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lobo58 · 28 May 2009, 08:56 AM

Here's the deal. I've been offered $35K for my 6263 and, to sweeten the deal, I'll walk away with a 16610 with box and papers for $3500. The buyer is a reputable player in NYC. I wasn't looking, but I'm taking the deal.

We'll meet at his bank, examine the watches, and then I'll stand at his elbow while the cashier cuts the check.

What am I missing? Is there something that could go wrong that I am not seeing? Many pros here. Is there anything that could go badly?

kcmo · 28 May 2009, 08:59 AM

WOW!!!! Congrats! Are you sure you won't miss the Daytona?

lobo58 · 28 May 2009, 09:01 AM

Quote:

Originally Posted by kcmo

WOW!!!! Congrats! Are you sure you won't miss the Daytona?

Of course I will! I'll weep. But $35K is $35K. Takes the sting out.

Tools · 28 May 2009, 09:02 AM

Seems to be a respectable transaction.......

kcmo · 28 May 2009, 09:06 AM

Quote:

Originally Posted by lobo58

Of course I will! I'll weep. But $35K is $35K. Takes the sting out.

True!

Lamone · 28 May 2009, 09:06 AM

As Larry said "Seems to be a respectable transaction". If he's a reputable person, all is fine. 35k is 35k.

onkyo · 28 May 2009, 09:09 AM

You are getting a very good price for your 6263.

I would sell also (that is if I had one)....

lobo58 · 28 May 2009, 09:09 AM

he checks out as a reputable vintage dealer. The question is...NY has an 8% sales tax on casual transactions. If I drive to his bank, do I owe NY $2800?

landroverking · 28 May 2009, 09:50 AM

I sold my vintage Daytona in 1990 and know I will never be able to replace it.

That said do what you "need" to due. As for me I would not sell my Daytona again.

jay

lobo58 · 28 May 2009, 09:55 AM

Quote:

Originally Posted by landroverking

I sold my vintage Daytona in 1990 and know I will never be able to replace it.

That said do what you "need" to due. As for me I would not sell my Daytona again.

jay

It's all a balance, isn't it? I can carry it for another twenty years and be a seventy year old with a great 60 year old watch...or I can take the cash, buy a great watch, and be seventy year old without debt and a great twenty year old watch. It's a tough call, no question...and I'll be sad for awhile. But it's the right call. Life is so much like that.

moby33 · 28 May 2009, 09:59 AM

I know almost nothing about vintage Daytona prices, but what I can say is regardless of example, this is 100% a BUYERS market! With that in mind, I've got to believe if you can get $35K in todays market, you will be able to get considerably more in say 2-5 years when the economy is not so upside down (heck, even 12 months from now will probably be better for sellers like you). But, as others have said, $35K is $35K...so if you need the $ now, grab it as cash is always king.

lobo58 · 28 May 2009, 10:05 AM

Quote:

Originally Posted by moby33

I know almost nothing about vintage Daytona prices, but what I can say is regardless of example, this is 100% a BUYERS market! With that in mind, I've got to believe if you can get $35K in todays market, you will be able to get considerably more in say 2-5 years when the economy is not so upside down (heck, even 12 months from now will probably be better for sellers like you). But, as others have said, $35K is $35K...so if you need the $ now, grab it as cash is always king.

I talked to my wife about exactly this. If he's willing to pay 35K, it must be worth $50K....and maybe it is, among the market he knows. I don't know them. If I hang on, maybe it's wort more in ten years. Maybe I get hit by a Volkswagon. Maybe it is stolen. It's all a balance. Here I walk away with big money and a dream watch, a 16610. Got to do the deal...back to the point. Is this rock solid? Have I missed anything?

ijen0311 · 28 May 2009, 10:06 AM

Just be careful going to make the deal. Don't want you to get ripped off, robbed, etc.

lobo58 · 28 May 2009, 10:26 AM

Quote:

Originally Posted by ijen0311

Just be careful going to make the deal. Don't want you to get ripped off, robbed, etc.

Which is why we're doing it in his bank. Armed guards, instant validation...My point exactly. Am I missing anything?

ijen0311 · 28 May 2009, 10:26 AM

Quote:

Originally Posted by lobo58

Which is why we're doing it in his bank. Armed guards, instant validation...My point exactly. Am I missing anything?

Then nope, not from what I see.

CPCC · 28 May 2009, 10:29 AM

I would suggest cash. If he calls 3 days in advance the bank can have it ready for him.

don't back down now · 28 May 2009, 10:33 AM

Cash or call the deal off.

lobo58 · 28 May 2009, 10:33 AM

But damn...one more time...I'm going to miss wearing this.

But $35K and a 16610?

Got to take the deal.

kyle L · 28 May 2009, 10:34 AM

At least take us some good-bye pics of the watch!

