Posted on 06/23/2023 12:39:36 PM PDT by nickcarraway
Buying ultra-expensive watches not so simple
Ali Rezaei wanted to buy a $109,000 gold Patek Philippe watch, but a prominent Bay Area jeweler refused to sell it to him — first, he had to buy other fancy items from the swanky boutique, according to Rezaei’s newly filed lawsuit.
Rezaei had walked into the Shreve & Co. jewelry shop, nestled among other high-end retailers near San Francisco’s Union Square, “and expressed an interest in purchasing a Patek Philippe 5980/1R-001 watch,” according to his lawsuit filed this week.
No, no, no, he was purportedly told by the shop. One does not just waltz in off the street and saunter out with a 5980/1R-001: No watch for you, sir — yet.
Shreve, which dates back to the Gold Rush and operates a second boutique in the posh Stanford Shopping Center mall in Palo Alto, told Rezaei on that day in 2020 “that if he built up his ‘purchase history’ by buying a sufficient amount of other merchandise over time … they would offer the Promised Watch to him,” the lawsuit filed Friday in San Francisco County Superior Court alleged.
So Rezaei soon bought a different gold Patek Philippe watch from Shreve, for $71,000, his lawsuit claimed. Then he picked up another timepiece by the legendary Swiss watchmaker, this time a women’s model ringed with diamonds, for $50,000. Then he bought a third Patek Philippe from Shreve, for $47,000. Finally, after he shelled out $53,000 for a gold and diamond necklace in March last year, a shop salesman assured him Shreve “would offer him the Promised Watch that year,” the lawsuit alleged. That offer never came, Rezaei’s lawsuit alleged.
The Shreve shop in San Francisco referred an inquiry about the lawsuit to Schiffman’s Jewelers, the North Carolina company that bought Shreve & Co. in 1992. Schiffman’s did not respond to requests for comment.
Would-be buyers of certain Patek Philippe watches must jump through hoops to acquire one, according to auction house Christie’s. “Some Patek Philippe watches are so sought-after that buyers must submit to an application process to demonstrate that they are sufficiently high-calibre collectors,” Christie’s said in an explainer about the brand. Watch-strap maker Horus, in a 2022 guide to buying luxury watches such as Patek Philippe’s, said building a spending history with a watch shop can be crucial to obtaining certain scarce timepieces. “The more you have spent, the better and more desirable the watches offered to you will be,” according to the company.
All told, Rezaei, of Orange County, forked out more than $220,000 over 18 months in pursuit of his chosen Patek Philippe, his lawsuit alleged. Before each purchase, he was assured by a sales associate that he would eventually be offered the $109,000 timepiece he sought, the lawsuit claimed.
But meanwhile, Shreve — which in 1887 became the second U.S. jeweler in the U.S. to represent Patek Philippe, according to the company — knew as early as November 2021 when it sold him the women’s watch that it was losing its status as a Patek Philippe dealer and would not be able to sell him the 5980/1R-001, the lawsuit claimed.
Shreve did not tell its sales associates, or Rezaei, that it would stop being a dealer for the Swiss brand, the lawsuit alleged. Instead, Shreve strung him along “to continue to reap additional sales revenue” and Rezaei was “deprived of the watch that he was promised,” the lawsuit claimed.
His lawsuit accused Shreve of offenses including fraud, false promise, breach of contract, and intentional and negligent misrepresentation. He is seeking at least $500,000 in damages.
pride gets expensive...this is a perfect case for the ODF (own damn fault) defense.
This is like buying a Ferrari.
Before they let you buy a new one, you have to buy used ones from that dealer.
“Would-be buyers of certain Patek Philippe watches must jump through hoops to acquire one, according to auction house Christie’s. “Some Patek Philippe watches are so sought-after that buyers must submit to an application process to demonstrate that they are sufficiently high-calibre collectors,” Christie’s said in an explainer about the brand. Watch-strap maker Horus, in a 2022 guide to buying luxury watches such as Patek Philippe’s, said building a spending history with a watch shop can be crucial to obtaining certain scarce timepieces. “The more you have spent, the better and more desirable the watches offered to you will be,” according to the company.”
Never heard that before.
Second job I ever got in the world was a Messenger position for a Boston law firm. I was 17. It was the 70s and I delivered things and I picked up things. I got to know the streets of downtown Boston quite well. But then one day this female lawyer told be to “Go to Shreve” and pickup a package with her name on it.
I said, “Shreve? Where is that? What is that?”
The contempt oozed out of her.
I found a TAG Hauer Carerra women’s watch at a thrift store in Tahoe. I paid $3 for it and gave it to my Polish girlfriend.
Aside from my old calculator watch that was the only other watch I ever bought. Seems silly to me to spend $200,000 on a watch that one could easily lose.
I hope he had that in writing....
What do you do as a bike delivery person in Boston when it’s snow season?
Boy, that’s tough.
There are just certain things you can’t have without a history.
If Schreve didn’t tell it’s employees they were losing their status a PP seller, I don’t know if there is a case but, there should be.
Reminds me of Sondra Locke alleging that Clint Eastwood "made" her get an abortion, as if he tied her up and dragged her into the clinic. Or that the British royal family and/or the clergy "made" Margaret cut if off with Townsend.
Choices were made. Own it.
She wanted you to go to San Francisco? Sure hope you weren’t a bicycle messenger.
(j/k)
I have 2 answers that question:
1) As a law firm messenger in the late 70s I was strictly on foot. I walked all through downtown Boston in all kinds of weather.
2) As a National Park Service employee just outside of Boston in the early 80s, I commuted to work every day by bicycle from Boston’s Back Bay. It was quite distance, and a pretty significant part of it was on a highway (Rt 9). I made that commute in all kinds of weather. On the highway, in a snowstorm. Didn’t matter. On more than one occasion I would make it to work and find out that the federal government had decided not to open “due to weather”. So I would hop back on my bike and go home.
Shreve did not tell its sales associates, or Rezaei, that it would stop being a dealer for the Swiss brand, the lawsuit alleged. Instead, Shreve strung him along “to continue to reap additional sales revenue” and Rezaei was “deprived of the watch that he was promised,” the lawsuit claimed.This is really surprising..."Shreve in 1887 became the second U.S. jeweler in the U.S. to represent Patek Philippe
Think about how raw and untamed SF was in those years. That was the tail end of the citizen-led Vigilance Committees that fought the Sydney Ducks, the Regulators, and other criminal enterprises. SF saw a murder a day in that era when its population was a lot smaller. The vigilante drove the criminals from the city and, or a time, the Barbary Coast ceased to be the hub of illegal activity and danger in San Francisco.
There was huge money in SF at the time from the building of the transcontinental railroad and banking. Still, it's surprising that Patek Philippe chose SF as its second city to carry their watches.
Here's an 1887 Patek Philippe watch...
“Seems silly to me to spend $200,000 on a watch that one could easily lose.”
Eh, pawning off a Rolex is how my grandfather escaped Germany.
He had another he pawned to start a business.
There’s a place and time for diversity of assets.
They’re portable, easily sold, and generally appreciate over decades.
should have googled it and bought it elsewhere.
Idiot.
Oh yes, I remember. Carlotta, beautiful Carlotta, sad
Pffft, sounds like you don’t need my business. Buh bye now.
That’s a damn good salesman!
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