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16 January 2023, 11:45 AM | #271 |
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Those are the two boutiques in SF that will be operated by Kerns.
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16 January 2023, 12:03 PM | #272 |
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I’m sure if I come in with my 5522 they will be blown away by the splendor and immediately put me in for <insert hot model here>.
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17 January 2023, 12:19 AM | #273 | |
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17 January 2023, 07:46 AM | #274 | |
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Guess I better head on over to the new boutique and introduce myself... |
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15 June 2023, 01:42 AM | #275 |
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15 June 2023, 01:48 AM | #276 | |
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15 June 2023, 01:48 AM | #277 | |
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15 June 2023, 02:04 AM | #278 |
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The lawsuit might not go anywhere, but I sincerely wish it gets reported more across different media outlets to deter other ADs from doing something similar. It must also be noted that Shreve lost their AD status and that alone should be a significant deterrent for other ADs to pull the same BS. Don’t promise things they can’t keep.
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15 June 2023, 02:08 AM | #279 |
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I hope this lawsuit gets a lot more attention. The only benefit we can expect to see of this will come from bad PR.
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15 June 2023, 02:08 AM | #280 |
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I don’t think this is why they lost status, it was just interesting.
The most interesting part in the allegations was that they strung this person along after they knew they were losing status, however they still might have expected delivery before that time so who knows? I can’t imagine going in front of a jury and expecting them to award the poor watch guy (still has everything he bought) $500k because he didn’t get his fancy trinket that is probably worth more than many jury member’s annual income. Seems like a bad plan. |
15 June 2023, 03:21 AM | #281 |
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Shreve Palo Alto was the worst AD I have ever interacted with and represents the worst of the industry. When I inquired about some mens Rolex and Patek models, they were not shy to suggest that I should buy some ~20,000 USD earrings for my wife. I never asked for jewelry, just watches. In many occasions I visited, they were clear: I needed to buy jewelery. They even pointed out that spending some 100,000 USD in jewelry would help to be considered for a steel Rolex. In another occasion, when I asked about a Patek after being in their fake waiting list for almost 2 years they laughed at me. More recently, when I asked about the Rolex 1908, they didnt even bother to register my interest or to entertain a conversation. They mentioned they already have plenty of "their clients" interested.
Their tactics to get crazy expensive jewelry sold are predatory, and the way they treat those potential clients not interested is so bad. I am not surprised at all they lost their Patek status; they never deserved it. Kern, while also difficult to buy there, is much better. They will talk to you about watches, discuss your interest etc. Completely different experience. |
15 June 2023, 03:43 AM | #282 | |
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15 June 2023, 03:57 AM | #283 | |
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15 June 2023, 04:40 AM | #284 |
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My experience with Shreve Palo Alto was that I was, not hinted, but very explicitly told that to be considered for any rolex I would need to make some very expensive jewelry purchases. There were very clear about it. They wouldn't even register my interest for Rolex/Patek because I don't have enough purchasing history. So I am not surprised at all about them losing their Patek status.
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15 June 2023, 05:09 AM | #285 |
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I once walked in with a very niece piece, and the sales person at Shreve literally said to me that, as I am wearing a very nice piece, wouldn't I think my family also needed some nice items? Then started to ask if I had wife, or a mother, or sister etc. Presumably trying to sell me female jewelry.
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15 June 2023, 05:51 AM | #286 |
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Weird thing is that Shreve treated me very nicely and offered me a white dial skydweller after a 10
Months wait for the DD 40 rose gold green dial. Skydweller came and I bought it , I think someone else must have passed on it and shortly after I got the DD that I was waiting for. Never once did they asked me to buy jewelry or anything. That was in 2021. No more interest since they lost Patek but I really liked working with them. Sent from my iPhone using Tapatalk |
15 June 2023, 05:57 AM | #287 |
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Shreve in San Francisco/ Palo Alto lost Patek status
I have not read the legal brief…that being said, this is clearly a case of both contract law and consumer law. Presumably they made written (texts, emails, etc.) promises that he will receive said watch after (contingent on) spending XYZ…I would say this puts Shreve in a very precarious position. No fun for anyone.
Curious if the salesperson in the Palo Alto store who made these false promises happens to be the same one who lost Shreve’s AD status for them, whom as I understand was subsequently fired. Sent from my iPhone using Tapatalk |
15 June 2023, 08:53 AM | #288 |
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In my experience Shreve and their parent company are exemplary professionals of the highest order.
