More Watch Consignment NIGHTMARES! My Last Video On Consignment...
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- Опубликовано: 3 окт 2024
- More Watch Consignment NIGHTMARES! My Last Video On Consignment...
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You were right about CONsignment from day one. Kudos to you for being honest with your followers and customers.
😂😂😂
CONsignment. 😂 Well done.
When I was a kid, I left very expensive hockey cards at a shop to sell for me. When i came back a few weeks later there was no sign the shop ever existed. The lesson learned was worth way more than the cards for sure.
Wow. Sorry to hear. Some people have no souls.
Paul Thorpe and Roman Scharf HATE your guts for damaging their business model. Your invitation to a Meet & Greet with Paul Thorpe at the London Watch Show is now off the table. 😂
It's sad you have to make another video about this topic but it speaks volumes about your character when you do. It's always great when you're being the blunt honest guy we all appreciate.
Great comment. Totally agree!
The dealers who thrive on consignment take advantage of the laziness that exists in all of us from time to time. Great advice Fed.
No, it's trusting someone who's more knowledgeable in the business and industry to fetch the best price for you when you want to sell a watch.
Same reason why you would have a professional dealer sell your car. And the same reason why real estate agents exist.
Of course there are crooks and criminals in this sector, just like everywhere else. Every business is based on trust. Without it, there wouldn't be an economy. All you can do is do your math and your due diligence.
If you are falling for a scammer like Farrer, because he flexes with expensive cars and hot chicks then the joke is on you. I looked at the guy for three seconds to know what's up. Like I said, due diligence. And common sense.
I am always educated when I watch your content. Thanks Federico!
People don't learn, if you give away your watch then get money for it on the spot, otherwise the risks are too high. Thanks Fed for the video 👍🏽
Good, honest advice for free from Fed, listen people.
'I'm not going to explain what consignment is...here's the definition of consignment.' 😀 Love the videos man! Agree 100% Keep them up.
😂😂😂
Frederico is truly one of the rare ethical, above-board watch YoTubers.
What makes you think you know this? You’re watching a video of a guy you’ve never met or dealt with in your life.
@@RB-xv4siFor those of us who have watched Fed for years, you get a very good sense that he’s completely above board. Why would he waste his time doing a video like this which is basically a public service announcement? Why would he risk pissing off many of his competitors in a small industry that base their business on consignment? He says in this video that he rarely, if ever, takes a watch on consignment. Not all of us are hyper-suspicious. Sometimes you have to trust someone, and this guy has a good reputation, hard-earned I’m sure.
@@grammarboy1318 go look up the meaning of a para-social relationship.
Huh? Frederico is both my neighbor and my son's godfather. We grill hamburgers together on weekends and are planning to scale Mont Blanc next summer. @@RB-xv4si
I got screwed with this Fed.
Even though I was a repeat customer over many years.
I needed to sell so reluctantly agreed a crappy price.
But a week later after agonising over the deal I decided to then changed my mind.
When I contacted them I think they pretended my watch had sold as they knew they had shafted me with the price…
Never again, I thought they would be the best place to go since they supplied in the first place.
You are very honest person . When i get money i want to purchase watch from you my friend
Well, Fed is a business man. He has no horse in the consignment race, so he can easily proclaim it's a bad business model (which it is).
Awesome video, consignment is giving your watch to the dealer with no guarantee of security to be sold.
Agree 100%. It is money we're talking about and we're GROWN UP.
Big retailers love consignment in jewelry. Imagine consigning $5M in gold chains and rings to a big retail store, then they sell it, then they use their terms to pay you 90 days later.
Even better, wait till you find out there are discrepancy's in the reporting
Fed, I think the subtext here is that the way things are going, there's a fair chance that things could get very bloody in the watch market; and a LOT of poorly run, over leveraged smaller dealers are going to go the wall and take those watches with them.
Its already happening
Absolutely right. Consignment is absolutely not worth it there are too many avenues to sell your watch
fully agree with you Federico. Well said. Do not consign your watches.
I appreciate your honesty.
Excellent video. This is not a shot across the bow...This is a direct broadside hit. Probably below the waterline capable of sinking the ship.
Your honesty is appreciated. As always
I love me some Fed. And I love it when Fed talks watches.
