Goldsmiths used valuations

Now I was expecting a low ball offer but they really kicked low AND hard.
I had a brainwave of part chopping 4 existing watches against 2 available from Goldies, based on Watchfinder ‘for sale’ prices I had a bit of a guess at values but popped the first one into their online valuation tool and a watch that sells for £2250 used is worth less than £400 to them, I was expecting a bit of spread but that’s bonkers.
I guess I just need to play the long game and get posting them up on the sales forum.

In fairness, taking one of the most expensive seller's asking price as any sort of indication as to what another business, not specialist in this area nor renowned for offering value, might always lead to disappointment.

In large part Goldsmiths is trading on its historical reputation and good fortune in having some very commercial brands. Their jewellery is generally very expensive for what it is. DFS-type sales shame our trade.

What were you selling? Did it have any service or parts needs?

H

Which watch was it?

Chrisholm Hunter offered me £500 for a lovely Aqua Terra. WF gave me £1800 for the same watch..

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Originally Posted by Boss13

Which watch was it?

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Breitling B1, still waiting for a response from Watchfinder, they were quick back on the 2 Rolex values, but not the Breitling or the Seamaster.

I see, WF are usually strong on values from my experience, good luck!

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Originally Posted by Boss13

WF are usually strong on values from my experience

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The 2 Rolex values are 'fair' although a little comical in comparison to what they have the same watches up for sale at, no problem with them making a bit of money but 25-30% seems a little strong, but then it is a business and it's an easy transaction, although I'd hope a well priced Sub or Daytona wouldn't be too hard a sale.

Goldsmiths and Chisholm Hunter always kick your Watches badly in the nuts if you want to sell to them.

Think almost have retail for steel sports Rolex.

I spoke with a Goldsmiths AD about a possible trade in, he advised me to sell private as we will rob you .:eekskull:

Surely the forum is the perfect place to advertise these watches?

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Originally Posted by raceboy

The 2 Rolex values are 'fair' although a little comical in comparison to what they have the same watches up for sale at, no problem with them making a bit of money but 25-30% seems a little strong, but then it is a business and it's an easy transaction, although I'd hope a well priced Sub or Daytona wouldn't be too hard a sale.

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Yes I see your point. I do find their sale prices comical in general especially on the sport models. But if they can get that money for them good luck to them!

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Originally Posted by thfccambs

Surely the forum is the perfect place to advertise these watches?

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Very true, but a bit like part exing your car instead of selling it on AutoTrader or eBAY, it would have been very easy to walk into the local Goldies with a bag of 4 watches and walk out with 2 new ones and sack of cash.
I think the whole caboodle has taken a slightly sideways step last night though, waiting on a call to say I've bought something new, and then I'm probably keeping everything.

I took my 116520 in there 2 years ago and was offered £4500 cash or £5000 trade in. They also told me it was a good offer!


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It makes you wonder where they actually get any stock from, just how desperate do you need to be to accept an offer like that?
Can you imagine just how low the offer would be on a quartz TAG or something similar, you'd be lucky to get your bus fare home!

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Originally Posted by Boss13

I see, WF are usually strong on values from my experience, good luck!

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I would strongly beg to differ, but that’s a whole different subject and I don’t want to hijack this thread.

Simon

I really don’t thing goldsmiths are very interested in used watches unless they can sucker someone in to buying a new watch by offering peanuts on a p/x sale.

Far better offers from the likes of wf. I’ve used
iconic personally and found them fair and easy to deal with.

Remember they are dealers so you won’t get anywhere near their own selling prices and lower than the private sale going rate is likely too.

In car terms, expect the equivalent of “we buy any car” or similar from dealers.

Would agree with all the comments in regards to not only Goldsmiths but nearly every AD and their trade in values. You would have to be either very lazy or a bit silly to accept any AD trade in rather than go the private sale route. Yes, it might take you a little longer to sell depending on the make and the asking price you place on it but certainly better then being mugged by the AD just for the convenience of a quick transaction.

I was offered £1000 for a mint condition Tag Heuer Monaco - hilarious really. To put that in perspective, my local cash converters offered £1600. This was about a year ago.

What's interesting though is that I received a copy of aurums magazine through the post and there was an article on how they were 'relaunching' their trade in service. According to the OPs post, it appears to be just lip service and not worth wasting one's breath.

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I’ve since had all the valuations in from WF and on the same watch as Goldies valuation they are over double, still a massive spread between their sell price but I guess it would get a service and a refurb and they need to run a business.
As it happens I think I’ve had a change of heart over the whole process, picking up something new tomorrow, and think I’ll just keep everything else.

It is my understanding that before putting a watch that they have bought in up for sale, Goldsmiths do have the watch serviced by the manufacturer.

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Originally Posted by gbn13

It is my understanding that before putting a watch that they have bought in up for sale, Goldsmiths do have the watch serviced by the manufacturer.

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I would expect so, or at least in house or approved specialist, but how much is a service on a quartz watch, anything more than a battery, a new seal and a polish is taking the mick a bit, less than a fiver in 'bits', I had the entire movement of a quartz TAG replaced by a specialist for less than £100.
It's a cracking business model if you can pull it off.

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Originally Posted by raceboy

The 2 Rolex values are 'fair' although a little comical in comparison to what they have the same watches up for sale at, no problem with them making a bit of money but 25-30% seems a little strong, but then it is a business and it's an easy transaction, although I'd hope a well priced Sub or Daytona wouldn't be too hard a sale.

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25-30does t seem strong at all to me.

How much do you think an AD has in a watch for example? Then overheads etc.

Factor in most known watches are at least 50% off used (a lot are reduced in sales by that amount to begin with, before depreciating further - Breitling Bentley anyone), in perfect condition, and add in for wear, service, warranty etc. and you have a much better idea of what might be offered.

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Originally Posted by raceboy

The 2 Rolex values are 'fair' although a little comical in comparison to what they have the same watches up for sale at, no problem with them making a bit of money but 25-30% seems a little strong, but then it is a business and it's an easy transaction, although I'd hope a well priced Sub or Daytona wouldn't be too hard a sale.

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Making 25-30% is not that strong when compared to one of my local AD’s, Laing the jewellers who have a 100% mark up on trade in stock. The stock they have priced, you can half that price and that is what they bought it in at during trade in, even with shop overheads etc.that is a pretty hefty mark up but they have had that practise for many years.

From all the responses it seems very clear, avoid trade in at AD’s.

What watchfinder sells for means nothing to what they pay. They have silly crazy overheads they love Rolex so generally offer decent money for but Tag and Omega and Breitling different story

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I fancy a moon watch and tried the trade in option. £450 for a watch I'd value at around £1800. I don't expect top wack but thought it would be over a grand!

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Originally Posted by raceboy

I would expect so, or at least in house or approved specialist, but how much is a service on a quartz watch, anything more than a battery, a new seal and a polish is taking the mick a bit, less than a fiver in 'bits', I had the entire movement of a quartz TAG replaced by a specialist for less than £100.
It's a cracking business model if you can pull it off.

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Yes it is a good business but they have to guarantee the product for two years. The purchaser will expect a discount. Add up the cost of stock even at 50% of the retail cost that’s sitting in the window or in the safe. Factor in staff wages taxes NI rental costs etc and you will see it’s not all jam. Plus you have to deal with a lot of people who are no where near as pleasant as on this fine forum