I’d be happier if they still had Patek, Lange, and Omega though… |
15 June 2023, 10:24 AM | #289 |
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Rezaei spent 200k in a 18-month period buying watches and jewelry in the hope of being allocated a 5980/1R, which is what many people do because sport Patek are hot. Did Shreve tell him when he will receive his 5980/1R? I don't expect them to commit a date to Rezaei since AD does not know what models they receive from Patek and when.
Subsequently in April 2022, Shreve lost their AD status. This is unfortunate but how was Shreve able to allocate a 5980/1R to Rezaei after they lost their license? Maybe there is a case if Shreve continued to make Rezaei spend after April 2022 (but I would imagine the amount is minimal because Rezaei would have known Shreve has lost their license). I think it is hard to determine the "compensation", if any, because Rezaei got his watches and jewelry on his own will and they are not donations to Shreve. There wasn't any monetary loss to Rezaei, unless he made a point to Shreve the 5980/1R was for flipping. But who does that to get an allocation? |
15 June 2023, 10:30 AM | #290 |
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This story is now linked on hodinkee, we made it boys!
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15 June 2023, 01:21 PM | #291 | |
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AP 15500ST Grey // 26237ST Beast // 26331ST Panda // 15450ST Blue // 77350CE Bucci // 26240CE 50th // 15407ST || Rolex 116520 White // 116710 BLNR // 126200 Blue || Omega Seamaster NTTD // Speedy Tokyo LE "Rising Sun" // Speedy cal. 321 "Ed White" A timeless classic - Winding, ticking, faithful time - Golden crown of trust |
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15 June 2023, 02:22 PM | #292 |
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Shreve in San Francisco/ Palo Alto lost Patek status
The outcome of this case will be heavily weighed on the details of their communications ie how were things promised to a point it would bring the court to compel the dealer to specific performance….whereupon the breaching party is required to perform its obligations under the terms of the agreement.
Given they no longer sell Patek, Shreve could be ordered to pay the DIFFERENCE in market value of a new 5980/1r watch at approx. $200k minus the AD retail price of the watch $108k, which is the amount he would have paid at time of his purchase. That would give him $92k (based on $200k - $108k)in compensatory damages….I don’t believe this case will amount to an additional $408k in punitive damages from what I can see. That said, we are watching the dealer having the script flipped on them very publicly…while putting all AD’s that engage in such sales practices on notice. I can only imagine how many AD sales meetings will be happening this week where they ask all the SA’s “has anyone overtly promised a client a specific model watch if the client purchases $XXXXX of jewelry?” And every sales person raises their hand Sent from my iPhone using Tapatalk |
15 June 2023, 02:29 PM | #293 |
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I’m not surprised at all, and I hope they lose Rolex as well. I’ve had SAs at both SF and Palo Alto locations openly tell me that to even be considered for a Rolex/Patek allocation I need a purchase history of both jewelry and other watch brands. I get how the game works and building a relationship is important, but I’ve never experienced this level of open “pay-to-play” behavior at any other AD.
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15 June 2023, 02:56 PM | #294 | |||||
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For those who are just coming into this thread, I'd like to summarize some key points that were discussed back then and are now even more compelling with this news of a lawsuit:
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15 June 2023, 04:21 PM | #295 |
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Here's the initial filing: link
The name of the Shreve & Co.'s sales associate (JK) was revealed in the filing. So we have several more dots that connect:
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15 June 2023, 04:27 PM | #296 |
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The link to the filing is https://webapps.sftc.org/ci/CaseInfo...55AE441BAA94C5, specifically see here.
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15 June 2023, 04:41 PM | #297 | |
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As someone else suggested, this guy seems to have plenty of money and is more interested in punishing the defendant than simply obtaining a watch at MSRP. I say that, because what AD is going to want to sell to him now (seeing as none will take the risk of "building a relationship" with the guy, nor will they allocate one out of the gate). |
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15 June 2023, 04:44 PM | #298 | |
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15 June 2023, 07:09 PM | #299 | |
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His plan all along?! Thoroughly diabolical... Love it! |
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15 June 2023, 10:00 PM | #300 |
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I saw this on Hodinkee and have enjoyed reading the comments and the facts as we currently know them. My speculation is that S&Co will attempt to have the suit dismissed for various reasons prior to any other filings or court action. Should they not be successful they will then have to weigh the implications of discovery. When they have to reveal the PP contract on how many watches they received, when, and then who and under what circumstances they were sold it is a wrap. Once the lawyers have that information they can get the purchase history of the buyers and the names and off to court and the court of public opinion you go. This will be interesting but I bet it is settled quicky as the stakes are too high to play around.
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