Greedy or shrewd ?

[Rawdeel]

About 4 yrs ago my brother gave me a rolex watch,since I don't wear a watch I stuck it in my closet. In september I happened upon it again and decided to check it out, to my surprise it actually is worth something. Sent it off to Rolex Canada,(that was a serious bill). It came back basically brand-new. Now to my question, I have been trying to sell it here(Canada) and have had two offers,both at about 8500.00.
I turned them both down, I was thinking maybe about 12-15000.
Did I make a mistake?
By the way it is a Rolex 1969, 1680 Red-submariner.
And yes it is still for-sale.

[kenkelvin]

that is worth alot of money

[Rawdeel]

Thank-you, not that my wallet feels any fatter

[ejaan]

I presume the prices you quoted are in Canadian Dollars. Does your piece comes complete with box and papers?

One could get a complete set for around CAD10K. So one that is without box and papers should go for much lesser than that.

My .

[Rawdeel]

I find it interesting that on the net, some of these red subs go up to 50,000 yet, some go for 5 or 6 grand that is quite a difference.And since mine looks brand new, are you saying a cardboard box and a piece of paper are worth 45000? Someone needs to have a more regulated system for valuing these watches.

[Darkangel]

I find it interesting that on the net, some of these red subs go up to 50,000 yet, some go for 5 or 6 grand that is quite a difference.And since mine looks brand new, are you saying a cardboard box and a piece of paper are worth 45000? Someone needs to have a more regulated system for valuing these watches.

It's the power of demand and supply...how much crazy people are willing to pay

[ejaan]

I find it interesting that on the net, some of these red subs go up to 50,000 yet, some go for 5 or 6 grand that is quite a difference.And since mine looks brand new, are you saying a cardboard box and a piece of paper are worth 45000? Someone needs to have a more regulated system for valuing these watches.

Just to clarify that I never mentioned or implied in my post that the box and papers are worth 45K. My regrets if you had gotten that impression.

[seiko.citizen]

many factors dictate the value; such as the dial, hands, bracelet, case, etc. Unless we see some decent pics, it is very hard to give you any kind of valuation.

[deadbench]

that is worth alot of money

since it went for major overhaul..probably lots of parts have been changed-out. all superluminova?

[Rawdeel]

If anyone would like to see pics just e-mail me
rawdeel@live.ca

[KuchingKu]

since it went for major overhaul..probably lots of parts have been changed-out. all superluminova?

Ya. If an original coondition Red Sub is what you have, you should not have sent it for a major overhaul. Unless it is very worn.

No doubt it now looks brand new with the overhaul (plus you probably spent quite a bit for Rolex to do it), but it's value has actually gone down with all new parts and hands (luminova?) Worst would be they even change out your redsub dial to a matt 1680 luminova dial.

Cad 8500 is probably around the current market price for this even if it still have original T hands and dial, depending on condition. And condition for vintage is not just about new but about well kept but historically correct parts.

Vintage Rolex is a niche area which sometimes cannot be understood by common logic.

Example....Box and paper for 16610 cost very little than without but box and paper for 6263 cost a lot more than without. So, your anger than paper cost 45000 may not be true to all cases.

In any case, since your brother left it for you, why not just wear it and enjoy it. Not many people can have a Redsub on their wrist.

[Rawdeel]

Why thank-you for the positive reply,they did not replace anything except the bezel,seals and a good polish.they also said it was original parts.
I am selling it because I don't have the cahounas to wear it

[deadbench]

Why thank-you for the positive reply,they did not replace anything except the bezel,seals and a good polish.they also said it was original parts.
I am selling it because I don't have the cahounas to wear it

pheww~~~ otherwise another great piece will be lost...

[Rawdeel]

Update, my brother listed the watch on e-bay for me, for any interested looky-lou's