer. If there is an offer it will be lower in order to account for slow turns on those brands. They might also buy lower than anticipated as the Hawt 5 sell at low margins and the weaker brands can blend the overall margin back up when one of them actually sells...

[Watchflair]

Originally Posted by ap1

Yeah, shocked from some of their price quotes on trades. I think they offered me like a hair over 2k for an omega diver 300. I was like

https://www.rolexforums.com/showthread.php?t=776872

[ap1]

Originally Posted by Watchflair

https://www.rolexforums.com/showthread.php?t=776872

Guys, don’t need lesson on selling. It was low. I sold for 4k instead.

[dchang81]

Reseller needs some margin, and that’s amplified the cheaper the watch percentage wise. That’s why cheaper stuff I sell myself, bigger ticket stuff I don’t.

[huncho]

Originally Posted by ap1

Yeah, shocked from some of their price quotes on trades. I think they offered me like a hair over 2k for an omega diver 300. I was like

went to the diamond district to inquire about selling a seamaster planet ocean. they said low 3s at most for it. they buy them at like 40-50% msrp new and get barely any profit on them, even less for preowned obviously. it is what it is when dealing with omegas lol

[ap1]

Originally Posted by huncho

went to the diamond district to inquire about selling a seamaster planet ocean. they said low 3s at most for it. they buy them at like 40-50% msrp new and get barely any profit on them, even less for preowned obviously. it is what it is when dealing with omegas lol

I hear you. My point is, they offered 2. Will likely ask 4200 or something. I sold it for 4K. There was big spread btw 2-4. There was a trade number in btw where I would have taken it to not deal with watchrecon etc. No way our TRF guys make that much profit margin. I get it more overhead so spare me that. I took that offer as:

We have 25 of these and don’t need another
Or
F off

Either way, I did way better. This was like 18mos ago before their value plummeted even further and way more are out there.

[huncho]

Originally Posted by ap1

I hear you. My point is, they offered 2. Will likely ask 4200 or something. I sold it for 4K. There was big spread btw 2-4. There was a trade number in btw where I would have taken it to not deal with watchrecon etc. No way our TRF guys make that much profit margin. I took that offer as:

We have 25 of these and don’t need another
Or
F off

Either way, I did way better. This was like 18mos ago before their value plummeted even further and way more are out there.

yeah true. i don't know much about omega values but if you sold it for 4k then they weren't fair. i know the one i was looking to sell goes for around 4k full set pre owned and they offered low 3s so it was logical. and agreed, the profit margin the trusted sellers here have is a lot smaller than people think. flipping isn't as profitable as people make it seem unless you wanna go through the hassle of selling privately, which you need a reputation for

[gaeleus]

I have purchased several high dollar items from Govbergs over the years. They have all been new though. I dealt directly with the sales manager George Meyer without any issues at all. I do believe that it is harder to get desirable pieces from them lately though!

[sxdcfv]

I always find it interesting that they have so many 'used' pieces that are only a few months old and unworn..... and they happen to be of the brands they are also AD for.

[JR16]

Originally Posted by sxdcfv

I always find it interesting that they have so many 'used' pieces that are only a few months old and unworn..... and they happen to be of the brands they are also AD for.

I’ve yet to personally see an in-production preowned watch sold by watchbox that has a Govberg-stamped warranty card. Not saying it doesn’t happen, I just wouldn’t make presumptive statements like this without evidence/data to back it up . Just my 2 cents.


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