What does “Market Price” mean?

Market price, or market value, is what a specific watch is actually changing hands for right now between buyers and sellers. It is set by recent completed sales, not by asking prices, retail prices or what someone paid years ago. For the same reference, the market price shifts with condition, completeness (full set, papers only, watch only), year, dial variant and bracelet.

Dealers work out market price from comps: recent sales of the same reference in similar condition and with a similar set. A sound figure also takes into account how quickly the watch is likely to sell, the cost of any service or repair, and which way the market is moving. Because prices move, a market price from six months ago may no longer hold. When two dealers disagree on value, it usually comes down to which sales each one counts as truly comparable.

Example: 'Based on the last few full-set sales, market price is about where I'm asking.'