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.

[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

[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".

[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.

[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..

[Hairdude1]

Wear it in good health!

[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.

[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...

[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.

[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....

[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

[crew]

The store was deceptive in not stating their true terms upfront?
Several have said "what's the problem so long as you get what you wanted?".
The "problem" could be that you might rely on their advice as to what is a fair price. The store could give you a low number as it is in their best interest, profit wise, to get you to accept a low number and they get to pocket the rest.

[z32turbo]

I feel that if you agreed to accept the 4100 and the store can make more they have no obligation to let you know how much $$ they made on the transaction. Obviously the minimum they were going to make was 200 but I didn't read anywhere where they disclosed a max profit. They are most likely a for profit business so therefore they need to maximize profit on every transaction. I don't see where the store was being dishonest as all.

I'm glad you changed your mind before the watch was sold.

[MoBe]

The dishonesty comes from the part where the store puts a higher than agreed upon price on the watch making it harder to sell.At $4,300 the watch will sell more quickly than at $5,900,this is probably why the watch did not sell.Basically the store lied about their intentions and prejudiced the sale of the watch by putting a much higher selling price on it.If the store had put the $4,300 price on it then we probably wouldn`t be discussing the issue on this thread,the watch might have sold very quickly,but because of the double dealing the chance of selling the watch in a timely fashion was greatly reduced.

[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.

[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

[Albatross]

MoBe is right. They mislead you by telling you that they would list the watch at $4300 and keep $200 for themselves and then listing the watch at $1600 above the agreed upon selling price. If they felt that the watch could command that higher price, then they mislead you to an expectation of a $4,100 return for you while they would profit not $200...but $ 1,800 if sold at asking price. That's screwing you IMO. Plus, they just screwed them selves because of their greed. If they had actually listed it at $4,300 as you agreed in the deal, the watch probably would have sold and your would have been happy with your $4,100 and the store would have pocketed a couple hundred for the effort. Instead, they got greedy and they lost the right to sell the item. Hats off to you for calling their bluff and adding that Sub back into your collection.

[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.

[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.....

[ally]

Maybe somewhere down the line something was misinterpreted regarding the price or commision.

If they had only sold it for 3900 would you have made up the diffrence for them

[handsfull]

Originally Posted by MoBe

The dishonesty comes from the part where the store puts a higher than agreed upon price on the watch making it harder to sell.At $4,300 the watch will sell more quickly than at $5,900,this is probably why the watch did not sell.Basically the store lied about their intentions and prejudiced the sale of the watch by putting a much higher selling price on it.If the store had put the $4,300 price on it then we probably wouldn`t be discussing the issue on this thread,the watch might have sold very quickly,but because of the double dealing the chance of selling the watch in a timely fashion was greatly reduced.

BINGO! We have a winner.

If the store AGREED to sell the watch for 4300.00, the contract was breached immediately after they hung the $5900.00 price tag on it. Period.

[azguy]

Originally Posted by handsfull

BINGO! We have a winner.

If the store AGREED to sell the watch for 4300.00, the contract was breached immediately after they hung the $5900.00 price tag on it. Period.

How can you say that........they know they are going to have to deal with haggelers.....so start high and work your way down...

[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?