Study Shows 50 Percent of Watch Owners Don't Know the Value of Their Own Watches
Forget trying to find vintage typewriters, '80s video games, and other old items from your belongings in an effort to earn a buck. As it turns out, one thing that you already know is worth a ton could be worth even more: your watch.
A new study by Watchfinder & Co. has revealed that there are almost $60 billion worth of luxury watches whose values are underestimated. What's even more surprising is that over 50 percent of watch owners don't even know the true value of their watches.
Though we always hear that watches are an investment, it seems a lot of people—more than half, to be exact—that actually buy watches don't even keep track of its rising values. So, what's happening is "forgotten" watches that could be worth tens, or even hundreds of thousands of bucks are just sitting there gathering dust.
Researchers surveyed over 26,000 watch owners and found out that most of the respondents had no idea how much their watches could be worth. Additionally, 43 percent said they at least have one luxury watch they don't wear.
"Whilst a large proportion of watch owners around the world keep a very close eye on the value of their watches, it’s clear that there are also lots of people who have no idea what their watch is currently worth," says Watchfinder & Co. CEO Arjen Van de Vall. "It’s widely recognized that a Rolex, Omega or Patek Phillipe is likely to be worth quite a bit of money but there are also watches out there made by smaller, more boutique, manufacturers that are lesser-known."
He continues, "You may have inherited a watch, or perhaps you have a watch you no longer wear; we’d encourage you to find out its value so you can make an informed decision on whether to keep it, sell it or exchange it for something new. Any good pre-owned watch specialist will be able to provide you with a quick, easy, and complimentary valuation so you are better informed."
Normally, we'd say don't get your hopes up if you don't exactly own an exceptional Swiss timepiece but seeing as vintage watches are seeing a boom, it's definitely worth a shot having your watch checked. You know, just in case.
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