If you’re reading this guide, you are probably one of the highest horological collectors in the world. Having a collection of Patek Philippe watches is a feat itself. Obtaining a Patek Philippe minute repeater elevates you to a whole height. Any Minute Repeater timepiece from the Patek Philippe brand is extremely rare and highly coveted. In order to earn your rights to purchase this highly prized watch, you first have to be a super VIP with your AD (Authorized Distributor), and compete against a long waitlist of other candidates vying for that allocation.
Needless to say, a Patek Philippe minute repeater would be valued significantly higher in the secondary (gray) market, and can be easily sold higher than the retail price that you paid for. Depending on the model, it is not surprising that you may flip the watch for millions. This makes it very attractive for minute repeater owners to flip for a handsome profit.
The biggest question is, how are you going to sell your minute repeater?
There are several factors to consider:
- Finding a Buyer.
- High Value Transaction Risks.
- Protecting your Profile with your AD.
1. Finding a Buyer
Finding a buyer who is willing to spend millions of dollars is not going to be an easy task. Not only does he need to trust you and the authenticity of your watch, some form of credibility is often required. Ideally, you’re able to sell it to a family or friend, saving you the hassle of finding a buyer. But chances are slim. If not, your next best option is to sell it publicly.
Here are some possible ways you can sell it on the open market:
– Online Platforms
There are several online platforms that you can try to sell your watch, such as Carousell (locally) or Chrono24 (Internationally). They can be a good option, if you’re willing to do the groundwork.
Carousell is a favorite for watch collectors and dealers to buy/sell watches in Singapore. It gives a good stage to advertise your watch to a wide audience. But it also shows your intention to sell your watch to your AD, which is easily trackable given how rare a minute repeater is. (I’ll cover more about this on point 3; protecting your profile). And let’s face it, if you’re able to shell millions to buy a watch, the last thing you want to do is to deal with the irritants (low ballers and flakers) on Carousell.
Chrono24 gives you a wider international reach at a cost. They take in a ~6.5% commission fee for every transaction. In addition, you would have to arrange your watch to be shipped overseas. Shipping your million dollars watch with full insurance overseas is going to be a hassle requiring you to engage a broker and an external insurer. While personally carrying it abroad is risky. There are so many security concerns here. Not to mention, you’ll have to deal with the irritants on Chrono24 as well. If you’ve not tried trading on the platform, you’ll realized that there are many fake listings (buyers/sellers) there, trying to manipulate the market.
– Private Dealers
There are many private watch dealers in Singapore (including us). Different watch dealers may specialize in different brands or models, while some may be more reputable than others.
A physical outlet store or having a registered business in Ministry of Law does not guarantee the legitimacy of the business (As seen on the news, https://www.channelnewsasia.com/singapore/tradenation-tradeluxury-scam-couple-victims-watches-2834866)
However, longstanding and reputable watch dealers can definitely cut the process down for you and help with a easier and smoother transaction. Though it can come with some minimal fees and services.
Selling your watch with auction houses is another viable option. Auction houses have a higher probability to find the right audience for you. And with the right audience, there is a chance for you to fetch a higher price. Though auction may be effective in getting the price you want, it has the highest cost and time duration.
The fees charged by Auction Houses includes various components such as buyer and seller commissions, insurance, photography, shipping, administrative costs, and more. These fees significantly reduce the final amount you receive compared to the actual selling price of your watch. Moreover, you must be willing to part with your watch for a period of 3-6 months while it is in their possession, and payment is typically issued by the Auction House 45 days after the auction concludes.
Lately, there has been some authenticity issues with auction houses, with the recent S$4.6 million Omega watch sold later being discovered to be a fake,
2. High Value Transaction Risks
It’s intriguing how watches can reach prices in the millions. When considering typical million-dollar transactions, such as buying property, cars, shares, or assets, legal contracts vetted by lawyers are often involved. However, in the realm of watch trading, there are typically no specialized contracts aside from the standard sales terms and conditions. This is where expertise and trust assume paramount importance.
Any high value transaction will come with its risks.
– Is the buyer legitimate?
We met our fair share of flakers and last-minute issues to call the deal off. It’s a big hassle but unfortunately, part of any market trading process.
– Are the source of funds legitimate?
It’s a big transaction. The last thing you want is the funds implicating you in any way.
– Should there be security?
Physical meet ups have their security risks, while shipping will have insurance risks.
3. Protecting your profile with your AD.
Your relationship with your AD is of paramount importance. It requires years of dedicated efforts and substantial investments to establish a distinguished profile that qualifies for acquiring a minute repeater. Engaging in a hasty or ill-considered sale could result in severe consequences, including the potential banning of your profile from future Patek Philippe watch purchases through your AD. It’s crucial to recognize that the significance goes beyond financial implications; your profile and reputation are at stake.
This is precisely why the majority of minute repeater owners choose to retain possession of their watches. The decision is not solely driven by monetary considerations but rather by the preservation of their hard-earned profile and the safeguarding of their esteemed reputation within the horological community.
Selling your Patek Minute Repeater with J.Pendulum
At our establishment, we are constantly seeking Patek Philippe minute repeaters for acquisition. What sets us apart from other watch dealers is our exceptional expertise in all Patek Philippe models and our capability to directly purchase your watch. We recognize that not everyone may be inclined to engage in consignment for a high-value timepiece, especially one worth millions of dollars. Therefore, we offer you the option to sell your watch outright following a thorough inspection.
Our team possesses extensive knowledge and experience specifically dedicated to Patek Philippe timepieces. This specialization allows us to fully comprehend the intricacies and value of each model, ensuring that you receive the best possible offer for your watch. We acknowledge the significance of a smooth and efficient transaction, which is why we provide you with the opportunity to sell your Patek Philippe minute repeater directly to us, eliminating the need for a consignment arrangement.
Rest assured, upon bringing your watch to us, it will undergo a meticulous inspection to determine its authenticity, condition, and value. This process guarantees transparency and fairness in our assessment, enabling us to provide you with a competitive offer. Your satisfaction is our priority, and we strive to make the selling experience as seamless and rewarding as possible.
Ensuring the safety your AD profile is our utmost priority. As experts in exports, we excel at selling watches overseas while maintaining the highest level of protection for your information. We value your trust and will always obtain your explicit consent before sharing any photos, details, or information about your watch online. Furthermore, we respect your privacy and will refrain from sharing any media content related to your watch on social platforms upon your request.
To guarantee full compliance, we conduct additional due diligence on the prospective buyer of your watch. This thorough process ensures that every transaction adheres to the highest standards of security and confidentiality. We leave no stone unturned when it comes to safeguarding your profile and ensuring your peace of mind.
We believe that your satisfaction is our ultimate goal. By facilitating your watch purchases, we derive great joy. Therefore, we are committed to taking every possible measure to protect your interests, thereby allowing you to acquire more watches in the future.
Below are the current Patek Philippe Minute Repeaters models we are buying;
7040/250G, 5178G, 5531G, 5303R,5304/301R, 5374G, 5374/300P, 5208R, 5207G, 6002R, 6301P, 6300GR, 6300/400G, 6300/401G, 6300/403G.
If you have any other Patek Philippe models that you’re looking to sell, feel free to contact us at +65 9128 8868.