Facts- out of curiosity, I reached out to 5 popular/large grey dealers to sell. Only ONE offered to buy (DSW) while the rest only wanted consign. I told them that I heard someone got arrested in a watch consignment Ponzi scheme and I never heard back from any of them. 😅
Fed,no more " best price in the US" when showing your watches to sell? What happened? Who is cheaper now?
Well said, Federico. Great video!
Fed, If I were ever to consign my collecttion you would be my only choice as I would trust you implicitly, keep up the good work pal
Excellent video, a shot at the bow of we know who and their last video to why they haven't paid anyone yet after being robbed. Of course it's because they have no money to spare since the watches stolen were on consignment and they are waiting for their insurance to pay them. I feel bad for them, they seem to be telling the truth, but the big defenders of consignment seems to be showing the World why it is a big disadvantage to those consigning.
Wonder why one pair of brothers bailed on another pair of brothers 😉
Please share as not everyone knows who you are talking about.
Lol
I got a ulysee nardin I want to sell.
I felt like he was speaking to me.
Thanks for the PSA. I'd rather sell the watch myself, or sell to a Grey market dealer like you.
Well said Fed. As in most things do your own research. Wise words which will no doubt draw the ire of certain individuals that extoll the virtues of consignment; the same 'gentlemen' that helped TPG become a trusted dealer so quickly….
Thanks for your honesty Fed.
I would hope that anyone consigning high dollar items would protect the transaction with a cradle to grave contract with terms covering all scenarios. I consigned years ago with a fraternity brother that owned a generational family jewelry store. He happily signed the contract I wrote, which not only protected us, but also had provisions for the purchaser.
Coach Farrer, chancellor of Watch Diller University would disagree!
Excellent!
The lesson from this video is “consignment can be good. Or bad. It depends.”
4p & gang will be furious
$4K??? Great respect to you Federico.
Frederico telling it as it is as always. Appreciate you sharing this much needed message Fred!
Yes you are right,I consigned my patek to watchmaster in Germany, they informed me that it was stolen in a ŕobbery, 12 month later no patek and no £37 k.
If you buy a watch, let's say a Daytona, from a dealer online, you typically have to wire the 22k up front. How is that any different?
I am personally not a big fan either but we have a "watch dealer" in town who only does kind of consignment, you rent a space in his window, you pay for it and if some want wants your watch he sells it "for you". The shop exists for nearly 30 years.
Federico Straight Talk Watches
Watch repair is exactly the same. You send your watch to a stranger. But there’s no other way so why is it ok?
Fredrico, I have a small wrist. Will you be able to recommend a watch. For men.
Fed, did you join a fight club, bro? I know 90's are back, but come on! (left hand question)
A fool and their watch will soon part. 👀
Well.. auction house is another group that promote consignment.. and there is risk of selling the watch below what you want when you consign with auction house, not to mention the percentage that auction house charges to both the seller and buyer.. you practically leave your watch with them to show to public (risk of scratch and also allowing the watch to be handle by public). Yes it is covered by insurance but still.. most likely the consignment game is adopted by dealer from auction house…
TPG was hit with ten new federal charges today. Total is six wire fraud, five mail fraud.
So this is definitely NOT theft by conversion.
Makes sense, yeah.
I really don't get it why someone would do such a stupid thing. Watches are volatile values. Money on the spot and see you soon for another pleasant transaction.
Helo. What you think about rsw chasseral diver 100m?
Fed is stating the obvious in a short, sweet, and to the point -- don't consign your watch based on a stranger on RUclips! Recently a Dallas dealer got robbed for over $500,000 and told their customers they will get paid after the insurance company pays them. The biggest risk is that several people sent their consignment pieces to this dealer that were stolen before the dealer could log their watches into their inventory and record the serial numbers. I have no idea how insurance will pay out on these pieces that were not technically received into inventory. Fed is right, don't consign your watches!
Yeah. Don't do it
Do you pay your clients before they send you the watch they sold to you? Kind of the same risk when selling to strangers online
There is always some level of risk to any transaction. If you want to avoid any risk you have to do limit yourself to in person only deals at a police station and hire a certified watch maker, who you take with you, to inspect the watch or a bank teller to inspect the cash, if you are the seller of the watch.
