Last updated: September 02, 2020
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What does Worthy do?
Worthy is dedicated to providing sellers and buyers with that ultimate win-win. Everyday we bring together buyers and sellers with our luxury auction marketplace. Led by the very best in the luxury goods market, we work together to bring you the fairest market value for your valuable items while providing stellar service. Whether you need financing to run your small business, to plan for the future, or to go on a vacation, we are here for you.
What types of items do you accept?
Worthy accepts valuables for which we are well-qualified to evaluate and will interest our buyers. We typically accept:
Jewelry & Diamonds - most types of precious jewelry including rings, bracelets, necklaces and earrings made from gold or platinum, with or without diamonds.
Branded Watches - luxury watches including Rolex, Cartier, Omega, Breitling, Audemars Piguet, Patek Philippe, Tag Heuer, and many more.
So how does it work?
There are five easy steps in the sales process:
1. Describe your item to the best of your ability using the submission form.
2. We ask that you send your item to our secure facilities using a pre-paid, FedEx-insured shipping label.
3. Once your valuable arrives at Worthy's headquarters, our experts clean and photograph it before bringing it to one of our esteemed grading partners for evaluation. At this stage you will be asked to set your reserve price. At the same time, prospective buyers receive an alert about the valuables about to be auctioned.
4. The auction begins, allowing qualified and targeted buyers a set period of time (up to 48 hours) to compete for the item.
5. Upon acceptance of the high bid, the payment is processed almost immediately – and funds are transmitted to you.
What are your fees?
Our fees are respective to your earnings. So we share a common interest - to get you more. Everything we do is designed to get you more, even the way we've structured our commission. The commission we take is subject to a successful auction and is a percentage of the final sale price. We only get paid when you do, and only benefit when you walk away with more. Check our fee table:
|Up to $5,000||22% 18%|
|$5,001 - $15,000||15% 14%|
|$15,001 - $30,000||15% 12%|
|$30,001 - Above||14% 10%|
What is the “market value”?
The market value is defined by what your item is worth in the current marketplace. This is determined by measuring the demand for the item and how much buyers are willing to pay for it. With our auction platform, we are confident that we can get you the highest market value by reaching professional luxury buyers world-wide, and inviting them to compete for your item.
What is the “reserve price"?
The reserve price is set by you before the auction starts. it ensures that your valuable will not sell for less than you are willing to sell it for. The reserve price is binding: If the leading bid at the end of the auction meets or exceeds the reserve price you set, the sale will be approved automatically. If it is lower than the reserve price you set, you can choose to reject the offer and have your valuable securely returned to you, fully insured and free of charge.
What is the “buy it now price"?
This is the fixed price for which a buyer can pay to purchase the item outright. When the buyer selects this option, the auction ends and the sale is approved.
What is resale versus retail?
There is a great difference between retail price and resale value. When a new item is purchased, its price includes all of the associated costs of selling that item including service, rent, payroll, etc. Retail markups, especially in precious jewelry and luxury items, can be 100% or more. Resale value factors in depreciation and demand while leaving out that “markup margin”. Many appraisals, usually for tax or insurance purposes, represent the retail replacement value, not the resale value. Worthy aims to get you the highest resale market price using our competitive auction platform.
Why Worthy vs Ebay?
It all begins with a market value analysis in which the details you provide are used to generate a estimated auction results. Before you even send your item in, you'll have an idea of what you may get for it at auction. When you do decide to send your item to Worthy, our professionals will take HD, 360 degree photos to be presented to buyers at auction. The next step is what really sets Worthy apart - a professional, objective, complimentary grading at one of three industry- leading grading labs. When buyers bid on your valuable item, they know what they are getting. Worthy is a trusted powerseller that can secure those high bids and when the auction ends, we even take care of sending the item to the buyer.
Last but not least, when you sell through Worthy you utilize not one, but many selling channels (Worthy Buyer Network, eBay, Rapnet, and more).
