Crown and Caliber is just a couple of miles from me, here in Atlanta. I have visited them often, and always enjoyed Hamilton and his entire crew.

Indeed, when they were purchasing for their own account and then reselling (we can compare this to a "dealer" model), there was the inherent conflict of being across the table from the customer / client. Leads to some interesting hypotheticals about the guys who send a photo of an old Heuer that says "Chronomatic" across the top of the dial or the Rolex with the odd "Comex" or red lettering on the dial. Even apart from these treasures, there is the question of what is an "honest profit" or reasonable margin, and what might be abusive.

With the shift from the purchase model to the consignment model, Crown & Caliber seems to have fully aligned its interests with the interests of its customers (more of a brokerage model). Both parties are seeking to expose the watch to the most prospective purchasers and achieve the highest price.

For the "average Joe", selling a vintage or pre-owned watch is a pain in the butt -- check out the watch; make any needed repairs; take the photos; write a description; do the listing; pack the watch; fill in Customs papers (and decide how you feel about Customs fraud, for the benefit of a stranger); deal with PayPal or a credit card company; etc. I believe that the Crown and Caliber model, of offering the full range of services for a fee based primarily on a percentage of proceeds, is a sound model.

Stay tuned for more on Crown and Caliber . . .

Jeff

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: Stewart,

: Now that the dealer has told this story publicly it is easy to say
: this...and, perhaps now that they have told the story publicly
: they should be a bit embarrassed that they under-appraised the
: watch. I am not sure that this is great publicity for the
: dealer. Having said that, there are not a ton of comps for this
: watch and I tend to believe that the appraisal was an honest
: business mistake.

: When you are in this business you take a risk every time you buy a
: watch. You never really know what you are getting even if it is
: in your hand or your watchmaker's hand especially when you buy a
: scarce, minimally documented piece. I rarely think an honest
: dealer has an obligation to go back in time.

: I think it might make the dealer look better if the story had ended
: with the family getting a bit of a rebate but I don't really
: think less of the dealer for not doing it. I think a little bit
: less of them for choosing to tell the story. They had to know
: that a lot of people might think the family got cheated and the
: whole "now we do consignments" will probably not make
: some potential customers feel much better about them. I have
: never thought it was bad for a dealer to hit a home run as long
: as they were not dishonest in the process and I do not get the
: impression that this is a dishonest dealer.

: JohnCote