As watch lovers, we know all too well that buying and selling on the second-hand market can be a stressful experience, especially when it’s online. Is the item authentic? Did I ask all the right questions? Am I being ripped-off? If you’ve ever bought a watch on eBay, then you’ve surely gone through this roller coaster at least once. Detroit-based StockX—an online platform billed as the “Stock Market of Things”—aims to change all that by fostering a buying/selling experience that values transparency and authenticity above all else. You may be wondering—how exactly does StockX work, and how would using it benefit me as a potential buyer or seller?
Similar to the way one would buy a stock on the NYSE, StockX uses a bid/ask model where potential buyers anonymously bid on a watch. If a bid matches an anonymous seller’s asking price, a sale is made. Yes, it’s that simple, but there’s a little more to the process that makes StockX (available as an app or on desktop) a unique buying and selling platform.
What’s in It for the Buyer?
Through StockX, buyers have comprehensive, real-time access to historical sales data and trends on every product page, ensuring an informed customer. With that information right in front of you, there is no need to scour eBay or sales forums to get a sense of the second-hand value of a watch.
Another thing that makes StockX incredibly useful for buyers is that, as a middleman, StockX takes on the responsibility of authenticating all products sold through its platform. Anything sold on StockX is first shipped to its facility in Detroit where master watchmakers verify the authenticity, perform basic maintenance, and verify the condition of the item. The process typically takes only 24 to 48 hours. As soon as the watch is verified, it is sent out to the buyer, and the seller receives payment. If, for whatever reason, the item cannot be authenticated, then the buyer is refunded and the seller has the product returned to them. StockX takes the worry right out of the equation.
What’s in It for the Seller?
It’s pretty simple—as a seller, all you need is an authentic watch in excellent condition. It doesn’t have to be New Old Stock, but it should be largely free of dings and serious scratches. You can check out Stockx’s watch condition guide here.
Every listing on StockX is a stock photo, so you don’t have to worry about photographing your watch or writing out a lengthy description. After you post your watch and your asking price has been matched to a bid, all you have to do is ship the watch to StockX using their straightforward guidelines. They’ll take care of the rest. You just sit back and wait for payment.
So yeah, it’s that simple. And it’s a proven model, too. Before StockX expanded into watches, the company’s focus was the second-hand sneaker market where condition and authenticity are paramount.
What’s Next for StockX?
StockX most recently launched a unique partnership with Shinola, offering their own version of an IPO (Initial Product Offering). To celebrate the new Shinola Lake Eerie Monster mechanical watch, five pieces numbered “000/500″ were available exclusively on StockX, with all proceeds going to support the Detroit Children’s Fund, the Empowerment Plan, and the ACT Project. Lookout for more StockX IPOs in the coming months.
StockX is also adding support to purchase watches with or without box and papers by the end of 2017. This is the biggest question they receive from customers. Customers will soon be able to purchase watches with or without box and papers. Buyers looking for the best price can shop for watches without the full kit, while those who view those items as important can shop to suit their needs.
To learn more, visit StockX.