Received an offer for Model 1019 Milligaus

[Ruth Biggs]

I've received an offer of $12,000 for my uncle's Oyster Perpetual Model 1019 from about 1962. Does this seem reasonable? It was appraised at $25-30,000. But the argument is that the appraisal value isn't really the value one can get. Just like insurance value isn't the value you can get for selling it. Don't want to let it go too cheaply. Thanks. :)

[diablojota]

Um... If the offer is good enough for you, then you could take it. Personally, I would keep the watch as it will only appreciate in value. I would also guess that the 12.5k offer is a bit low for such a watch.

What is the condition of the watch, and why are you interested in selling it?

[Ruth Biggs]

Originally Posted by diablojota

Um... If the offer is good enough for you, then you could take it. Personally, I would keep the watch as it will only appreciate in value. I would also guess that the 12.5k offer is a bit low for such a watch.

What is the condition of the watch, and why are you interested in selling it?

Nope, not good enough. But I wanted to make sure I wasn't dreaming too big.

It is really my uncle's watch. He bought it as a favor to an acquaintance back in about 1965 and has been wearing it. He gets it cleaned periodically as directed by Rolex and the certified watchmaker and AWI Fellow alerted my uncle that the watch could be sold. It is in "very good" condition, but I really don't know what that means.

My uncle is in no hurry to sell it, but would rather have the $ than the watch.

Thanks for responding.

[adam78]

So much of the value of this piece rests on its condition and degree of originality. The hard-core Rolex collectors to whom it is targeted really stress these criteria. Detailed photos, including of dial, movement, inner case back, and numbers between the lugs, would be helpful for a more detailed reply. It is possibly worth closer to the appraisal, but the market is on the weak side for watches that aren't pristine.

[Ruth Biggs]

Originally Posted by adam78

So much of the value of this piece rests on its condition and degree of originality. The hard-core Rolex collectors to whom it is targeted really stress these criteria. Detailed photos, including of dial, movement, inner case back, and numbers between the lugs, would be helpful for a more detailed reply. It is possibly worth closer to the appraisal, but the market is on the weak side for watches that aren't pristine.

thanks for the response. I don't have the watch, but can get my uncle to try and get the pictures. Just to make sure I have this correct. He should take the back off the watch and photograph the inner workings (movement) and the inner case back. I googled "watch lug" and got the idea that the lugs hold on the band. So he should take off the band and there will be numbers between the lugs. Is taking apart the watch something a novice can do or should he take it to the watch maker who has been cleaning the watch and have him do it? Thanks.

[diablojota]

Originally Posted by Ruth Biggs

thanks for the response. I don't have the watch, but can get my uncle to try and get the pictures. Just to make sure I have this correct. He should take the back off the watch and photograph the inner workings (movement) and the inner case back. I googled "watch lug" and got the idea that the lugs hold on the band. So he should take off the band and there will be numbers between the lugs. Is taking apart the watch something a novice can do or should he take it to the watch maker who has been cleaning the watch and have him do it? Thanks.

Depends on if you have the proper tools. To take of the bracelet, it's quite easy. However, opening the caseback may be better left to the watchmaker who has worked on the watch.

[Ruth Biggs]

Originally Posted by diablojota

Depends on if you have the proper tools. To take of the bracelet, it's quite easy. However, opening the caseback may be better left to the watchmaker who has worked on the watch.

Sounds like an excellent suggestion. I'll try and get my uncle to get the watch and a decent camera to the watchmaker at the same time.

[Welshwatchman]

You would be fully aware that $12,000 is way short for a 1019 in very good original condition.

$25,000 is correct, or $20,000 to a specialist/dealer/trader who would resell the watch at a profit, possibly with a period box and booklets.

Be prepared to do all the work though. Collectors are cautious animals and will insist that the watch is independantly scrutinised before handing over their hard earned dollars.

I would insist of having the watch in my hands before offering a cent and would not have sympathy for others prepared to take a more maverick approach, blinded by the prospect of the deal of all deals.

You are welcome to offer it for salein our FS section once you have exceed the 15 post minimum but just bear in mind that you will have to take the burden of risk if dealing with our seasoned members.

[Ruth Biggs]

Thank you Welschwatchman.

I can't figure out how to get someone the watch and still protect my uncle. What if we sell it to a scammer and they claim that we sent them a copy? Someone must have figured this out already, but its beyond me.

The gentleman who valued it (I'm afraid to use the word "appraised" for that may have very specific meaning that I'm unaware of) is a certified watch maker and fellow of AWI. He said he would be willing to talk to an interested buyer.
I know that we are on the up and up, but how do I know the buyer is? Any ideas/advice?