Sotheby's Reneged on a Winning Rolex Bid

[fullofboats]

Dear TRF,

I need some advice on next steps.

I recently won an auction for a Rolex at a Sotheby's live auction. I subsequently paid the invoice in full with Sotheby's confirming receipt of payment. I then subsequently paid for Sotheby's shipping in full and received confirmation that my property was in queue to be shipped and that I would receive a tracking number shortly.

Three days later still no tracking number so I followed up with Sotheby's and was told that "Sotheby's is no longer able to honor this sale."

I believe that legally the watch is already my property as I won the auction and made full payment. I would not be satisfied with a refund as my winning bid is significantly below the cost to purchase a similar watch in the market. Anyone hear of a similar experience with an auction house? Any lawyer in NY that anyone can recommend that is familiar with auction law, etc?

Thanks

[MrGoat]

Did you read terms and conditions? Did they accept your payment and subsequently charge your card? If not then according to their terms and conditions (#2 in the link) they can decide to not honor the sale. https://www.sothebys.com/en/retail-terms-conditions


Sent from my iPhone using Tapatalk

[fullofboats]

Originally Posted by MrGoat

Did you read terms and conditions? Did they accept your payment and subsequently charge your card? If not then according to their terms and conditions (#2 in the link) they can decide to not honor the sale. https://www.sothebys.com/en/retail-terms-conditions


Sent from my iPhone using Tapatalk

"I subsequently paid the invoice in full with Sotheby's confirming receipt of payment."

[dannyp]

I'm assuming that at least part of this will depend on whether the auction house has possession of the watch, or if the seller somehow pulled out vs. "we think we can make more money re-listing it so we're going to back out" right? Then again, not a lawyer nor auction expert.

[brandrea]

Subscribed. I’ll be interested to hear what comes of this.

What was the watch?

Good luck OP

[DESH]

sorry to hear about this OP! What did you get Daytona/ GMT was it below retail? please elaborate!

[TswaneNguni]

Didn't fetch the minimum price ? Yet,payment accepted and invoiced .Strange and fishy .

Maybe you should let it go and get the money back .

[fullofboats]

Originally Posted by dannyp

I'm assuming that at least part of this will depend on whether the auction house has possession of the watch, or if the seller somehow pulled out vs. "we think we can make more money re-listing it so we're going to back out" right? Then again, not a lawyer nor auction expert.

They gave no explanation as to why they can't honor the sale.

The fact their post sales service team confirmed the watch was in queue to be shipped makes me think they already had the watch in their possession.

EDIT: Correction. Looking at the shipping invoice, I see that it clearly states "Collect from Sotheby's". So Sotheby's had/have my watch.

[ks58]

That's crazy. They should figure out how to obtain the watch you bought and work with you as the bidder that won.

[fullofboats]

Originally Posted by TswaneNguni

Didn't fetch the minimum price ? Yet,payment accepted and invoiced .Strange and fishy .

Maybe you should let it go and get the money back .

My winning bid was within the estimate range and therefore above the reserve. The hammer was down and I "won" the auction. I see it in my Sotheby's profile under won lots, I received an invoice with payment link (which I paid), then received a shipping quote (which I also paid).

[dannyp]

Originally Posted by fullofboats

They gave no explanation as to why they can't honor the sale.

The fact their post sales service team confirmed the watch was in queue to be shipped makes me think they already had the watch in their possession.

I have no idea how these things work, but is it ever the case where the seller ships directly, and “in queue” means that they’ve sent seller the shipping instructions? Or is that just for the stuff on poshmark etc?

[GONZO2LR]

if you used a credit card, dispute the charge...

[HHIslander]

Originally Posted by fullofboats

They gave no explanation as to why they can't honor the sale.

The fact their post sales service team confirmed the watch was in queue to be shipped makes me think they already had the watch in their possession.

They had the watch in their possession. I'd go up the chain of command at Sotheby's and find out what happened before anything further. I wouldn't accept the money back at this point.

This is a pretty large risk to their reputation, they are supposed to be the best of the best. They should make it right somehow. Not sure how.

[dhknola]

I am pretty surprised by this and am paying attention.
I have heard of games at 'local' brick and mortar auction houses where they realize after a lot sells they 'messed up' and will renege on the sale, but not at Sotheby's level. I would think be Sotheby's/Christie's/Bonham's that they would have their ducks in a line.

[Chris]

Case #1: Seller wants to withdraw the item in a without reserve auction after the opening solicitation for bids, and after a bid is received within a reasonable time. This case is clearly prohibited by contract law precedent and the UCC 2-328. Court cases with standing in this type of withdraw have ruled nearly unanimously that the seller may not withdraw the item given these circumstances.

