Advice needed: issue with a store

[Tudor66]

Hello,

I had a minor issue with a store that was selling my Rolex 16800 for me via consignment. Please let me know if I am not seeing this situation correctly.

The store offered to sell my Rolex for me via consignment for 4,300 - 200 fee = 4,100 net to me. I had purchased this watch from them last year for 4,100.

I went back today to check out my old Rolex, and I noticed their price tag was listed at 5,900 dollars. When I asked, they said that used the higher price as a starting point, and they considered the costs of financing, etc... The real question is this, had they sold it for let's say 5,000, would they have paid me 4,100, or 4,800. I suspect I would have only received 4,100.

I will never find out, as I decided to bring the watch back home, and effectively end their consignment opportunity. My wife saw me wearing the Sub when I get home, and said, "hey, that's nicest one you have, don't sell that one, I like it."

Enough said, watch is back in rotation. Everyone is happy.

[Oyster Junkie]

Stores need to make money, but their dishonesty with the intention of the consignment leaves a very bad taste in my mouth. You did the right thing by taking the watch home.

[toph]

yeah they lied by ommission. You made the right choice

[ydna808]

I believe you need to tell them how much you would like to get for your watch. If you tell them you want to get 5K and they sell it for 10K, you get your 5K and that's it.

[Tools]

I imagine that you entered into a contract with them that the sales price would net you $4,100 and them at least 200 commission.. or $4,300 minimum.

They set the price high and know the base that they can negotiate to. Anything above that would have been the stores "profit". If you want to net more than 4100, you would need the contract for consignment to state that..

However, if this is their intent, they should make it clear up-front..

Good choice to keep it..

[Tudor66]

Originally Posted by Tools

I imagine that you entered into a contact with them that the sales price would net you $4,100 and them at least 200 commission.. or $4,300 minimum.

They set the price high and know the base that they can negotiate to. Anything above that would have been the stores "profit". If you want to net more than 4100, you would need the contract for consignment to state that..

He originally told me that they would sell the watch for the price I decided-- 4,300 - 200 = 4,100, which is why the 5,900 price tag was a surprise. He specifically left out the part of negotiating a higher price for himself or me...

Most importantly, he taught me a free lesson about selling watches... I will be wiser on the next transaction...

[m j b]

Originally Posted by Newbieone

Most importantly, he taught me a free lesson about selling watches... I will be wiser on the next transaction...

If you were really wiser, you'd have learned that you'd do best selling it yourself. Such as on this forum...

Nice watch, glad you are enjoying it.

[dddrees]

Originally Posted by Tools

I imagine that you entered into a contract with them that the sales price would net you $4,100 and them at least 200 commission.. or $4,300 minimum.

They set the price high and know the base that they can negotiate to. Anything above that would have been the stores "profit". If you want to net more than 4100, you would need the contract for consignment to state that..

However, if this is their intent, they should make it clear up-front..

Good choice to keep it..

Well said.

I much rather dealing with people I can trust, and when I know all of the facts.

[IMG2]

Originally Posted by ydna808

I believe you need to tell them how much you would like to get for your watch. If you tell them you want to get 5K and they sell it for 10K, you get your 5K and that's it.

I agree and unfortunately they didn't do this.

[Galion]

Originally Posted by ydna808

I believe you need to tell them how much you would like to get for your watch. If you tell them you want to get 5K and they sell it for 10K, you get your 5K and that's it.

Agreed.
As long as you are OK with the price, it doesnt matter if they sold it at a premium or give it for free, thats their business.

[Lumberjact]

Originally Posted by Galion

Agreed.
As long as you are OK with the price, it doesnt matter if they sold it at a premium or give it for free, thats their business.

I agree, but wonder if that would also hold true if they could only get 3k for it. Would they still be obliged to give over the 4.2k?

[Tri-Tip]

Rather than a set price, it probably would have been more fair to have a minimum price you would accept, and pay them a percentage.

Or a percentage on the minimum, and then a higher percentage to the store for any amount more than that.

[Z-Sub]

I think the store should be more upfront about the shared profit if sold higher. If they told you that you'll net $4100 then that's what you should get.

But certainly it's better that you're keeping it and enjoying it and maybe you can sell it for a better price in the future

[bplein]

I'm not sure how it is normally done with watches, but I did sell a vintage military rifle through a well known collector and dealer in that family of firearms.

He set a price (14%) and went out to get as much as possible, with a floor price that he would not go below without my permission. He supplied proof of sale and a check for my 86%.

He sold it for a very good price, and we were both happy.

[polarinda]

Originally Posted by Galion

Agreed.
As long as you are OK with the price, it doesnt matter if they sold it at a premium or give it for free, thats their business.

this

[xjeeunitx]

Originally Posted by ydna808

I believe you need to tell them how much you would like to get for your watch. If you tell them you want to get 5K and they sell it for 10K, you get your 5K and that's it.

X2... You should get what you agree to receive. I mean they are selling the watch on your behalf meaning doing all the work for you. Do you actually believe they will $5900 for a 16800? No way. I would be happy if I got $4100 for a 16800. Just my 2 cents.

