"$220,000 Purchase History to Buy $109,000 Patek Philippe"
June 27, 23
(IDEX Online) - A watch enthusiast is taking legal action against high-end jeweler Shreve and Co, alleging the company forced him to build him up a $220,000 "purchase history" to buy the Patek Philippe he actually wanted.
In court documents seen by SiliconValley.com Ali Rezaei claims Shreve, in San Francisco, USA, strung him along, knowing that it would, in fact, never be able to supply the watch.
The company, which has been selling Patek Philippe since 1887, was losing its dealer status and would therefore be unable to supply the gold 5980/1R-001 watch he wanted, priced at $109,000, according to the documents.
Over an 18-month period Rezaei bought three other Patek Philippe watches, for $71,000, $50,000 and $47,000, as well as a $53,000 gold and diamond necklace, to build up his purchase history.
In a lawsuit filed at San Francisco County Superior Court he alleges fraud, false promise, breach of contract, and intentional and negligent misrepresentation. He's seeking at least $500,000 in damages.
SiliconValley.com said Schiffman's Jewelers, the company that bought Shreve & Co. in 1992, did not respond to requests for comment.