Advice needed: issue with a store

[Lmbeauleap]

Some excellent points on both sides. In the end it seems to me they priced it not to sell. Priced it to sell more of their own watches. A way to have used inventory for customers to look at while they upsell them ("for just a few hundred more") into one with better margins. I have no problem with profits at all. But there likely was not going to be any profit for anyone in this case. Just a free display model. That is not value for value. A key to any honest business transaction.

[Waldo]

I would have taken the watch back aswell and found another dealer to do business with for that fact. You need a jeweler that you can trust.

[SALTY]

Sometimes I wonder if these consignment deals are nothing more than free showcase fodder/inventory and upselling opportunities.

Why would they price and endeavor to sell your watch at a lesser margin than their own inventory? If they get a live prospect throuh the door with cash/credit and a readiness to purchase, where do you think you stand compared to them?

[gwozhog]

how long do you think a store is going to stay in business selling rolex's for 200 bucks. you agreed to a price so it's really not your concern. sounds like you were looking for an excuse to not sell.

[Tudor66]

Yes I am glad I kept it.. It was a great lesson learned.

On Thursday I'm going to check out a matte dial 16800 ..

[mcurtisal]

I'm curious - when you bought your watch last year for $4100 from the same dealer, how much was it listed for?

I'm sure they need room to "haggle" but $1800 or around 25% seems a bit excessive.

[zeuloa]

You made the right choice, and your wife confirmed that!

['Busa]

Make a note to the consignment contract that you are entitled to see the original payment receipt from the customer.

[Tudor66]

Originally Posted by zeuloa

You made the right choice, and your wife confirmed that!

I agree, and I am closing out this thread with a photo from last weekend, 7:00 pm on the California Coast- It doesn't get much better than this:

[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...

[motoikkyu]

Haggle? I agree with MoBe regarding differential pricing within a retail establishment. The questions I would ask as a result of this discussion would be: "Are you currently selling any equivalent watches? How do you feel about my pricing mine $100 under yours to get a quicker sale? Will you automatically put a higher price on a consignment piece than your in-house merchandise?" The issue with haggling/negotiation is non-existent. When I go to see my dealer buddy with a store-front and I see a watch, sometimes he will say, "Well, that's a consignment piece, he's pretty firm on the price but if you want to leave an offer, he checks in once a week." The big advantage is that I know where the piece came from because my buddy vetted it, even if I'm not buying from him, per se. Since we all agree that everyone likes different watches, why not accept consignments so that your variety of offerings is enhanced? But, if you're selling the same piece with different owners on the same rack, how do you do fair pricing? And my store-front friend will definitely get a better price for me than I would because HE'S A STOREFRONT and sells to retail, as well as collector-morons like me.

[AzPaul]

For me, this has been a very interesting thread. I'm about to enter into a consignment arangement and you all have given me some good points to ponder. Thank you.

[Highland Ranger]

5% sounds real low as a consignment fee. I think they get 20/30/40% on baby strollers, 25% on guns, why would it be so little on a watch?

Sounds like he told you what you wanted to hear. I would be happy to get what I asked for and leave it at that - I would not ask their advice on what that number should be so no breach of trust issue.

[ecesp004]

Good Idea not to sell it.

[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.