Good, honest advise...avoid consigning your watches (high risk to the owner and relatively no risk for the dealer). David, you are correct and your professionalism is admirable.
Not to mention that this video was published just 2 days before Paul Thorpe gives almost an hour worth of expose about benefits of consignment lmao. It's easy to tell which approach is correct when actual dealer tells you not to consign and a guy who is literally sponsored by other dealers pushes consignment like his life depends on it (which it kinda does). Paul Thorpe is so full of shit, no wonder he needs all this cologne.
Other than a couple live streams that have been calling this consignment BS out, you’re one of the first actual watch dealers that is willing to give an honest take on consignment, which it refreshing and will ultimately supports your customers and future customers. Thanks David!
David, I am a watchmaker and watch dealer in California. My family has been in this business over one hundred years. We’ve been self funded and self insured for most of this time. I was robbed at gunpoint two years ago leaving a watch trade show. I lost over 600K USD and my insurance paid me only 9400. I paid off all of my consignees that lost their watches when I was robbed, however I don’t have the buying power that I once had. I now have more consignments than ever before and it helps keep me afloat. I do hope that the day will come when I can refuse consignments altogether. It is a risk for clients to consign with bad dealers, but it’s also a huge liability and a hassle for a dealer. It’s best for us to buy what we want and what we feel good about selling to our clients, price things at fair market value, and make our own decision what to do with our item and not be at the mercy of our consignees. Your advice is helpful to potential consignees but also to dealers. Take care.
Remember a video you did looking stressed walking the streets of London a couple of years ago. Saying exactly this do not consign. If you go missing we know why 😂
Well said David. It’s people like you who are the real trustworthy dealers. Not just some pop up shop in Hatton Garden… which ironically most have disappeared 👍
That was very kind you to put this video out. You did it knowing other dealers will give you a hard time. All the best. Hope you are rewarded for your honesty.
Great video David, haters gonna hate! Don't let those shady Grey dealers push you around! Keep the video up and keep standing your ground! Punters appreciate you!
Best UK Watch Video of 2023, by miles. Big thanks for producing this video. A ray of light in the murky, TOG-infested ‘grey’ market. Amazing. Many thanks.
Kudos David! Glad you are honest. Never a fan of consignment, what you said is spot on. A watch dealer having custody of your watch with no capital outlay, and giving you no collateral in return can just f@ck right off!
David, Habibi you are an honest dealer and not like the rest of these scammers . It is better to have honestly and integrity than be dishonest and take advantage of you . You are one of the very few that are trustworthy in a sea of Watch sharks . Excellent video by the way with a wealth of information .
I consign all my pieces through an long established trusted dealer and have done so for over 20 years …I set my price which is considerably higher than what the dealer would offer me and they sell for whatever price they want or feel they can achieve there is No contract just trust..If you Consign to a total stranger you have Rocks in your head.
BQ Watches offered 2k for my seamaster that's worth 4k or put it on Consignment for 3k. I realise they're running a business and need to have a little meat on the bone but offering half what the watch was worth seems like they expect to dine on the whole cow. This did annoy me a little.
I asked Paul Thorpe about this a few months ago. It is a shop in Newcastle and they had a massive raid from the NCA. It’s all over the newspapers if you google it. I asked Paul about this asking what his thoughts were about this… His response was it was all fake news and then about 2 months later he made a video with the same company that was raided… The article even mentions premier league footballers buying and selling watches with the company.. Whilst also looking at the company i also see they were fined just under £400,000 pounds a few years ago for unpaid taxes.. How the same man wonders why Rolex won’t let him film or talk to him when he is promoting a company like this is crazy. Rolex is a premium brand and we need people like yourself providing this service and knowing we can get that service. Not getting people to think ahh Paul says these are good guys let’s get them to sell our watch and then that happens. Police taking your watch and you have too go and provide paperwork etc even interviewed too get a watch back. I would rather pay a little extra for a lot more in the long term
I consigned a watch with Chronext in 2016 and it all worked out nicely. Would you say dealing with an established company like Chronext with good backing is an exception to the rule? (and yes I do regret letting that watch go.....! An Omega Seamaster quartz blue dial 😞
@@MarkSamuel1982 In 2021, Chronext canceled their IPO. In 2022, they laid off 30% of their workforce. In 2023, their CEO left the company. Lots of rumors that Chronext is not doing well financially.
