Discussion

Value from pre-owned timepieces

This is an interesting issue that we like to discuss about since we are asked the question almost very other day by friends or customers. “Am I better off buying pre-owned timepieces?” If we are looking at value and returns in terms of monetary value, the answer is ‘YES’. Very much like buying a pre-owned car, golf set or similar items, the initial chuck of depreciation has been shouldered by the first owner. What we end up paying is really the real market price plus the profit of the seller. So where does the value come from? Let say for example, you bought a Rolex 69173 Ladies’ Oyster Datejust watch from ABC shop five years ago and that you would like to sell the watch now. The reason could be because you like to upgrade to a better more expensive model or simply because you need the money. You come to us and we look at the watch. The condition is good and the watch has a market value of US$2500 for its condition and specification. You can then choose to sell us the watch for that amount and collect cash or do a trade-in with us if we have the watch that you would like to upgrade to. The main issue now is how much you have paid for the watch five years ago when you purchased it from ABC shop. If you have purchased a new Rolex 69173 from ABC shop and they are Rolex authorized dealer, you might have paid somewhere around US$4500 to US$4800 for the watch. Less the amount you got for trading-in or selling us your watch, you might have paid around US$2000-2300 for using the watch for five years. If you have purchased a pre-owned Rolex 69173 from ABC shop and they are licensed pre-owned dealer, you might have paid somewhere between US$2800 to US$3200 for the watch. Less the amount you got for trading-in or selling us your watch, you might have paid around US$300-700 for using the watch for five years. The figures we used are for illustration purposes only and may not be 100% accurate but it does reflect how pre-owned branded timepieces like Rolex has its residual value. Please note that the above illustration is set within certain conditions. eg; pre-owned timepiece purchased must be Original and Authentic, in good physical and mechanical condition and is verified “Clean” against existing records and are not stolen goods, of dubious / unknown origin or related to any criminal activities. Timepieces like Rolex are traded like hard currency throughout the world so you can depend on it when needed.           - Far East Watches Nothing in this world however expensive or pricey has its value if there is no resale market for it.           - William Tan John

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Condition vs Age of timepieces

This is something we really like to discuss about as we realize many people actually believe ‘newer is better’. Is it true and which is really more important? Newer in terms of age is not necessary better if the timepiece is not properly taken care of or it has been through some form of trauma in its service life. We have seen many timepieces that are manufactured only in the last one or two years but the condition of the timepieces are much worse than similar models that are much older, sometimes decades older, in terms of age. What do you mean by trauma? Damage to the case and movement due to severe knock, drop or accident. Damage to the dial and movement due to water or high humidity. Improper service or repair. Non-fitting generic or modified parts added to the timepiece or movement resulting in catastrophic failure. Then which is more important, condition or age? Condition of a timepiece is definitely more important when it come to buying pre-owned timepieces. Unlike buying a new timepiece where trend and new model is a determining factor of purchase, you buy a pre-owned timepiece because you like it. If there are two similar model available with similar price tags, one in pristine condition but its manufacture year is ten years ago vs the other that is worn but only two years old, which would be your pick?

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Problem with pre-owned timepieces

Many people had problem with their newly purchased pre-owned timepieces. They have high expectations because they know they are buying a reputable timepiece. But when they realized there is something mechanically or physically wrong with the timepiece, their excitements shattered. Why does this happen? We need to understand why people sell their timepieces in the first place. There are basically three main reasons. They need cash. They are upgrading their timepiece (could be due to problem with the timepiece or simply because they want a newer model). Something is wrong with the timepiece and they know or feel that it is too expensive to fix. If the timepiece you purchased happened to be one that was liquidated due the owner having problem with it, and the shop or person selling you the timepiece did not even know or know but didn’t managed to rectify the problem, then you may be in for a rude shock. Usually, the solution can be as simple as a complete service and overhaul of the timepiece. Parts may need to be changed periodically but that is no problem if the repairer has the original parts. But remember, it is not cheap to service a timepiece not to mention a high value timepiece and repairing it with original parts. The real issue arises when the repairer does not have the required original parts or expertise and service manual to service and repair the timepiece. Non-original parts are then used and incomplete servicing is performed. Worst is the issue of fake or non-matching generic parts used when servicing or repairing it. What has been done? A few Internet sellers and retailers we know have their own repairer to service and repair their timepieces for them. We used to send our timepieces to our repairer for service and repair. However we do encounter our own set of problem when we do so. Example, quality control is not as strict and it is time-consuming. Often, we do not know how severe the problem is when there is one and whether enough has been done to ensure that the timepiece comes back to us in a mechanically and physically sound condition. Setting up watch klinik with the sole purpose of resolving such issues and problems is what we believe to be the best solution. With watch klinik, we have all the necessary professionals and experts in-house. Together with the original parts, service manual and manufacturers’ specified tools and testing machines we have acquired, we are able to check, service and repair most timepieces we receive. We are also able to check and determine if the timepiece has the entire original matching parts to it.

