StockX – The Stock Market for Watches and other things
StockX is the world’s first stock market of things, more importantly, it’s the first-ever stock market for watches. Buyers place ‘bids’, sellers place ‘asks’ and when a bid and ask meet, the transaction occurs automatically. The best part: StockX ensures everything is 100% authentic and that all of the watches on the platform are in excellent condition.
Why buy or sell a watch at StockX?
As a collector or watch enthusiast, you are probably aware of the risks that are out there when buying a watch. Or selling a watch, for that matter. Besides receiving your money, you also want to be sure that the other party is happy with the watch. When buying a watch, you want to be sure that you can trust the seller and that the watch is ‘as described’ so you know what you will receive.
With StockX, you will be assured that the watch will be as offered. All offered watches on StockX are pre-owned, but they make sure that the watches are in nothing but excellent condition. This is being validated by the watchmakers from StockX, who will validate every single watch that will be sold via their website. If a watch doesn’t pass their validation process, it will be returned to the seller and you will receive a refund. You don’t have to worry about receiving a so-called frankenwatch or watch that’s not authentic at all. StockX takes care of the verification and ensures a watch is in the condition as described
Another issue with buying and selling pre-owned watches is determining the right price. You don’t want to sell a watch under market value, but you also don’t want to ask too much with the risk it doesn’t get sold. With StockX, you will have the market value at glance. Everything on StockX is based on the fair market price, you could even perceive this watch as a market thermometer, a stock market basically. This saves you from doing a lot of work on research about pricing, that you have to basically do yourself on existing market platforms and online auctions such as eBay. The added value of StockX is that you can also keep track of the value of your watches, even if you don’t want to buy or sell. Comes in handy!
•The basic premise is that buyers can ‘buy now’ or place a bid for the price they want to pay and sellers can ‘sell now’ or place an ask for a price they want to receive.
•People buy and sell the watches based on a catalog that StockX has created. Unlike ebay or Chrono there is only 1 product page per reference number as there is a standard condition to all of the watches.
•StockX uses manufacturers images because it guarantees that watches will be in a standard Excellent condition and therefore you don’t need to see the actual watch as the condition is standard.
•As a buyer you can tell the world you want to buy a watch at a certain price even if there is no existing price on the platform by placing a bid. Sellers around the world will see your price and can source the watch at your price if its competitive.
StockX is basically a peer-to-peer market platform, this means that watches can be sold by private sellers but also by professional sellers, but as a buyer, you will not be bothered by this. In case you make a purchase via StockX, you will receive the watch from them as well. Including an invoice from StockX and a sheet with the technical specifications of the watch you just purchased. So you never have to deal with an unknown party, everything goes via StockX.
Watches with box & papers will include the original watch box, along with all of the original documentation. This might include warranty cards or papers, instruction booklets, or authenticity certificates.
Besides the documentation that originally comes with a watch (if available), you will also receive a StockX certificate of authenticity with your watch stating the reference number, serial number etc. Just to ensure that the watch is authenticated. Since some watches only have a serial number on the movement or on other ‘difficult to reach’ places, StockX documents the number on their certificate as well. This way, you don’t have to open up the watch yourself (or by your watchmaker).
The Condition Of The Watches
Watches listed on StockX must be in excellent condition. That doesn’t mean NOS (New Old Stock) or unworn, but it does need to meet the following criteria:
• No large scratches or dings in the bracelet, case, bezel, or crystal.
• Light signs of normal wear and superficial scratches are acceptable.
• The watch is functioning as intended, including complications.
• Consists of all authentic manufacturer parts, from crystal to caseback (yes, that includes the bezel). Any replacement parts are manufacture authentic.
• Strap retains original buckle, can show light use, may be bent or lightly creased, not stained.
• Dial should be free of stains or signs of ageing
• Bracelet includes all or most links and does not show signs of excessive wear or stretch. Should fit a 7.5-inch wrist at the minimum.
Watch sellers will incur a fee from StockX, along with a payment processing fee. The total fee is taken from the final sale price of their watch. When placing an Ask, sellers will see exactly what their payout will be, and may adjust the Ask accordingly.
Once StockX receives the watch, and its authenticity and condition are verified, the seller will instantly receive their payout, minus the seller’s fee.
StockX is a ‘stock market of things’ that Josh Luber (StockX CEO) and Greg Schwartz (COO) co-founded with Dan Gilbert (owner Cavs, Quicken Loans, etc.). Josh and Greg are both serial entrepreneurs, and Josh gave the worlds’ first TED Talk about sneakers. About a year ago, StockX also stepped into the field of watches. Luxury watches, so no designer brands or whatsoever. Serious watches only. Their credo for watches isn’t any different than for their sneaker and fashion business, “don’t worry about the seller, authenticity is warranted”.
This video with Wale is a good introduction to StockX, which launched in February 2016 and today has had more than 350 full-time team members.
They are headquartered in Detroit – which the New York Times recently called the most exciting city in America – and are very much a part of the city’s amazing revival. StockX has nearly 3 million registered users, averages more than $2 million in business every day, and is currently at a $730 million GMV run rate (total marketplace sales).
For now, StockX is only available in The United States but they’re currently looking into international markets as well.
To visit StockX click here!