Edit: Oh nevermind....

presario · 28 May 2009, 10:35 AM

Wow, such a beautiful watch. Man, tough call. In a time where everyone's hoarding cash, $35K plus a 16610 seems good. Good luck and be safe!

lobo58 · 28 May 2009, 10:43 AM

I can't tell you all how much it means to me that you share my pain. But really...I'm wearing a watch someone will give me thirty-five thousand dollars for! That's just nuts. I love my watch. Love it. Have for thirty-plus years.....but $35K?

I'm not wrong.

mcjp6 · 28 May 2009, 10:52 AM

It sounds like a good deal and if you can bear to lose your 6263 then do it. Just be careful and let us know how it goes.

Watchdog · 28 May 2009, 10:55 AM

That is a TON of money. I understand the arguments for holding onto the watch, but--for me--your arguments for letting it go, in the end, win out.

Hope it works out well for you.

sub2004 · 28 May 2009, 11:00 AM

Just make sure to ask for cash.

Bank transfers can be withdrawn for fraud and same with cheques even if you wait out a week or so after deposit.

Cash only if i were you. You are the seller of the commodity, say cash otherwise you aint dealing.

nylawbiz · 28 May 2009, 11:04 AM

you dont want cash: IRS filing requirements for cash transaction over $10K. A certified check drawn at the bank is best. You should collect the sales tax, unless he provides you with a resale certificate. As a dealer, he should have a resale number.

Good luck and find a good home for the $35K!

therolexguy · 28 May 2009, 11:09 AM

It sounds like you're ready. Why can't you guys meet at YOUR bank? He brings a cashiers check or cash and YOUR bank verifies and you stick it in your savings. Good luck.

mck22 · 28 May 2009, 11:18 AM

Id sell it as well. Looks like you have everything covered. Congrats

allanofcalifornia · 28 May 2009, 11:21 AM

Congratulations on the deal!! You can never tell about a vintage watch. It might go up in value but you never know. A vintage watch might be appraised at $50,000 but it is only worth what someone is willing to pay for it. Daytonas were very scarce but not today and maybe not again in the future. Also, a vintage watch could deteriorate (i.e. dial, hands) and could lose value. I think you did the right thing and you get a Sub out of the deal.

Allan

Wolfgang427 · 28 May 2009, 11:45 AM

Quote:

Originally Posted by lobo58

he checks out as a reputable vintage dealer. The question is...NY has an 8% sales tax on casual transactions. If I drive to his bank, do I owe NY $2800?

No tax, unless your in the business of selling watches in NY which your not.

$35k for your watch in this economy its like hitting the lotto jackpot.

Run do not walk to complete this deal.

lobo58 · 28 May 2009, 11:46 AM

Damn! But the Rolex folks are some great people. I'm touched

28 May 2009, 08:56 AM	#1
lobo58 Member Join Date: May 2009 Real Name: Mark Location: Masschusetts Watch: Omega Planet Ocean Posts: 399	Dead Honest... Here's the deal. I've been offered $35K for my 6263 and, to sweeten the deal, I'll walk away with a 16610 with box and papers for $3500. The buyer is a reputable player in NYC. I wasn't looking, but I'm taking the deal. We'll meet at his bank, examine the watches, and then I'll stand at his elbow while the cashier cuts the check. What am I missing? Is there something that could go wrong that I am not seeing? Many pros here. Is there anything that could go badly?

28 May 2009, 09:02 AM	#4
Tools TRF Moderator & 2024 SubLV41 Patron Join Date: May 2007 Real Name: Larry Location: Mojave Desert Watch: GMT's Posts: 43,515	Seems to be a respectable transaction....... __________________ (Chill ... It's just a watch Forum.....) NAWCC Member

28 May 2009, 10:29 AM	#16
CPCC "TRF" Member Join Date: Dec 2007 Real Name: Bill Location: USA Posts: 1,857	I would suggest cash. If he calls 3 days in advance the bank can have it ready for him. __________________

28 May 2009, 10:35 AM	#20
presario "TRF" Member Join Date: Jan 2009 Real Name: Andrew Location: Los Angeles Posts: 1,428	Wow, such a beautiful watch. Man, tough call. In a time where everyone's hoarding cash, $35K plus a 16610 seems good. Good luck and be safe! __________________

28 May 2009, 11:18 AM	#27
mck22 "TRF" Member Join Date: Dec 2008 Real Name: Brent Location: St Louis Watch: Rolex Sub Date Posts: 1,516	Id sell it as well. Looks like you have everything covered. Congrats __________________ 16610 Submariner GMT Master II 16710 1675

28 May 2009, 08:59 AM	#2
kcmo "TRF" Member Join Date: Jan 2007 Real Name: Karis Location: USA Posts: 19,377	WOW!!!! Congrats! Are you sure you won't miss the Daytona?

28 May 2009, 09:06 AM	#6
Lamone Banned Join Date: Nov 2007 Location: NYC Watch: ya mawt! Posts: 3,448	As Larry said "Seems to be a respectable transaction". If he's a reputable person, all is fine. 35k is 35k.