You have been warned. Here across the pond, if the gray market dealer steals your watch it’s a civil matter. The police will not intervene on your behalf.
I love the video and think you did a great job, but I have to at least mention this - it’s wild to me that you even had to make this video lol, how is this not OBVIOUS to people in the first place!! Lol UNBELIEVABLE, truly!!!
There was never a problem about consignment before TPG made a big fuss I never did it until recent But there is nothing wrong with if the trust is there . And it’s done right . Not all need to be tarnished with the 1 brush .
Sorry to hear that. Are you able to contact me direct on info@watchcollectors.co.uk and address the email to David? If you would like to share your story with me I'll keep your name confidential.
I wouldn't consign a watch to anyone hardly, even before the Anthony Farrer debacle. Ironically, I would consign it to David, and I disagree a lot with him. He has nailed it.
Hi Dave !! You but a watch for 10K sell it for 12K !! Or what ever your margin is! What’s the difference selling for a consignment customer at 12 k minus your fee!! Regards David
Hi David , would you be interested in purchasing 5 pieces all ‘Swiss only ‘ dials explorer , explorer 2 white and black dials , sub date and sea dweller .. all in great condition and full sets .
@@silvercat7328 Actually No, But if I was to purchase a watch, David would be the FIRST watch dealer I would go to. I have watched all his videos and you only have to look at the other watch dealers he associates himself with, to tell you, the kind of person he is. I would put him in the trustworthy bracket, if you don't believe me, Just look up his balance sheet on companies house. He is a true ASSET to the watch community 🙂
Anthony really opened the eyes of EVERYONE on CONsignment ! Although I believe with the RIGHT TRUSTED DEALER! I believe there are some dealers who can pay if something goes wrong like Roman and maybe Moses the jeweler and CRM maybe can cash people out if not he can sell his boat! Lmao
Not sure I follow you. Obviously if you sell outright you sell for much lower price that what you could achieve on consignment. It’s simply a risk-reward situation. Obviously the dealer accepts a lower profit to get rid of the inventory risk, and the customer puts an asset at risk in exchange of a potential higher reward.
You hand over your Watch to another person, who’s then tasked with selling the Watch. When the watch is sold, he’ll take a % cut if the price as a consignment-fee. In essence, you pay someone also to sell your product.
Trust isn't a scale, it's all or nothing. If I don't trust a watch dealer enough to consign to him, then I don't trust that he will always sell authentic watches.
@@PaulThorpeOfficial Normally it’s two songs mixed together (at a school concert) but I was referring to the videos you used to do together. It was only a joke though. Loving your work 😍
I totally get where you're coming from and also think Consignment is misleading and legally you don't really have a lot to full back on. The downside is you'll only get offered 50% of the watch value when offered a price from a watch dealer, which seems a little mean. This is why people get tempted with Consignment, so I guess you're dammed if you do and dammed if you dont.
David has to be right that there is always a RISK in consignment. You are putting full trust in the dealer, basically. There are plenty of honest and reliable dealers. But this TPG character in the US has shown easily how people can be taken in by a bad apple. I believe Paul Thorpe is an honest and decent guy - but he apparently got completely taken in by this TPG dude, to point where he was hanging out with him, calling him a friend, etc... In fairness, I do think there is a big difference between a "Backpack Bill" type of dealer who is operating 100% on consignment, and then, on the other hand, a well-established bricks-and-mortar business who have only 5% or 10% of their inventory as consignment sales. But it's always a jungle out there.
Yes .i believe hes in serious bother. Some heavy duty people after him wouldnt want to be in his shoes if they catch up with him.he will be looking over his shoulder 24/ 7. When you are talking between 1 and 3 million gbp. This isnt going away hed better hope police get to him first.this will not end well.