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Problems with on-line purchases

We have purchased on-line many times and we understand the problems and hesitations of purchasing from the www. We listed some of the more common problems we face ourselves and our solutions to them. Distance from seller When buying from an overseas seller, distance used to be the main barrier. But with today’s advances in technology, all barriers have been broken and globalization takes place. We can communicate rapidly and easily through email, video conferencing and telephone. Global trade is as convenient as doing business with your neighbor next door. But when something goes wrong, you can’t just go to the seller like going to your neighbor next door. It is therefore very important to know the seller, their background and their reputation. It is always safe to do business with a proper registered entity that adheres to law and proper business practices. It is also important to ensure the country they are in has strict laws and government governing the businesses and companies. Communications While there are not much barriers to communication these days, it is important that the seller wants to and are willing to communicate. It is no use having sent emails but received no reply. We have personal experiences with sellers who are very ready to communicate before payment has been made but goes missing after we send our payment. Sometimes we receive the goods we ordered, sometimes we don’t. It is therefore important to ensure that the seller you are dealing with has various means of communications channels open to buyers when buyers need to enquire about something. It is frustrating and stressful to have made payment but do not know the status of the transaction. Did the seller receive the payment? Did the seller send the goods? Are the goods on the way? Is it going to arrive promptly with no problems? Is it going to come at all? Worst, is it going to be an empty parcel? It is therefore important to buy from sellers who are ready to communicate with you throughout the transaction, provide valid tracking numbers and guarantee the delivery of the goods. It is even more important that the seller is ready to assist you when something goes wrong before and after the delivery of the goods. Fraud Fraud is the number one problem with online transactions. Conmen and fraudsters prowl the Internet every second to look for opportunities and unsuspecting victims. From syndicate setting up and operating complex websites to con artists selling individual items on online forums and auction sites, they are everywhere and almost impossible to avoid. We receive hundreds of emails weekly asking for our participation in phony surveys or impersonations of eBay, PayPal or our credit companies trying to find passwords and login Ids. Their main tactics are to offer out of this world deals and unbelievable bargains that are hard for you to resist. Or simply informing you your account has been compromised and requires immediate action on your part. Their objective is to make you part with your hard earned cash without much recourse. It is therefore important that you exercise caution and preventive measures when dealing with people you are not familiar with. Payment Is it easy to send payment? Are there excessive additional costs when sending payment? Is the payment you sent traceable? You should make payment only to reliable sources that are traceable with valid addresses. Never make instant cash payment or cash transfer, as this is dangerous and vulnerable to being conned. Non-delivery This is something very interesting to talk about. Have you ever thought of receiving a parcel that is empty? The feeling is out of this world and no words can describe. Only when it happens to you, then you will start to wonder what happened? We ever received an EMPTY envelope that is supposed to contain a US$11000 check from a reputable dealer. After spending much time analyzing the envelope to see if it has been tampered with and days thinking what could have happened, we were told the check were put into another envelope and sent to someone else. We did receive the check eventually after much imagination. Try to imagine this situation yourself! Sometimes the parcel just never turns up and we can tell you that this is better than receiving an empty parcel. Period. Goods received not up to expectations There had been many cases of severe misrepresentation. Sometimes it can be a simple case of sending the wrong goods and the seller is willing to help you with the replacement. Or it can be a serious case of intentional act to mislead you and provide you with an item of much lower value. There are also cases of sellers sending fake or copy goods while advertising the real thing. The item can also arrive broken, missing a few important parts or non-functioning. Just try to at least have a gentleman’s agreement with the seller if that seller does not have any written guarantee. Goods broken within days or weeks of service Nothing much to be done if there is no warranty. Usually quality products do not break or fail so easily. Recourse for purchase that had gone wrong Is there anyway you can trace the seller online and offline. Is there any buyer protection? Is the seller operating a fly-by-night business? Will contacting the seller’s country’s law enforcement agency help solve the problem? Can the government body governing good business practices and conduct in the seller’s country be able to help solve the problem and nail the seller if the seller is fraudulent. Is there any agency in the seller’s country that can assist you if something goes wrong? These are all-important factors to consider when buying from a seller.

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