28 May 2009, 09:09 AM	#7
onkyo Banned Join Date: Apr 2008 Real Name: Pav Location: Manhattan Posts: 11,495	You are getting a very good price for your 6263. I would sell also (that is if I had one)....

28 May 2009, 09:50 AM	#9
landroverking "TRF" Member Join Date: Dec 2008 Real Name: Jay Location: TEXAS Watch: Daytona Posts: 7,648	I sold my vintage Daytona in 1990 and know I will never be able to replace it. That said do what you "need" to due. As for me I would not sell my Daytona again. jay

28 May 2009, 09:59 AM	#11
moby33 "TRF" Member Join Date: Oct 2007 Location: Huntington Beach Watch: Rolex/Omega/Seiko Posts: 2,560	I know almost nothing about vintage Daytona prices, but what I can say is regardless of example, this is 100% a BUYERS market! With that in mind, I've got to believe if you can get $35K in todays market, you will be able to get considerably more in say 2-5 years when the economy is not so upside down (heck, even 12 months from now will probably be better for sellers like you). But, as others have said, $35K is $35K...so if you need the $ now, grab it as cash is always king.

28 May 2009, 10:06 AM	#13
ijen0311 "TRF" Member Join Date: Dec 2008 Real Name: Jen Location: Jax, FL Watch: Sea-Dweller Posts: 3,977	Just be careful going to make the deal. Don't want you to get ripped off, robbed, etc.

28 May 2009, 10:33 AM	#17
don't back down now Banned Join Date: Feb 2009 Location: usa Posts: 147	Cash or call the deal off.

28 May 2009, 10:34 AM	#19
kyle L "TRF" Member Join Date: Feb 2009 Location: USA Watch: Rolex Explorer I Posts: 10,278	At least take us some good-bye pics of the watch! Edit: Oh nevermind....

28 May 2009, 10:43 AM	#21
lobo58 Member Join Date: May 2009 Real Name: Mark Location: Masschusetts Watch: Omega Planet Ocean Posts: 399	I can't tell you all how much it means to me that you share my pain. But really...I'm wearing a watch someone will give me thirty-five thousand dollars for! That's just nuts. I love my watch. Love it. Have for thirty-plus years.....but $35K? I'm not wrong.

28 May 2009, 10:52 AM	#22
mcjp6 "TRF" Member Join Date: Mar 2009 Real Name: Michael Location: VK2 - AUS Watch: 5513s Posts: 7,380	It sounds like a good deal and if you can bear to lose your 6263 then do it. Just be careful and let us know how it goes.

28 May 2009, 10:55 AM	#23
Watchdog "TRF" Member Join Date: Feb 2009 Real Name: Junkyard Dog Location: The Doghouse Watch: I can't tell time Posts: 6,822	That is a TON of money. I understand the arguments for holding onto the watch, but--for me--your arguments for letting it go, in the end, win out. Hope it works out well for you.

28 May 2009, 11:00 AM	#24
sub2004 "TRF" Member Join Date: Oct 2005 Location: South Pacific Watch: SS Daytona Posts: 643	Just make sure to ask for cash. Bank transfers can be withdrawn for fraud and same with cheques even if you wait out a week or so after deposit. Cash only if i were you. You are the seller of the commodity, say cash otherwise you aint dealing.

28 May 2009, 11:04 AM	#25
nylawbiz Member Join Date: May 2008 Real Name: Brian Location: New York Watch: too many Posts: 705	you dont want cash: IRS filing requirements for cash transaction over $10K. A certified check drawn at the bank is best. You should collect the sales tax, unless he provides you with a resale certificate. As a dealer, he should have a resale number. Good luck and find a good home for the $35K!

28 May 2009, 11:09 AM	#26
therolexguy 2024 SubLV41 Pledge Member Join Date: Jun 2008 Real Name: Todd Location: US Posts: 3,528	It sounds like you're ready. Why can't you guys meet at YOUR bank? He brings a cashiers check or cash and YOUR bank verifies and you stick it in your savings. Good luck.

28 May 2009, 11:21 AM	#28
allanofcalifornia "TRF" Member Join Date: Feb 2009 Real Name: Allan Location: California Posts: 3,210	Congratulations on the deal!! You can never tell about a vintage watch. It might go up in value but you never know. A vintage watch might be appraised at $50,000 but it is only worth what someone is willing to pay for it. Daytonas were very scarce but not today and maybe not again in the future. Also, a vintage watch could deteriorate (i.e. dial, hands) and could lose value. I think you did the right thing and you get a Sub out of the deal. Allan

28 May 2009, 11:46 AM	#30
lobo58 Member Join Date: May 2009 Real Name: Mark Location: Masschusetts Watch: Omega Planet Ocean Posts: 399	Damn! But the Rolex folks are some great people. I'm touched

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