If you are the owner of a luxury timepiece, then this is sure to be one of your prized possessions. You need to be aware that the value of luxury watches can fluctuate, which is why it is wise to understand how much your watch is worth. Even if you have no plans to sell, it is important to know the value, particularly when it comes to insurance purposes. Keep reading to find out more about the importance of valuing and revaluing a luxury watch.
Why You Should Get Your Watch Valued
First, it is important to get your watch valued so that you know how much it is worth when you first purchase it. People will often purchase a luxury watch second-hand, which means it is hard to know the true value. Iconic brands like Rolex can be worth a vast sums if in good condition, so it is wise to get a valuation carried out. This is essential when it comes to insuring your valuable assets, financial planning, and estate management.
Why do Some Watches Appreciate?
Some timepieces will appreciate in value over time, which can make them an excellent investment. Meanwhile, some watches will remain the same value or only increase a small amount. There are many factors at play when it comes to the value of a watch, which is why an up to date valuation is key. A few main reasons a watch will appreciate include brand reputation, historical significance, rarity, innovative design, and condition. Therefore, if you have a rare or historically significant watch from a luxury designer and keep the timepiece in the best possible condition, you should find that it increases in value over time.
Why is it Important to Get it Revalued?
Following on from this, if the value of your watch is going to increase over time, then it is important that you get it checked out and revalued on a regular basis.
This not only allows you to keep track of the watch value, which will be key for insurance coverage, but also financial and inheritance planning. You do not want to be in a situation where the watch is stolen, for example, and you do not have an accurate valuation, as this could see you out of pocket if you’re under insured.
As a luxury watch owner, you need to know the value of your timepiece as it changes over the years. A watch’s value can fluctuate based on numerous factors, so it is sensible to get regular valuations carried out by a reputable watch valuer, so you know where you stand. A luxury watch can be a significant asset that can greatly impact your overall wealth over the long term, so make a note to get your time piece assessed every few years as a minimum
