Has anyone noticed an issue with watch appraisals done by jewellers?
I live in Canada (New Brunswick to be exact) and am always on the lookout for watches that are on sale on local buy/sell boards. There isn’t a huge market, but I have noticed that quite often, when a watch’s price brand new was over the $1500 Cdn mark, that many people will get an appraisal done prior to selling. I even saw this on a government website that sells surplus items and loss/found items from government departments.
One thing that seems to hold true is that jewellers never open the case back to confirm authenticity and often quote the replacement value to buy a brand new watch as the current value of the watch as a collectible. Meaning that I have seen 4 year old watches for private sale for more than what you can currently buy a brand new watch for, because jewellers will use the suggested retail price. I’ve even gotten into heated ‘discussions’ with jewellery store employees who are trying to sell their own personal watches using an appraisal from the store they work at..
I’ve also seen relatively unknown and inexpensive watches appraised for much more than what you can buy them for new. The government website I spoke of above had a watch for sale in an auction format. They had an appraisal for the watch saying the value was around $5000 and the highest bid when I looked at it was about $3500. That exact model watch, available for purchase for just over $1100 US from the us distributer`s website.
Inconsistencies like this really bother me and lead me to think that whatever standards are used to appraise watches here in Canada are drastically flawed…
Or it could just be that the watch collecting community in my part of Canada is just so small that there isn’t much knowledge…
Anyone have similar experiences?