You’re the owner of one or more Rolex watches. Some of them were purchased for the express purpose of being assets to hold and possibly pass on to the next generation. While you know what you paid for them, what are the watches worth today? Now would be a good time to think about having them appraised.
Now the search is on for an appraiser who can provide the type of assessment that you require. The process is easier than you may think, although it’s true that not everyone can properly appraise a Rolex watch. Here are some essentials that you should know.
Reasons to Have Your Rolex Watch Appraised
Why have your Rolex watches appraised at all? Couldn’t that wait until you decide to sell them? In fact, there are a few excellent reasons to arrange for those appraisals now.
One has to do with making sure you have adequate insurance protection. Since the watches do appreciate in value, the coverage that you secured a few years ago may no longer be sufficient. If not, then it’s time to increase the coverage. Doing so protects you in the event of a covered loss.
Another issue to keep in mind is your tax obligations. Depending on the tax laws that apply in your jurisdiction, it may be necessary to evaluate the value of assets from time to time in order to calculate any taxes that may be due. If you should fail to report the increase in value properly and an audit is done later, the penalties could be significant.
Deciding Where to Take the Watch
You may be asking yourself “where do I get my Rolex appraised?” The fact is that you can’t take them to the local jeweler and expect to get the information that’s needed. What you will have to do is take the watches to an authorized dealer who is set up to manage the appraisals using the standards that apply to Rolex watches.
This makes sense if you think about it. Rolex is strict when it comes to the quality of their watches, and who is allowed to sell them. Dealers must become authorized in order to offer those watches. With this in mind, it makes sense that Rolex would only want trained, certified, and authorized appraisers to inspect their watches.
Fortunately, finding an authorized appraiser is not difficult. You can tap into the lists provided by Rolex and find an authorized dealer who also has approved appraisal services. This ensures that you can receive information that is reliable and complete.
Understanding What’s Involved in an Appraisal
An appraisal will involve considering just about every aspect of the watch. In the case of a Rolex, that means checking the serial number to confirm that it’s authentic. The general condition of the watch will also figure into the process.
Being on the lookout for any signs that materials other than those authorized for use by Rolex are present is another part of the process. Assuming that all the parts are original, that will ensure the watch does retain more value.
The model, complexity, and the rareness of the watch will also factor into the appraisal. If you have an authentic Rolex that’s in good condition, but happens to be a model that’s relatively easy to find right now, the value is likely to be a little less. At the same time, a model that’s currently in high demand and in short supply will be appraised at a higher price.
And the Costs for Conducting a Rolex Watch Appraisal
How much does it cost to appraise a Rolex watch? While there is some variance, the cost of having a Rolex watch appraised is more affordable than most people think. This is true for newer Rolex watches as well as vintage models.
So how much does it cost to get the watch appraised? On average in the United States, an authorized appraiser is likely to charge around $125.00 USD for the base fee. From there, the cost can vary based on the model and any particulars about it. Keep in mind that the final cost will include charges for authentication. It’s not unusual for an appraisal to run more than $350.00 for any model, including vintage ones.
How Often Should I Have My Rolex Watch Appraised?
There is some difference of opinion when it comes to how often a Rolex should be appraised. Some recommend conducting appraisals every other year. This is often the suggestion when you have a vintage Rolex watch. Others recommend at least once every three to five years, even if you think there’s been no significant change in value.
The appraiser can provide a more specific recommendation based on the Rolex that you own. Using the model and type, market trends, and other factors, the appraiser can come up with a schedule that would ensure you know when to adjust the amount of insurance coverage.
Contact Diamond Source NYC if you want to arrange for an appraisal of your Rolex watch. Trust that our team of trained and certified experts can ensure that the examination is thorough, detailed, and provides all the information about the watch that you want to know.