First of all, why would you sell your watch? If I buy a watch, I keep it. The species that buys to sell, is t a watch lover. All my watches are scratched and used. People should stop acting like a watch is a car 😂
Do not agree. Have consigned a number or watches as well as cars more commonly known in that space as sale or return. For watches or cars that are higher value it’s firstly a huge financial outlay for the dealer and secondly markets can move and fluctuate. It allows the dealer to make money if it sells without taking huge risk and for the seller to use a respected dealer channel to sell through rather than trying to sell a high value item privately. Ultimately most dealers that hold or buy a reasonable amount of stock are running solely by bank or investor finance.
You and Fed said the same thing, I agree completely though. I'd rather take the cash now for less than the equal chances of getting slightly more or fucking up the entire thing completely with no recourse.
I addressed this subject over a 2 years ago with the same opinion but felt it was necessary again. Don't know why you say lage, if it's to do with TPG then I don't really care, he's the last of my worries. This info is very important because he wasn't the first and won't be the last.
Good, honest advise...avoid consigning your watches (high risk to the owner and relatively no risk for the dealer). David, you are correct and your professionalism is admirable.
You probably lost a couple “friends” for speaking words of wisdom but you gained a ton of respect from the whole watch community. 👊
Not to mention that this video was published just 2 days before Paul Thorpe gives almost an hour worth of expose about benefits of consignment lmao. It's easy to tell which approach is correct when actual dealer tells you not to consign and a guy who is literally sponsored by other dealers pushes consignment like his life depends on it (which it kinda does). Paul Thorpe is so full of shit, no wonder he needs all this cologne.
Thank You ! At last a watch dealer who is honest and telling the customer the whole truth. Never consign anything of value.
If the demise of “The Timepiece Gentleman” hasn’t put you off selling on consignment then there’s very little hope for you.
..and now the TPG fan club have set up Digital Watch Vault..free for now !!...would you download your data?
Watch the knives come out for David now, from his " watch friends and colleagues" As I say he has nailed it.
Best UA-cam clip I’ve seen for a very long time. Thank you for your honesty David. Hopefully people will take your advice :-)
Other than a couple live streams that have been calling this consignment BS out, you’re one of the first actual watch dealers that is willing to give an honest take on consignment, which it refreshing and will ultimately supports your customers and future customers. Thanks David!
Federico said it as well like a month ago.
@@אלכסס-ח5ג Good point… I forgot about Fed.
David, I am a watchmaker and watch dealer in California. My family has been in this business over one hundred years. We’ve been self funded and self insured for most of this time. I was robbed at gunpoint two years ago leaving a watch trade show. I lost over 600K USD and my insurance paid me only 9400. I paid off all of my consignees that lost their watches when I was robbed, however I don’t have the buying power that I once had.
I now have more consignments than ever before and it helps keep me afloat. I do hope that the day will come when I can refuse consignments altogether. It is a risk for clients to consign with bad dealers, but it’s also a huge liability and a hassle for a dealer. It’s best for us to buy what we want and what we feel good about selling to our clients, price things at fair market value, and make our own decision what to do with our item and not be at the mercy of our consignees.
Your advice is helpful to potential consignees but also to dealers. Take care.
Horrible thing to happen; did they ever find the robbers?
@@threethrushes they did not but honest to say the police had many leads but followed none of them
The most honest and no punches pulled advice I have ever heard in the watch world. Thanks David, a proper gent.
One of the most honest and best videos on UA-cam of 2023 💥 👊🏻
Remember a video you did looking stressed walking the streets of London a couple of years ago. Saying exactly this do not consign.
If you go missing we know why 😂
This must be the best watch related video ever made in UA-cam history. Amazing work David - and thank you for this
Well said David. It’s people like you who are the real trustworthy dealers. Not just some pop up shop in Hatton Garden… which ironically most have disappeared 👍
Really like this video, David. It's like your older videos, straight-up, real world, no BS watch and business talk. Very enjoyable.
Excellent video David.
Honest and informative.
A welcome dose of reality for the sometimes overhyped watch market.
