Consignment is a service we offer in which you as (the consignor) entrusts your luxury watch to us at Up North Watches (the consignee) to sell on your behalf.
This is a common practice in the luxury watch market, allowing you to sell your timepiece without having to manage the entire selling process yourself.
How the process typically works:
Step 01
Initial Assessment
You the consignor approaches us to express your interest in selling your luxury watch.
You will provide us with information about your watch's brand, model, condition, history, and any accompanying documents or accessories to us.
Step 02
Authenticity Verification
We will thoroughly authenticate the watch to ensure it's a genuine luxury timepiece and not a counterfeit or replica. This step is crucial to maintain our reputation of us as (the consignee) and the integrity of the luxury watch market.
Step 03
Agreement
Once the watch's authenticity is confirmed, you (the consignor) and us (the consignee) will enter into a “consignment agreement”. This agreement outlines the terms and conditions of the consignment, including the consignee's commission, the asking price for your watch, the duration of the consignment period, and any fees or expenses involved.
Step 04
Pricing and Marketing
We (the consignee), will then determine an appropriate asking price for the watch based on its brand, model, condition, rarity, and market demand. High-quality photographs and detailed descriptions are prepared for our marketing purposes.
Step 05
Listing and Promotion
Your luxury watch is listed for sale on our website and other marketing channels such as social media, and newsletters.
Step 06
Negotiation and Sale
Interested buyers inquire about the watch, and negotiations may occur regarding the price. We (the consignee) acts as an intermediary, relaying offers and counteroffers between you (the consignor) and any potential buyers.
Step 07
Sale Completion
Once a buyer and you (the consignor) agree on a price, we (the consignee) handles all payment, paperwork, and any necessary legal aspects of the sale.
We then deduct our commission, and pass the remaining amount to you (the consignor).
Step 08
Payment
You then receive payment for the sold watch, minus the our percentage % commission.
The entire payment process is outlined in our consignment agreement.
IMPORTANT NOTE
Unsold Watches
If the consigned watch in question does not sell during the agreed-upon consignment period, you as the consignor have several options, such as extending the consignment period, retrieving the watch, or discussing potential adjustments to the asking price.
Consignment provides you with a convenient and efficient way to access a wider market for your timepieces while leveraging the expertise and resources of us as an established and trusted watch trader. It also ensures that the watches are properly marketed, authenticated, and handled throughout the entire selling process.
