Eric Ong of Bonfield Singapore has tips to ensure you place the right value on a watch you’re planning to sell.
Watch collecting is a passion that could also reap bountiful rewards, as Eric Ong of Bonfield Singapore reveals. Antique watches have been known to fetch hundreds of thousands, if not millions, at auctions, as in the case of Panerai watches.
Bonfield Singapore has carved a niche in expertise in pre-owned timepiece sales, valuations of family heirlooms, insurance valuations, auction house consultancy, restoration, customisation of design and application of precious and semi-precious stones by GIA qualified jewellers, amongst others.
In his career, Ong has seen it all when it comes to reselling watches. If you’re planning to put your watch on the market, take note of Ong’s tips to ensure a sale that’s worthwhile.
Eric Ong, owner of Bonfield Singapore
Know the ‘value’ of the watch you are selling
“Every timepiece has a value but how do you value it? A good timepiece is one that keeps time accurately but the value of a timepiece differs from one to another. For instance, the value of a family heirloom depends on how much you value it. How much would you pay to part with it since it is important to you?”
Always go online and do your research on where your watch stands
“Nowadays, you can always refer to Google and visit forums of discussions. You can check the ideal price, retail price online. It is much easier now than before. Ideally, you should gather an idea first on how much the timepiece you desire is worth before you go to an appraisal house and auction. This is very important because you need the information at your fingertips.”
Know that there are many factors influencing a watch’s value
“You need to know your watch’s history. In some cases some watches’ value is based on provenance. For example, a Rolex owned by our nations past prime minister; its owner carries the value of the watch or who wears it on its wrist. For this, you need to always look for the proof that such a person owned the watch. This requires authenticated documentation and papers. All documents must be original and authenticated to command a certain price.
For some watches, they can be a vintage but you also need documentation. Is it a full vintage or a partial vintage? Is the timepiece entirely vintage or has certain parts such as its bracelet that has been replaced with a contemporary version? All this also adds to the timepiece’s value.”
Work with a trustworthy watch partner
“What helps is if you have a very good watch partner, someone knowledgeable in the field, to advise you before you put your watch out there. Here are some questions to ask to see if a watch partner is trustworthy: When was this timepiece last serviced? Who did it? You also ask about the watch’s beat error. When you ask, watch out for the answer. Of course they will tell you that it is working—that it is performing. Well, it is ticking but does it keep time accurately? That is a question you must ask.
“Once you’ve confirmed you are safe with this partner, then obtain a document to prove the watch is appraised by a third party before you put it up for sale.”
(Photos: Bonfield Singapore)
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