Due diligence: As buyer & seller
Although I have been collecting watches on and off for around 25 years, it wasn't until more recently that I truly appreciated just how important it is to establish exactly who you are dealing with. And I mean this from the perspective of both a buyer and a seller.
As a buyer, you often hear the phrase, "buy the dealer." Whilst I completely agree with the sentiment, it is often easier said than done. How do you really determine what a dealer is like? How competent are they? How transparent and honest are they?
A beautifully designed website, hundreds of positive Trustpilot reviews and a constant stream of social media posts can all create a very reassuring impression. However, these things can sometimes be little more than a carefully constructed façade, concealing a very different reality behind the scenes.
A quality timepiece can represent a significant financial commitment, and the larger that commitment becomes, the more time you should invest in carrying out your own due diligence. Those online impressions alone are simply not enough to go by.
If you are serious about making a purchase, take the time to get to know the dealer. Call them. Email them. Send a message. If possible, meet them in person. Watch forums can also be a useful resource. Chances are that somebody, somewhere, has already had dealings with them and may be able to offer valuable insight. Of course, this information should always be taken with a pinch of salt, but it can still help build a broader picture.
Speak to other collectors. Speak to other dealers. Leave no stone unturned. Equally important, if you are contacting a dealer about a specific watch, make sure you have done your homework and understand exactly what you are looking at. Before long, you will begin to form your own opinions about who operates professionally, who you enjoy dealing with and, ultimately, who you trust.
If something feels off, don't rush. Take a step back, reassess the situation and trust your instincts.
The same principle applies from the other side of the transaction.
As a dealer, or indeed a private seller, you simply cannot be too careful. There appears to be an ever-increasing number of people out there, dealers included, who see it as their job to scam you or, at the very least, waste your time. It is genuinely astonishing how many of them exist.
Over the years I have learnt a great deal from the various strange and occasionally unpleasant experiences that come with operating in the retail environment. Yet I continue to be amazed by the audacity of some individuals and their complete lack of etiquette. Some are very easy to spot, whilst others have become remarkably skilled at presenting themselves as genuine buyers.
Once again, investing time in getting to know the person you are dealing with is almost always worthwhile.
If you do find yourself dealing with one of these individuals through one of the major selling platforms, don't assume that the platform itself will necessarily come to your rescue. I have learnt the hard way that, more often than not, it is the buyer whose side is taken, regardless of the circumstances.
Perhaps I am showing my age, but I hope that one day things move back towards the way they used to be; when integrity, manners and trust still counted for something.
Only time will tell.
Stay safe.