Keep up the good work.
Thank you for making this video it is so insightful and refreshing to see a watch dealer just say the plain truth simply. I salute you sir.
That was very kind you to put this video out. You did it knowing other dealers will give you a hard time. All the best. Hope you are rewarded for your honesty.
Paul Thorpe will be crying watching this video 😂😂
And Spencer 😆
Great video David, haters gonna hate! Don't let those shady Grey dealers push you around!
Keep the video up and keep standing your ground! Punters appreciate you!
When I can afford to buy a Rolex, I will definitely come to you.
Fantastic honest advice David 👍🏼
Best UK Watch Video of 2023, by miles. Big thanks for producing this video. A ray of light in the murky, TOG-infested ‘grey’ market. Amazing. Many thanks.
You and Vinnie over @ beat the wait list are the only honest dealers out their, or at least ones that put themselves on UA-cam
Kudos David! Glad you are honest. Never a fan of consignment, what you said is spot on. A watch dealer having custody of your watch with no capital outlay, and giving you no collateral in return can just f@ck right off!
Excellent, genuine and honest advice.
J.
Wise words indeed from an honest watch dealer 👍🏻 all your videos are unbiased without compromise & it’s very refreshing to see.
David, Habibi you are an honest dealer and not like the rest of these scammers .
It is better to have honestly and integrity than be dishonest and take advantage of you .
You are one of the very few that are trustworthy in a sea of Watch sharks .
Excellent video by the way with a wealth of information .
He’s a grey market grifter…
@@simon0044 I don’t think he is in my opinion .
I consign all my pieces through an long established trusted dealer and have done so for over 20 years …I set my price which is considerably higher than what the dealer would offer me and they sell for whatever price they want or feel they can achieve there is No contract just trust..If you Consign to a total stranger you have Rocks in your head.
Thanks for the honesty and this from a dealer, if this does not answer your question on consignment then nothing does
.....so your views on Paul Thorpe, Jamie Thorpe and the Pawnbroker can't be high, right?
I have consigned with BQ watches had no issues what so ever but understand what ur saying
BQ Watches offered 2k for my seamaster that's worth 4k or put it on Consignment for 3k. I realise they're running a business and need to have a little meat on the bone but offering half what the watch was worth seems like they expect to dine on the whole cow. This did annoy me a little.
Totally true on what you have said
Great video as always David 👍 thanks for taking the time to share your knowledge.
One of the good guys. A very honest and informative video. Thank you David.
Agree 100% Well done for putting this content out there
Great advice David. This will help a lot of people 💪🏻
Good advise from one of the most sensible channels out there 👌
It's safe if the dealer is safe - but yes be very cautious
Exelentadvice beware of the smoke screen from other dealers out there. I love your honesty.
Great video David, I subscribed.
I asked Paul Thorpe about this a few months ago. It is a shop in Newcastle and they had a massive raid from the NCA.
It’s all over the newspapers if you google it. I asked Paul about this asking what his thoughts were about this…
His response was it was all fake news and then about 2 months later he made a video with the same company that was raided…
The article even mentions premier league footballers buying and selling watches with the company..
Whilst also looking at the company i also see they were fined just under £400,000 pounds a few years ago for unpaid taxes..
How the same man wonders why Rolex won’t let him film or talk to him when he is promoting a company like this is crazy.
Rolex is a premium brand and we need people like yourself providing this service and knowing we can get that service.
Not getting people to think ahh Paul says these are good guys let’s get them to sell our watch and then that happens.
Police taking your watch and you have too go and provide paperwork etc even interviewed too get a watch back.
I would rather pay a little extra for a lot more in the long term
Finally i am 100% agreeing with you! Thank You !
The "Cartel" will love this one. 😂
Really good video, very informative
wonder what thorpe makes of this....fuming like an old brasser
Good video with all the right advice.
great video. thanks for being clear about this consignment scam by watch dealers.
Well said! Thank you!
Not The Honest Watch Dealer but an honest watch dealer 👍
🤣👍
Thank you for your advice.
