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I have a Rolex GMT Master that I inherited. It's of considerable sentimental value but from a quick google it looks like it may be of some money value too. I'm wondering where to get it valued for insurance purposes? I'm guessing a high street jeweller will be useless, but I'm not close to a good posh watch dealer. Any ideas?
I'd just look on Chrono24. The cheapest GMT Master I can see there is £8k, and cheapest with original box & papers is £10k
It is a valuable watch yes, it's also common and easily valued by any jewelers that deals in watches. Some are better than others though of course, and that applies to the ADs and the grey dealers. There's a good fit in Chester if you are near there.
Neilnevill has it - any reputable Jewellers who deals in watches. A Rolex Agency is probably your best bet.
A look through Chrono24 as suggested will give you an idea but there are so many variables that can make a big difference that it is best to get a proper valuation done. (age, condition, originality, service history, original accessories, various nuances in the printing on the dial etc. etc. etc.)
More importantly get the right Insurance!
A watch like this will need to be insured at MARKET VALUE so you can replace it like for like should the worst happen. As the market value of these outweighs the actual RRP of (an impossible to get) new one a simple "new for old" insurance isn't going to be suitable.
I do this for a living (jewellery and watch valuations) and as a consequence have dealt with numerous insurers. I've lost count of the number of times I've had to help clients prove that replacing/repairing THEIR watch will cost twice (or more) the catalogue price of a new one being offered as a settlement by their insurance company.
Many thanks all. I'm near Alnwick / Newcastle if that suggests any local valuers?
Northern Goldsmiths in Newcastle - and they're a Rolex dealer.
I've sold to Blowers before and was happy with the service and valuation.
Thanks again 🙂
any reputable Jewellers who deals in watches.
I disagree unless they have a resident Rolex expert, there are so many variations ‘fat font’ ‘maxi dial’ ‘gilt dial’ ‘matte dial’. correct bracelets and end links then you are into service dials and hands, tritium, papers, service papers, polished, over polished.
all of the above could vary the price from 8k to 25k
My wife does valuations for a jewellery insurance company and she recommends
Guild of values and jewellers
And
Safeguard
You can post them in and sometime they have local valuation days.
Who ever you use make sure they're a registered valuer and charge a flat fee not a percentage of value.
If you want an honest appraisal of the GMT Master, suggest you contact Haywood at
https://www.miltonaires.com/about/our-watch-team
What is it worth?
https://www.miltonaires.com/product-category/rolex-sports/gmt-master