Sotheby's Consignment

[dbfagan]

Has anyone sold a watch using Sotheby's lately? They reached out to me about a 5165 of mine and I agreed to consign the watch. I received an email saying the watch had been purchased about a month ago. Unfortunately, Sotheby's does not feel the need to pay me. I have had a few emails since promising payment but nothing has come of it. Has anyone had any similar experiences? Just wondering what my next steps are.

I just find it ridiculous that every transaction I have had on the forum has been flawless but I am running into issues dealing with a large, well known, auction house.

Thanks,
David

[GB-man]

Originally Posted by dbfagan

Has anyone sold a watch using Sotheby's lately? They reached out to me about a 5165 of mine and I agreed to consign the watch. I received an email saying the watch had been purchased about a month ago. Unfortunately, Sotheby's does not feel the need to pay me. I have had a few emails since promising payment but nothing has come of it. Has anyone had any similar experiences? Just wondering what my next steps are.

I just find it ridiculous that every transaction I have had on the forum has been flawless but I am running into issues dealing with a large, well known, auction house.

Thanks,
David

Wow sorry to hear that. Forgive me asking such an obvious question but you're definitely dealing with Sotheby and not some scammer or impersonator correct? Have you been able to escalate it with management over the phone?

[77T]

It sounds unusual unless a problem arose and the deal was unwound.

But escalation to that top is best way to handle - and IMHO, some tangible consideration should be forthcoming in the form of a reduced consignment fee for the slow settlement.

BTW, have you checked the consignment agreement for a settlement period?


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[dbfagan]

Originally Posted by GB-man

Wow sorry to hear that. Forgive me asking such an obvious question but you're definitely dealing with Sotheby and not some scammer or impersonator correct? Have you been able to escalate it with management over the phone?

Valid question. Yes, Sotheby's contacted the person who sold me the watch. That person reached out to me and asked if it was 'OK' to give Sotheby's my info.

Once Sotheby's contacted me, I had to go through a formal process to ship the watch and e-sign some consignment documents. I did see the watch posted for sale on their website and have a POC with valid Sotheby's credentials who keeps assuring me the "check is in the mail".

[dbfagan]

Originally Posted by 77T

It sounds unusual unless a problem arose and the deal was unwound.

But escalation to that top is best way to handle - and IMHO, some tangible consideration should be forthcoming in the form of a reduced consignment fee for the slow settlement.

BTW, have you checked the consignment agreement for a settlement period?


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Good point about the settlement period, I would assume it is less than a month but I will check. The fact that I have to hound them about payment just pains me. Never had a problem with "lesser names".

[dauster]

Originally Posted by dbfagan

Has anyone sold a watch using Sotheby's lately? They reached out to me about a 5165 of mine and I agreed to consign the watch. I received an email saying the watch had been purchased about a month ago. Unfortunately, Sotheby's does not feel the need to pay me. I have had a few emails since promising payment but nothing has come of it. Has anyone had any similar experiences? Just wondering what my next steps are.

I just find it ridiculous that every transaction I have had on the forum has been flawless but I am running into issues dealing with a large, well known, auction house.

Thanks,
David

maybe they had a hiatus and trying to rebrand themselves with some charity work like some grey dealer in Dallas, TX:) honestly sorry but could not resist, your situation totally sucks but find it hard to believe also.

[dbfagan]

Originally Posted by dauster

maybe they had a hiatus and trying to rebrand themselves with some charity work like some grey dealer in Dallas, TX:) honestly sorry but could not resist, your situation totally sucks but find it hard to believe also.

I find it hard to believe myself. I have yet to start dropping actual names. If I am not paid soon, that will be next. Real folks with real LinkedIn profiles etc.

[bob101]

I’ve sold via Sotheby’s in the past and sometimes taken up to 2 months or so to get paid after auction finished.

[MILGAUSS88]

Originally Posted by bob101

I’ve sold via Sotheby’s in the past and sometimes taken up to 2 months or so to get paid after auction finished.

X 2.
Large auction houses are notoriously slow with payments. 2 months is typical.
I believe part of it is to make sure the merchandise does not come back after the consignor is paid.