The dealer I'll consign with is the one that will let me walk out the door with a watch having promised to pay for it in 90 days.
Very good advice thanks
Well said.
Perfect advice. Well done, Sir.
I consigned a watch with Chronext in 2016 and it all worked out nicely. Would you say dealing with an established company like Chronext with good backing is an exception to the rule? (and yes I do regret letting that watch go.....! An Omega Seamaster quartz blue dial 😞
Not at all. Not sure if you have heard what happened with Chronext. Even a reputable company can have unfortunate events which will affect you.
@@Mr.Khalil08 No what happened with Chronext? Looks to still be operating and raised $34m in 2018....
@@MarkSamuel1982 CHRONEXT has laid off almost one-third of its workforce
@@MarkSamuel1982 In 2021, Chronext canceled their IPO. In 2022, they laid off 30% of their workforce. In 2023, their CEO left the company. Lots of rumors that Chronext is not doing well financially.
Great honest advice.
You have been warned. Here across the pond, if the gray market dealer steals your watch it’s a civil matter. The police will not intervene on your behalf.
Solid info. 👊🏻
The TIMEPIECE GENTLEMAN, you are referring to...Allegedly for course...
Always been the case. Never consign a watch. It’s a one sided agreement that’ll leave you in the proverbial shit.
I love the video and think you did a great job, but I have to at least mention this - it’s wild to me that you even had to make this video lol, how is this not OBVIOUS to people in the first place!! Lol UNBELIEVABLE, truly!!!
There was never a problem about consignment before TPG made a big fuss
I never did it until recent
But there is nothing wrong with if the trust is there .
And it’s done right .
Not all need to be tarnished with the 1 brush .
I learnt the hard way,I sent my patek to watcmaster in Germany and then they said that my watch was stolen in a robbery,I have no watch and no £37 k
Sorry to hear that. Are you able to contact me direct on info@watchcollectors.co.uk and address the email to David? If you would like to share your story with me I'll keep your name confidential.
I wouldn't consign a watch to anyone hardly, even before the Anthony Farrer debacle. Ironically, I would consign it to David, and I disagree a lot with him. He has nailed it.
Thank you David
One of the few dealers with the £'S to back it up
Hi Dave !! You but a watch for 10K sell it for 12K !! Or what ever your margin is! What’s the difference selling for a consignment customer at 12 k minus your fee!! Regards David
Con-signment
🤣
Just for your morals David I will be sure to visit your store when I’m in London or if you can sell me the watches I want 👊
Loved the B roll btw.
David and Federico are on the same page with cosignment.
What about cars? Same deal?
Excellent!
Hi David , would you be interested in purchasing 5 pieces all ‘Swiss only ‘ dials explorer , explorer 2 white and black dials , sub date and sea dweller .. all in great condition and full sets .
Hi,
Yes I would. Please contact me directly on info@watchcollectors.co.uk
Will do
David is an "HONEST" watch dealer, End of !
Have you bought or sold with him?
@@silvercat7328 Actually No, But if I was to purchase a watch, David would be the FIRST watch dealer I would go to. I have watched all his videos and you only have to look at the other watch dealers he associates himself with, to tell you, the kind of person he is. I would put him in the trustworthy bracket, if you don't believe me, Just look up his balance sheet on companies house. He is a true ASSET to the watch community 🙂
100per cent right
They might have run out of petes 😂😂😂
Anthony really opened the eyes of EVERYONE on CONsignment ! Although I believe with the RIGHT TRUSTED DEALER! I believe there are some dealers who can pay if something goes wrong like Roman and maybe Moses the jeweler and CRM maybe can cash people out if not he can sell his boat! Lmao
Yes we all know,but why didnt you advise this years ago rather than after the events have happened
I have alwaysbhad the same message. I have old videos that say exactly the same thing.
Well read 😂
Didn't want to miss anything so had to script this one 🤣
Not sure I follow you. Obviously if you sell outright you sell for much lower price that what you could achieve on consignment. It’s simply a risk-reward situation. Obviously the dealer accepts a lower profit to get rid of the inventory risk, and the customer puts an asset at risk in exchange of a potential higher reward.