[MrGoat]

Originally Posted by fullofboats

"I subsequently paid the invoice in full with Sotheby's confirming receipt of payment."

“And your method of payment is charged.”

Sent from my iPhone using Tapatalk

[Chris]

Case # 2: Seller wants to withdraw the item in a with reserve or without reserve auction after the auctioneer announces, “Sold!” The word, “Sold!” means that a contract has been formed between the seller and a buyer. If the seller wishes to void this contract, or withdraw from this contract, it can only be done with the consent of the buyer.

For example, the seller could say, “Gosh, I really didn’t want to sell my grandmother’s wedding ring, and I hope you (the buyer) understand … is it okay with you if I (the seller) just keep it, and you don’t pay for it?” Outside of mutual release from the contract, the seller’s voiding or withdrawal constitute a breach of contract; the buyer can sue for specific performance or compensatory and typically win easily.

[dannyp]

The OP mentioned it was a ”live“ auction, but was it in-person or online, and if the latter, does that fall under the “Digital Platform” T&C referenced?

[fullofboats]

Originally Posted by MrGoat

“And your method of payment is charged.”

Sent from my iPhone using Tapatalk

Thanks

As I said I paid in full and Sotheby's confirmed receipt of payment. My credit card has been charged already.

[fskywalker]

Originally Posted by fullofboats

Dear TRF,

I need some advice on next steps.

I recently won an auction for a Rolex at a Sotheby's live auction. I subsequently paid the invoice in full with Sotheby's confirming receipt of payment. I then subsequently paid for Sotheby's shipping in full and received confirmation that my property was in queue to be shipped and that I would receive a tracking number shortly.

Three days later still no tracking number so I followed up with Sotheby's and was told that "Sotheby's is no longer able to honor this sale."

I believe that legally the watch is already my property as I won the auction and made full payment. I would not be satisfied with a refund as my winning bid is significantly below the cost to purchase a similar watch in the market. Anyone hear of a similar experience with an auction house? Any lawyer in NY that anyone can recommend that is familiar with auction law, etc?

Thanks

What watch did you purchased and how much less than market price? See you are from Hong Kong, so imagine this was all online ?



Sent from my iPhone using Tapatalk Pro

[JodyHighroller]

Originally Posted by GONZO2LR

if you used a credit card, dispute the charge...

That’s not applicable in this case. The OP wants the property he won and has already paid for.

OP - please keep us posted. Hope it works out in your favor!

[Cambo]

Sorry to hear...this is interesting and quite scary if they're somehow allowed to do this.

Can't imagine Sotheby's supporting a seller that wants to renege...more likely they'd tell them to pound sand...been sold.

[Lukebennett21]

Maybe just ask them for a consideration to put it within range of what you will pay to buy it elsewhere.

[Ferdelious]

I'll be following this thread. I hope it turns out with a happy ending and the OP gets his watch.

[MrGoat]

Originally Posted by fullofboats

Thanks

As I said I paid in full and Sotheby's confirmed receipt of payment. My credit card has been charged already.

Didn’t see you state your credit card had been charged. That’s why I asked. I would go to Sotheby’s for an explanation as to why they wouldn’t honor the sale before going the attorney route. They may have something else hidden in their T&C that indemnifies them. I’m curious to hear their reasoning and hope you get a desirable resolution.


Sent from my iPhone using Tapatalk

[Etschell]

Originally Posted by fullofboats

Dear TRF,

I need some advice on next steps.

I recently won an auction for a Rolex at a Sotheby's live auction. I subsequently paid the invoice in full with Sotheby's confirming receipt of payment. I then subsequently paid for Sotheby's shipping in full and received confirmation that my property was in queue to be shipped and that I would receive a tracking number shortly.

Three days later still no tracking number so I followed up with Sotheby's and was told that "Sotheby's is no longer able to honor this sale."

I believe that legally the watch is already my property as I won the auction and made full payment. I would not be satisfied with a refund as my winning bid is significantly below the cost to purchase a similar watch in the market. Anyone hear of a similar experience with an auction house? Any lawyer in NY that anyone can recommend that is familiar with auction law, etc?

Thanks

please post a link to the auction item.

i have a feeling this was a mispriced item.

[Chadridv]

I have no idea, but perhaps they made a discovery about the watch that would prevent them from selling it. Stolen, unauthentic, inaccurately described, etc. Either way, you're certainly owed an explanation. No one has explained to you why you won't be able to collect the watch?

[karwath]

Interesting to say the least.

[Nairn1980]

Originally Posted by GONZO2LR

if you used a credit card, dispute the charge...

That’s a bit silly, he wants the item, that’s the whole point

[EEpro]

Hope it works out. Finding a gem and winning the bidding... That's the point of auctions. Seems like a screw deal to me.