[Ebruner]

Not cool. I sell a few consignment pieces in my store, and the price is set by the owner, and I get my agreed on fee. You did the right thing.

-Eddie

[Tudor66]

Originally Posted by Ebruner

Not cool. I sell a few consignment pieces in my store, and the price is set by the owner, and I get my agreed on fee. You did the right thing.
-Eddie

Exactly what I thought Eddie, I understand that they are a store, but listing the higher price without my knowledge/direction tells me that they are not as honest as they claim to be. No harm, the watch is on my wrist again....Next time I will be more specific/careful.

[SUPERDOC]

Originally Posted by Ebruner

Not cool. I sell a few consignment pieces in my store, and the price is set by the owner, and I get my agreed on fee. You did the right thing.

-Eddie

I know we're arguing a moot point, but I think that this is a learning opportunity.

I'm sure that all consignment Arrangements are different, but I was under the understanding that most store worked by a commision, and that with each passing week that the item didn't sell, the shop has the right to lower the price to a certain degree...again, you would suspect that this is all agreed upon by both parties in advance..

- I would be very upset if a consigment store told me that my item wasn't selling (motivating me to lower my asking price), only to learn that it wasn't selling because of the inflated price tag...

I'm keeping this thread going, more because I am considering this route rather than a direct trade in, and I would like to know more about what arrangements to expect...

[Bangel]

If any of us are in a similar situation we'll know now to clarify with the seller the fee structure of their service.

Thanks for sharing your experience. Most importantly, I'm glad "Everyone is happy".

[Hairdude1]

Wear it in good health!

[93 Turbo]

Great watch you have there, good to see you didn't let it go.

[Tudor66]

Originally Posted by 93 Turbo

Great watch you have there, good to see you didn't let it go.

Yes, it is a great watch, I was trying to sell it via consignment to fund a 1680..
I will wait, save up a little, and possibly trade for a 1680 at some point. No rush, and I should probably take a break from TRF...., you guys have too many great watches....

[HERITAGE82]

Originally Posted by Newbieone

I should probably take a break from TRF...., you guys have too many great watches....

I feel the same way sometimes.....

[gwalker]

That watch should be mine..... Too many purchases at once or I'd buy from you and it would've been perfect. Any way when I consign I let the shop get a percentage on total sale price. Maybe 4% up to $5k 5% 5-15k 7% over the 15k watches. I also have a minimum net to me so if it's close they can eat the commission to still get me my bottom line price. Problem with marking it up like that it could make the shop apper very overpriced and kill everyone deals. My wedding is in 35 days so I migh PM u afterward with an offer if I get as much cash as I think we will. Beautiful 16800. Glad I don't have to have a red sub for 1984.

[inspires]

While I've never used consignment services, I have collector friends that have and usually the dealers here in Hong Kong would ask your lowest acceptable price (which is usually higher than what they would pay you cash for). I think if you get the $4100 you expected there is no harm or foul.

[Andad]

An interesting situation.

You gave your Rolex to this guy to sell at a price that was agreed to by both parties.
You accepted the deal on a $$ figure that you would receive.
The $$'s that you would have received was the priced you were prepared to accept.
The seller though that he 'might' make more.
Why would that change the $$ figure that you were prepared to accept?

Perhaps you need to sharpen up your negotiating skills.

You asked for advice here but you had already made your decision??

C'mon....seriously???

PS. To be fair you don't know how much the store could have sold it for and your cut was your original purchase price.
Would you like fries with that ?

[swatty]

Agreed Eddie, the store may also need to take a trade in to sell the watch

[azguy]

Originally Posted by directioneng

You gave your Rolex to this guy to sell at a price that was agreed to by both parties.
You accepted the deal on a $$ figure that you would receive.
The $$'s that you would have received was the priced you were prepared to accept.
The seller though that he 'might' make more.
Why would that change the $$ figure that you were prepared to accept?

I agree, you wanted $4,100 and would have gotten that via a sale. When you saw their new price you got mad.

Try selling something yourself and dealing with spam, buyers that want full documentation since the watch left the factory and buyers that want 25 close up macro's of every inch of the watch...

If I was doing consignment I would pay them 5% and let them try and get the most for the watch...IMHO

[kcmo]

Originally Posted by directioneng

An interesting situation.

You gave your Rolex to this guy to sell at a price that was agreed to by both parties.
You accepted the deal on a $$ figure that you would receive.
The $$'s that you would have received was the priced you were prepared to accept.
The seller though that he 'might' make more.
Why would that change the $$ figure that you were prepared to accept?

Perhaps you need to sharpen up your negotiating skills.

You asked for advice here but you had already made your decision??

C'mon....seriously???

PS. To be fair you don't know how much the store could have sold it for and your cut was your original purchase price.
Would you like fries with that ?

I'm with Eddie on this one. I've sold a Rolex via consignment before and made a deal with the store owner on what my bottom line was. Anything above that was rightfully his IMO.