Getting into the watch business

[tthornell]

I'm a watch admirer and I want to go into the second hand watch business, but I do not know where to start. I've started reading all that I can about watches to increase my knowledge base, but I don't know how to find watches that are suitable for re-sale or where to re-sale them. It should be noted that I want to do this as a hobby, a few watches a month, not as a way to earn a living. I'd appreciate any point in the right direction.

[ulackfocus]

Welcome to Watch Talk Forums!

I'd appreciate any point in the right direction.

Well, I'd say the right direction is FAR, FAR AWAY from trying to make money buying and selling watches. This is not a joke, I'm serious. On occasion I get lucky and buy a watch at a price I can make a few dollars on when I tire of it, but that's the exception not the rule. The only way to lessen the risk of constant loss is to be a watchmaker yourself. You can purchase pieces that don't work - hopefully for a simple reason - and fix them. Of course, you would probably need to do cosmetic work on them also since a watch that doesn't tick has probably been through the wringer. All this would require a large quantity of tools and finishing equipment which possibly includes a lathe among other things. I've been buying beat-up examples for a few years and restoring them (via my watchmaker) and it's not always a worthwhile investment if you're only looking at the financial aspect. Here's the 'pilot' episode of a semi-regular feature we'll be running with the stories of some poor watches rescued from being parted out:

The Project Watch Club

We'll be including installments from other members who are experienced at this kind of thing, but it's a large initial investment. Sorry if I burst your bubble with my blunt reply, but it's not a real cash cow of an idea.

[DarkHeart]

ulackfocus is giving you sound, sensible advice.

[newmedia]

great advise, Like he said you could find some diamonds once in while that you can make money on but thats depends on market conditions.

You have know which color combo of watches would demand premium price, history of these watches, and added value on movements on these watches.

each country has different taste for what the watch can be worth if your will to explore other regions of the world.

Think of as hobby that will keep you busy because it will evolve long hours looking for that right watch to sell and buy driving around pawn shops and looking around www...

good luck and enjoy it.

[scottw44]

+3 on the advice and welcome to WTF. To sell successfully, folks will want to know the watch is serviced and backed, especially if you are selling for a good price.

If you are able to buy well and are mecahnically inclined and study watchmaking, you might be able to have a little fun.

If you do enough watches to intrigue a local watchmaker, he might be able to work with you on trade pricing.

keep us posted.

[tictocpwatch]

I won't offer an opinion on whether you can make a go of this idea as I've never tried it. All the watches I've purchased with the idea of fixing and selling are still in my safe. I just can't seem to part with them

There are quite a few resources available for research, one of the best being the National Association of Watch and Clock Collectors - NAWCC. Just google for it, easy to find. Good luck on whatever you decide to do.

[bullandvodka]

tthornell,

What do you think your value add is? I'm not trying to be antagonistic, but there has to be something that you can do to increase the perceived value of the watches you wish to sell. Ask yourself why would someone buy from you?

There are many ways to do this but here are some off the top of my head....

• Sell for rock bottom prices (you make little or no margin, but this might be fine as a hobbyist)
• Open up new markets (you can find buyers in places others have overlooked)
• Provide some unique service (repair, refinish, modification, customization -- heck even engraving might be unique enough)

Of course, there are more ways to create a niche for one's self, but you'll want to think about what you are looking to achieve and how to get yourself there.

[Vandice]

If it's a hobby, don't expect to make $ out of it unless you have the requisite knowledge.

In general, people invest more time and $ into hobbies than they can get out of it. Especially interests of the horological kind.

I think you'll be able to make some $ by trawling physical points of sales (yard sales, pawn shops, thrift stores) and selling them online to a bigger customer base but that'll take lots of legwork and some knowledge of street price and demand, which doesn't come by easily at all.

[tthornell]

Let me say thanks for the positive response. I kind of thought that making my first post about how to make a little money off of watches could be a put off. Thanks for the sound advice. BullandVodka, you must have an MBA, or at least a business background. I'll continue my research and try to find the gems. While I do want to do this as a hobby, I still want to make a small profit from it.
Thanks again. I'll be around.

[Noisy Nova]

OK, here's how ya do it.
Start young. Win the lottery. Buy up desirable watches at fire sale prices.
In 40 years, when you retire, start selling them. It'll give ya somthin' to do.