What does consignment mean?!
You hand over your Watch to another person, who’s then tasked with selling the Watch. When the watch is sold, he’ll take a % cut if the price as a consignment-fee.
In essence, you pay someone also to sell your product.
Trust isn't a scale, it's all or nothing. If I don't trust a watch dealer enough to consign to him, then I don't trust that he will always sell authentic watches.
Mash ups with Paul Thorpe always seemed a little awkward 😂
What’s a mash up?
@@PaulThorpeOfficial Oh…. Hi Paul 😳
@@PaulThorpeOfficial 🫤
@@alfieakaronaldog Hi mate, what's a mash up? LOL
@@PaulThorpeOfficial Normally it’s two songs mixed together (at a school concert) but I was referring to the videos you used to do together.
It was only a joke though.
Loving your work 😍
I totally get where you're coming from and also think Consignment is misleading and legally you don't really have a lot to full back on. The downside is you'll only get offered 50% of the watch value when offered a price from a watch dealer, which seems a little mean. This is why people get tempted with Consignment, so I guess you're dammed if you do and dammed if you dont.
You don’t get 50%
You get 75-90% 😂
Unless it’s a grand Seiko or a Hublot then maybe you’ll get 50-65%
This is what I was offered for my omega seamaster at a watch show that they recently had in Radlett. I was offered 2k it's worth 4k
@@Jay89318 Some unscrupulous dealers purposely lowball you so that they can convince you to consign your watch instead.
I think you are talking about one business in particular
David has to be right that there is always a RISK in consignment. You are putting full trust in the dealer, basically. There are plenty of honest and reliable dealers. But this TPG character in the US has shown easily how people can be taken in by a bad apple. I believe Paul Thorpe is an honest and decent guy - but he apparently got completely taken in by this TPG dude, to point where he was hanging out with him, calling him a friend, etc...
In fairness, I do think there is a big difference between a "Backpack Bill" type of dealer who is operating 100% on consignment, and then, on the other hand, a well-established bricks-and-mortar business who have only 5% or 10% of their inventory as consignment sales. But it's always a jungle out there.
You have always come across as a good egg 😉
The demise of the grey market and chancers like this guy is glorious 😂😂
Anthony went and Spoilt it for all the Shysters !!
Even before anthony, I have always had the same take on this, do not consign your watches!
Ask the idiots that sent their watches to Time Piece Gentleman about consignment.
People like Adam Moore-Lynch from Manchester Watchhub gave consignment a bad taste. He’s a wsnted man
Yes .i believe hes in serious bother. Some heavy duty people after him wouldnt want to be in his shoes if they catch up with him.he will be looking over his shoulder 24/ 7. When you are talking between 1 and 3 million gbp. This isnt going away hed better hope police get to him first.this will not end well.
The whole watch UA-cam content is all becoming a bit of a scam, it’s unfortunate
In what way?
First of all, why would you sell your watch? If I buy a watch, I keep it. The species that buys to sell, is t a watch lover. All my watches are scratched and used. People should stop acting like a watch is a car 😂
Do not agree. Have consigned a number or watches as well as cars more commonly known in that space as sale or return.
For watches or cars that are higher value it’s firstly a huge financial outlay for the dealer and secondly markets can move and fluctuate.
It allows the dealer to make money if it sells without taking huge risk and for the seller to use a respected dealer channel to sell through rather than trying to sell a high value item privately.
Ultimately most dealers that hold or buy a reasonable amount of stock are running solely by bank or investor finance.
You and Fed said the same thing, I agree completely though. I'd rather take the cash now for less than the equal chances of getting slightly more or fucking up the entire thing completely with no recourse.
Are u digging out Anthony farraer
he dug himself lol
Lol, how rich.
Grifters are worried 😂
You're a couple months too late. Everyone knows this now!
I addressed this subject over a 2 years ago with the same opinion but felt it was necessary again. Don't know why you say lage, if it's to do with TPG then I don't really care, he's the last of my worries. This info is very important because he wasn't the first and won't be the last.