What does “Comps” mean?

Comps, short for comparables, are recent sales of the same reference that dealers use to put a price on a watch. A good comp matches as closely as possible: same reference and dial, similar year, similar condition and the same set (full set, papers only or watch only). Sales from the last few weeks or months carry more weight than older ones, because the market keeps moving.

Pulling comps is the basis of most pricing conversations in the trade. A dealer making an offer will often explain it with comps, and a seller pushing back will point to better ones. Asking prices are not comps; only completed sales show what buyers actually paid. When there are few direct comps, for example with rare dials or limited editions, dealers look at the nearest alternatives and adjust for the differences, which is where judgement and experience come in.

Example: 'Can you send comps? The last two full sets I saw sold for less than your ask.'