How to cash out watches purchased with crypto?

[LGX6]

How to cash out watches purchased with crypto?

 
I bought 2 luxury brand watches with Ethereum a ROLEX DATEJUST for $17k and an Omega Constellation for $12,600

The jewlry stores in my city are only offering $8,500 for the ROLEX DATEJUST
and $6,000 for the Omega Constellation

I just bought them as a way to cash out my crypto anynomously. Im not willing to sell them for half the value thats just ridiculous. Someone told me to take the deals seperately to stay under a $10K transaction to avoid AML policy.

Does anyone know how i can get a better deal without triggering AML?

[BitMaxz]

If the product is outside your country, then it depends on where you live. In my country, the threshold limit is around $10k, but this is not fixed because they said there's no safe minimum limit for any expensive product, even below $10k. If the transaction from this product is suspicious, it will still trigger the Suspicious Activity Report (SAR). Meaning there's no way that you can get these watches without providing any data, including your documents.

Why not go directly to the seller where you bought it face-to-face and wear the watches? It seems this is the only way I could see.

[Donneski]

I don't think those offers are that crazy. You should understand that retail price and resale price are worlds apart even for Rolex. Dealers price in authentication risk, slow liquidity and their margin, so they’ll always lowball.

Splitting sales to stay under reporting thresholds can actually be worse since structuring is a red flag on its own. If you want closer to market value, you’ll need private collectors, consignment or auction platforms but most will want provenance and some KYC which might not be convenient for you.

[Nwada001]

Even if I'm thinking of a way to buy something and sell it off later in order to remain anonymous, buying luxury watches will be my last option. I will go for gold jewelry or gadgets; to me, they have more resell value than the wristwatch itself at least base on my experience and the country side I reside.

If you want to sell this at a good rate, I will advise you to go back to the exact same place you bought it, not with both at once but with one of them, and offer them a resell. The price might not be the same, but the difference will be much higher compared to what you are offered outside, and you can ask them to pay you in cash instead of crypto this time.

[OmegaStarScream]

You could try and look into XmrBazaar. I have not tried it myself, but I have seen listed watches before. Either that, or you could sell it for cash in some local group/forum and then use that cash to buy crypto afterwards.

[tabas]

Did you bought those from a merchant or a person directly? I guess that it's got some papers right? and you can declare it on how much you've bought them if it has got the receipt. But if you bought that off shore, there's no way that you can pass on the customs officer without being scrutinized. One way is to have it delivered to your house from where you've bought it but that's another expense for you and like what's suggested to you, have them separately. I don't know how laws are in your country but it's best to consult more with the locals there and in the watch stores, they know what to do.

[NotATether]

If you're trying to avoid the $10k threshold, I'm not sure how you're going to get more than that for the Rolex Datejust unless the seller pays in installments.

You have to accept that you will usually take some sort of loss in resale of luxury items since these are depreciating assets. Even right after you buy them, they lose some resale value. I would expect 10-15%.

You could try and look into XmrBazaar. I have not tried it myself, but I have seen listed watches before. Either that, or you could sell it for cash in some local group/forum and then use that cash to buy crypto afterwards.

I think that's for selling them for XMR, not cash.

[Darker45]

Where I am, people would just post it on marketplaces of various social media platforms. I don't think it necessarily triggers AML, but I'm afraid you'd have to either deliver it personally for cash, declare a much lower value if shipped, and avoid a one-time payment to a single bank account.

Since you're into luxury watches, don't you belong to a collector's group or community? It might be easier to deal with them because they're probably aware how to get around AML triggers and could assess a much fairer value.

[rat03gopoh]

Do you actually understand the market value of collectibles, or are you simply avoiding revealing your identity? Typically, items purchased in crypto are priced higher. They'll be cheaper if converted to cash, not to mention the store's margin.

You can sell on consignment with a reputable store in your area, perhaps with a 10%-15% profit margin. However, you'll need to ask for a reasonable price to sell faster.

[Lucius]

How to cash out watches purchased with crypto? 
I bought 2 luxury brand watches with Ethereum a ROLEX DATEJUST for $17k and an Omega Constellation for $12,600

You didn't write which Rolex model you're talking about, because there are some with several numbered designations, which then again determines the price.

The jewlry stores in my city are only offering $8,500 for the ROLEX DATEJUST
and $6,000 for the Omega Constellation

I'm not an expert, but I don't think there's much logic in the fact that the value of watches drops by 50% in a few years - it seems to me that they're trying to get them very cheaply and then make money on their sale.

I just bought them as a way to cash out my crypto anynomously. Im not willing to sell them for half the value thats just ridiculous. Someone told me to take the deals seperately to stay under a $10K transaction to avoid AML policy.
Does anyone know how i can get a better deal without triggering AML?

You talk about anonymity, and at the same time you are worried about AML? If you want anonymity, then you have to sell them for cash, there is no other option. Everything that goes through bank accounts leaves a trace and can be detected by those you want to hide it from.

[Rikafip]

Hah, it doesn't look like you thought this throught before you actually decided to try cash out this way. 

Generally speaking, these luxury watches can be a good investment and do keep their value, if you check the market and buy the right models. Given the difference in the amount you paid and the amount those jewelry stores are offering you, it looks like you heavily overpaid them.

What you can do is to try to find buyers directly. It will take longer, but you should get a better price.