Luxury watches are not just watches; they can also be valuable possessions. Whether it is a Rolex, Omega, Cartier, or Patek Philippe, pawning your watch can help put cash in your pocket quickly, as they can be used as collateral for a loan. However, pawn shops will not loan money on high-value items without verification and authentication. So how do pawn shops ensure the authenticity of the watch brand? And what does the pawning transaction look like?
How Does the Pawn System Work?
A pawn system is a short-term loan system. In this case, a person brings in their valuable item—let’s say a designer watch—and leaves it at the pawn shop in exchange for a loan in cash. The pawn shop keeps the watch until the loan and interest are paid back. When that time comes, and the loan is repaid, the pawn shop returns the watch to the borrower. If the loan is not repaid, the pawn shop can keep the watch and sell it to compensate for the money it lent.
How Do Pawn Shops Authenticate Items?
Luxury watch verification is a methodical, time-consuming process for both the seller and pawn shop, but here is how pawn shops typically authenticate branded luxury watches:
- Brand marks and engravings: Pawn experts look for brand markings, such as official logos, model numbers, serial numbers, and brand-unique engravings. This is usually found on the case back, between the lugs, or on the movement itself.
- Movement: Authentic luxury watches have a detailed movement with the highest quality craftsmanship. A skilled pawnbroker may open the case back and examine the internal windup mechanism.
- Material: Authentic luxury watches are made of quality materials like sapphire crystal, stainless steel, or 18K gold. If the metal seems cheap or the glass has scratches, the pawn expert may be suspicious.
- Weight and construction: Luxury watches are made with precise construction. There is usually some heft to the watch, and good assembly and processing. Fakes are usually lightweight and rough or have several visible signs of poorly made assembly.
- Box and papers: The watch’s packaging, certificates, and receipts help add legitimacy and provide value.
What Do You Need to Pawn a Watch?
Pawning a watch involves more than just walking in with your Rolex. Some shops may also require you to sign a short-term agreement that lays out the terms of the loan, including the interest rates and deadlines for repayment. To ensure everything goes smoothly, you’ll need:
- Proof of a valid government-issued ID
- The watch
- Original paperwork
- Box and accessories
- Knowledge of your watch
Pawn, Buy, and Sell Luxury Watch Brands in NYC
Paradise Pawn has two locations in the Bronx where we provide pawn loans for watches and authenticate watches in-house or via third-party verification. For more information about our inventory, the pawning process, or what we buy and sell, please contact our team.