Why should I trust your grading partners over my local jeweler's appraisal?
Buyers place higher bids with Worthy because we only use the very best in the industry to authenticate and grade items auctioned with us. Our grading partners include the Gemological Institute of America, Gemological Science International and the reputable professionals at CentralWatch. Gradings carried out by our partners are so thorough and trusted in the industry, that we put forth a description guarantee. Buyers that come to Worthy know that what they see is what they get, and ultimately place higher bids.
It is also important to keep in mind that we are not the ultimate buyers of your valuable item, making every evaluation as objective as possible. Our goal is creating mutual trust between buyers and sellers that will result in a win-win deal.
Can’t I get a good price if I sell my items directly to a jeweler?
Selling pre-owned luxury items like branded watches or diamond rings to a local jeweler will often bring minimal value (perhaps just slightly better than going to a pawn shop). When a local jeweler buys an item like this, they will normally sell it to a dealer who then will sell it to a wholesaler. That means there’s at least three people who need to make a profit which leaves little for the seller. A store may also choose to sell the item on consignment which means the seller must wait to get paid only if and when the item is sold.
Aren’t these guarantees available on eBay, eBid or similar sites?
No, neither eBay nor eBid actually authenticates the items that are put up for sale on their sites. Verifying an item’s authenticity is totally up to the buyer which can lead to seller fraud. In other cases, purchased items may be returned to the seller due to a misleading item description (seller’s lack of knowledge). And often, goods are returned to the seller after they have been swapped or altered before return (buyer’s fraud). Most importantly, neither eBay nor eBid guarantee that there will even be a bid on the item much less the best spot price.
What about selling my item through high-end auction houses?
Large auction houses, including Christie’s and Sotheby’s, tend to accept only luxury items of the highest value. Their auctions are far less spontaneous – requiring a great deal of time, effort and fuss – and come with higher fees and sales commissions.
How long does it take for an item to sell on Worthy?
When an item goes to auction, it can take 10-14 business days from the time an item arrives at Worthy headquarters to grade, collect all qualified bids and conclude the sale. With Quick Sale, you are offered a price shortly after the item arrives and can approve the offer right away.
Why do I need to send my item to you?
In order for buyers to bid with confidence, they need to know that every item is authenticated and that the selling description is guaranteed. That is how we get buyers to bid for the full value of the item. Furthermore, a large part of the work that we conduct on your behalf is done while in our possession such as the high resolution photography, buyer targeting, and final transaction. It is crucial that we are able to physically see your item and assure that it is going to the right people at the right price.
How do I send my valuables to you?
Your valuable item will be collected by a FedEx courier free of charge. We even email you a FedEx label that you can print out. Packages are tracked from the moment they leave your door to the moment we receive them. Valuables are fully insured from beginning to end, while the packages themselves receive additional insurance with UPS Capital Insurance Agency.
What if my valuables are not in perfect condition?
You can still sell them. Jewelry and precious metals are appraised based on their weight and quality. Thus we can still sell them even if they are broken or incomplete. Watches, however, will achieve a better sale value if they are in proper working condition. It is always preferable to receive valuables in their original box and/or with the payment receipt.
Can you take out the center stone and send me back the ring?
This depends on the ring setting. In some cases the stone is set deep into the setting thus making it very difficult to remove the stone while keeping the ring fully intact. In other cases it is easy to do and we will happily oblige the request. In either case, one of our representatives will be in touch with you to go over the options. We will only take such action with your approval.
Do you have to remove the center stone from my jewelry piece?
While we do not require that diamonds be removed from their setting, it is highly recommended as GIA, our top grading partner, only grades unmounted stones. If you decide not to unmount your diamond, or if we feel it may harm the piece to do so, it will be graded by IGI, an equally reputable grading lab that grades mounted stones. It is important to note that your diamond will be removed only once we have written consent from you, the seller of the diamond with a full understanding that it may not be re-set.
How much does shipping cost?