Don't hold back 😂
If you insure your watch before handing it over for consignment wouldn’t you be covered?
And what company will assure a watch for consignment? They know it's a risk. If they accept to assure the watch for that, the fee to pay will be really high.
@@stupidocanerosa I have my watches insured/itemized on my home owners policy. If a consignment place takes my watch, sells it, and then does not pay me, I report my watch stolen. My policy pays the claim. So if they are dishonest, I am fully protected.
@@georgekane8223 Ok, but the insurance company should make a quick research and find out the watch was not stolen, but consigned by yourself to a seller. I wouldn't be so comfy with your choice. You could get in trouble declaring it was stolen. Technically it's so, but it's not a classic robbery, because you gave the robber the watch...
Have you guys heard of the watch Brand CWC field watches? Is this worth the purchase? Considering a field watch.
Federico, what happened to your „theft by conversion” and TPG being „100% civil case”? You were so sure, gonna walk that back now?
Technically consignment is theft by conversion. The other charges have other penalties. I’m not a lawyer and I’m not walking anything back. I have not changed my message in the slightest.
Good video
You would have to be nuts or have to much money to give a stranger a valuable watch. Guys get a grip. 🇬🇧
👏👏👏
Dear Federico, please don't use intro. This is out of fashion. This is good for you. Thank you. 🙏🏻
Agreed. Introductions are pointless and annoying. Why use them?
I'd like to know more about taking $4,000 and turning it into a multi-million dollar business... if you please 😂
That's on John P.'s chanel.
I totally agree.... The "Flex" crowd of RUclips watch content creators are douchebags and anyone that would deal with them let alone consign a watch or collection is dumb. I have 2-3 watches in my collection that I should sell but I'll do that myself on Watchuseek with known members or a local sale where I can control the transaction.
Dont stop Fed - put this out once a year...
I thought the benefit of consignment was the seller got more $ for the watch than w dealer would pay in exchange for having to wait on a buyer arranged by the dealer and the additional risk of consignment? Am I missing something? I am not sayong its a better or worse option, but understood the benefit to more $ for the watch than the dealer offer?
That's the basic idea but if the dealer is a scum bag or has no funds to back it up when things go wrong on his sale of the watch, the consignee is left holding the bag. You may get more money out of the deal....or no money at all. Gambling with watches.
Just realize that as prices have fallen, the dealer may have their own watch in inventory that matches your exact watch. The dealer will then price his watch to sell first at a cheaper price, then come back to you to sell your watch for less after the dealer's watch is sold. As Fed said, the risk is on you, and "what can go wrong will go wrong".
Get 'robbed' you mean.
Why do it, Why fund their business?
Is this done with any other high value items? Madness
I do have to agree with your logic of doing research and knowing your risk going into the deal. BUT, you yourself stated 99% of the deals work out. Would I be upset if any watch I consigned had an issue, of course, but is a 1% risk a concern. No deal is going to be 100%. No dealer is going to 100% on all watches consigned or not. But if you’re smart and do your research (like you stated) 1% or maybe less is probably a reasonable risk. Just my 2 cents.
Essentially you just need to “buy the consigner” in the same manner as you would “buy the dealer.”
@@eyeheartsushi2212 agreed.
People, please be wary of dealers heavily pushing consignment or any other gimmicks. if they can’t or won’t buy your watch, walk away with your watch.
Don’t consign at all not even a little bit.
Don’t forget whom you are talking about.
There was a huge hype and money was very loose in hypers pockets. Now people have no money but watches that are worth half of what they bought them for. The hysteria in all of this puts them with the back to the wall. Hype buyers and hype dealers.
I think they should consign so there are less of them running around ruining the market
Grey market dealers are just like car salesmen; those dealers would either try best to low ball you or have you consign the timepieces with them (pretending it is sort of a “favor” of them); however, you’re the only person taking the risks for consigned watches.
Don’t get me wrong, I’m sure there are still some great dealers; just in general, the watch market/ industry has become very toxic in the past few years;
IMHO, don’t pay any premium for hyped timepieces; watch collection is a pleasure, not an investment; lastly, DON’T CONSIGN your watches!!