[qrc36]

Sold a watch via Phillips this year, took 3 months to get payment, because the buyer was late in paying (stuck in quarantine or something like that).

Sold a bag via Christie's this year, it's been 4 months and still no payment to me, because the buyer has refused to pay.

I think it depends on when the buyer paid, when the buyer picked up the item etc...

Don't worry, they will pay you eventually and they won't release your watch until they get payment.

[MILGAUSS88]

So, there you go, 2 to 4 months.
Probably not the answer you were looking for if you were expecting the check within the first month.

[Wahlberg]

Originally Posted by dbfagan

Sotheby's contacted the person who sold me the watch. That person reached out to me and asked if it was 'OK' to give Sotheby's my info. .

Why? How does this make sense to contact the person you bought your watch from?

[MILGAUSS88]

Originally Posted by Wahlberg

Why? How does this make sense to contact the person you bought your watch from?

If a party is willing to pay more for a watch than what you paid, they may try to contact you through the original seller.

I have had two auction houses call me after I purchased a watch to see if I wanted to sell it, as a 3rd party missed bidding on the auction.

[dbfagan]

Originally Posted by MILGAUSS88

If a party is willing to pay more for a watch than what you paid, they may try to contact you through the original seller.

I have had two auction houses call me after I purchased a watch to see if I wanted to sell it, as a 3rd party missed bidding on the auction.

Exactly what happened.

[dbfagan]

Originally Posted by MILGAUSS88

So, there you go, 2 to 4 months.
Probably not the answer you were looking for if you were expecting the check within the first month.

Yikes.

[dbfagan]

Originally Posted by MILGAUSS88

X 2.
Large auction houses are notoriously slow with payments. 2 months is typical.
I believe part of it is to make sure the merchandise does not come back after the consignor is paid.

They did tell me the buyer had 5 days to return the watch.

[dbfagan]

Update: I received an email from Sotheby's on Friday (7/9) after my initial post to the forum. It started, "I just read your post on the Rolex forums...". UPS just rang my doorbell and I have a check in hand.

[Will_L]

Originally Posted by dbfagan

Update: I received an email from Sotheby's on Friday (7/9) after my initial post to the forum. It started, "I just read your post on the Rolex forums...". UPS just rang my doorbell and I have a check in hand.

Good on you, congratz !

[77T]

Originally Posted by dbfagan

Update: I received an email from Sotheby's on Friday (7/9) after my initial post to the forum. It started, "I just read your post on the Rolex forums...". UPS just rang my doorbell and I have a check in hand.

This is a magical place and helpful respectful members who help when they can.

So I’m guessing you mean someone at Sotheby’s, who is also a member here, helps get your funds expedited.


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[tjbender]

Unless you have some big piece, auction houses are horrible to work with. They take your property and lock it away for months (many times 4-6 months +), do very little to pre market/ensure there are competitive bids and then have atrocious payment terms .... that's if your lot is actually paid for.

While I biased as a dealer, you're much better working with one to sell your property. Dealers will act as your agent and you'll be in control throughout the sale cycle. You'll generally pay less for better service and you'll be paid within days of payment/buyer receiving goods.

Auction houses fail to realize their clients are typically selling because they need money. As they say in the business because of death, debt or divorce. To not actively market in the months between sales and to pay months after they've received payment for your property is a horrible disservice to their clients.

[azizu]

Originally Posted by dbfagan

Has anyone sold a watch using Sotheby's lately? They reached out to me about a 5165 of mine and I agreed to consign the watch. I received an email saying the watch had been purchased about a month ago. Unfortunately, Sotheby's does not feel the need to pay me. I have had a few emails since promising payment but nothing has come of it. Has anyone had any similar experiences? Just wondering what my next steps are.

I just find it ridiculous that every transaction I have had on the forum has been flawless but I am running into issues dealing with a large, well known, auction house.

Thanks,
David

I feel sorry for what you went through, I remember watching an awesome presentation by William Massena in the NYWS about auction houses.
He did mention that they don’t pay you until they get paid…perhaps that’s what happened


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