We cover all shipping expenses, including collection and insurance of your valuable item from your home to our secured facility.
Where will my valuables be stored?
All items sent to Worthy are tracked and monitored as soon as they reach our facility. Once your valuables are graded, we store them in highly secure vaults for the duration of the auction process. Worthy's secure storage facility is fully protected and your items are insured from the moment we receive your valuable until we ship it back to you.
What happens if my valuables get lost or stolen?
In the extremely unlikely event that this happens, your valuables are insured from the moment they are collected. Our insurance coverage for a valuable in transit is up to an amount of $100,000 and is subject to the terms, limitations and requirements of our current insurance policy.
How will I receive payment?
We offer 3 convenient payment options. The first, is PayPal. This option is the fastest, being processed within 1 business day. The second option is via bank transfer. This option is also fast, processed within 2 business days however, it may take a bit longer depending on your bank’s procedures. We also offer the option of sending a check to your door within 4-5 business days.
Can I back-out of the process at any time?
Prior to auction there is no obligation of any kind. Once you agree to a reserve price, you are committed to selling your valuable for that price. If the highest bid falls below the reserve price, or you receive a Quick Sale offer, you have the option to decline and have your valuable sent back to you fully insured, free of charge.
If I reject the offer will you send back my valuable?
Yes. If you are not satisfied with the offer and it falls below your reserve price, simply request that the valuable to be sent back to you. We will send it back immediately in the same condition it was sent to us, no strings attached. However, once you agree to a reserve price, you are committed to selling your valuable.
Can the buyer back out of the sales process?
Once the buyer submits a bid, based on Worthy’s item description, they are obligated to purchase the item if their bid is accepted by the seller. That’s part of the guarantee that Worthy offers the seller.
What if the buyer of an item is not happy with its quality upon receipt? Can they return the item to Worthy and get their money back?
Worthy employs the industry’s best practices and trusts industry-leading appraisers to assure such events will rarely occur. However, in the instance where a buyer does not accept a Worthy item description due to a material difference in the actual item, they can submit their complaint to Worthy’s Resolution Center. There, they can document their case and return the item for a complete refund of their purchase price. The refund is solely the responsibility of Worthy, not the seller.
I believe an item may be stolen. How do I report it?
Can you return ship my item to another address?
Yes, we can. However it is not recommended as we want to ensure that all items are returned to their rightful owners in the most secure way possible. Additional confirmation and information will be required with this option which may also lengthen the process.
Why do you need my I.D. ?
Based on federal regulation and best business practices, we cannot conduct any transaction or issue payment without a proper government issued ID. We do this to protect both our buyers and sellers and to prevent fraudulent behavior.
If I have a certification or appraisal on my item does that increase the value?
Certification or pre-appraisal will get you a more accurate estimate for your item, it does not however increase the value itself. We accept appraisals and certificates from professional jewelers and grading reports from the following institutions:
- GIA (Industry standard)
Are your facilities safe and secure?
The safety of your items is our priority. When your items are in our possession they are locked in a secure vault and only handled by our trusted experts. Furthermore, we have fully backed insurance covering your items throughout the entire process.
What’s in it for the buyers? Why would they want to compete online with other professional buyers?
Worthy provides its buyers with two critical services: volume and authenticity. Worthy buyers have access to a steady flow of luxury goods that have already been authenticated by Worthy’s professional appraisers. Buyers have access to this steady flow of verified items saving them significant time and money, while avoiding the headaches of having to deal with unsophisticated or unscrupulous sellers.
How long have you been in business?
Worthy, Inc. has been operating since 2011. Our company operates multiple brands, with Worthy as our leading brand for selling and buying of pre-owned luxury goods. We have estimated over $20M worth of items to date and are the first secure online marketplace for selling pre-owned luxury goods.
Can I visit your offices?
Yes, you can certainly make an appointment at our location by calling us at 1 (888) 222-0208.
|20 W 37 st|
|New York, NY, 10018|