Presented in partnership with StockX…
Buying and selling big-ticket items like sneakers, watches and designer clothes scratch so many side hustle itches.
The thrill of the hunt, the art of the deal and the excitement of the transaction.
Unfortunately, the time between those shots of adrenaline into the entrepreneurial veins is slightly dull. It’s just a lot of waiting.
StockX, the “world’s first stock market for things,” makes the time in-between the hunt and the possible sale a little more interesting.
The concept behind StockX is simple, combining the art of buying and selling handbags, sneakers, and watches with the frenzy and fever of stock market trading.
Brought together by a shared idea of creating a stock market for sneakers, Josh Luber and Greg Schwartz partnered with Dan Gilbert – majority owner of the Cleveland Cavaliers- and launched StockX in 2016.
The following year, after teaming up with Nike, StockX exclusively launched the first run of the LeBron 14 on its website.
Fast forward to the present day and the website tallies over eight million unique users a month, generates an average of $2 million worth of daily transactions, and the website is rapidly approaching an annual run rate of $1 billion.
Unlike other auction websites, StockX handles most of the heavy lifting, from authenticating the items to managing the exchange of money. Buyers and sellers need not worry about the legitimacy of one another. StockX is right in the middle of the entire deal.
The real value in a website like StockX is informing and empowering buyers to make smart purchases and even wiser deals.
StockX serves many functions for amateur watch collectors and sneaker junkies. The simple website interface and easy-to-read data helps users spot a good value, play the cat-and-mouse game of negotiating deals, and coordinates the buying and selling of signature timepieces and exclusive kicks without paying top dollar.
There’s also the ease of mind that comes with every transaction. StockX allows buyers to name their price and “negotiate” to get the deals they want with a couple easy steps. When the price you’re willing to pay matches the price a buyer is willing to sell, the transaction happens, automatically. This makes the process incredibly easy for a costumer looking to get a great deal on a coveted timepiece from a trustworthy seller.
With all of the guesswork taken out, buying and selling luxury watches is now easier than ever. However, there are a few things to consider before jumping right into the game.
Do Your Damn Homework
Finding good deals on watches is all about knowing what you’re purchasing and minimizing the risks. But with so many watches and different brands, its hard to know where to start.
First, do your research then start small with limited funds and lower ticket items. The more extensive the research, the more likely you are to succeed. This also means fewer missteps.
StockX‘s pricing transparency is an invaluable tool at this stage, no matter how much you know about watches. The website empowers buyers by using data, so there’s value in doing your homework.
Learn About The Brands
Rolex, Breitling, Omega, the names and brands of high-end timepieces is extensive and expands with each passing year.
StockX even offers a news section where users can find in-depth reviews and expert analysis on new releases.
Learn From Other People Buying & Selling
This robust section highlights the top users, the items they’ve purchased and for how much, the market value and how much they made or lost on the deal.
The portfolio is an incredible learning tool for new watch collectors, highlighting not just the good but the sometimes unfortunate instances when investments don’t turn out the way a buyer hopes.
Take Advantage of Circumstances
Thousands of incredible deals online on a daily basis and the best deals usually come from people forced to sell off their watch collections.
These individuals usually have little attachment to a timepiece, or the money spent, and just interested in moving onto the next watch or just pocketing the cash.
Since their lack of funds is usually requiring them to sell one to buy another, their willingness to sell cheaper increases significantly and opens up opportunities for a steal of a deal.
The value of a timepiece isn’t always inferred with the lowest current ask. With StockX, you can research recent selling prices in order to determine what a watch is actually worth.
Watch What People Are Buying & Selling
The best way to learn anything in life is to dive right in and learn in the process. Unfortunately buying and selling watches, handbags and designers clothes is a high-end game involving investing large chunks of money and time.
In other words, it might not be the wisest option to just jump right in without knowing what the hell you’re getting into.
If you don’t have the capital to invest right away, the second best way to learn is to be a silent observer and soak in as much knowledge as possible.
StockX makes learning and monitoring easy with a handy app. Do everything you can on the website, right on your smartphone. You can monitor your own transactions and portfolio anywhere, anytime.
Becoming an expert buyer and seller of luxury watches will take time. Fortunately, StockX helps consumers make smart decisions on a wide range of timepieces at a variety of price points.
It’s the ultimate tool for making an informed decision and staying on top of deals. Because when it comes to shelling out your hard earned cash for a luxury watch, knowledge is power.