Like recent cases of Chinese not honouring their bids at auction, so too it would seem one of the members of the ruling Al-Thani family in Qatar is not paying for his purchases.
Like most businesses, the concept of trust is paramount. I don't suppose it explains why, but my recent registration at an auction house in Germany has resulted in a much more thorough and detailed requirement to be given approval to bid. Happily I started the process well ahead of the auction, otherwise I would have missed out.
Similar bureaucracy has affected a payment I was due to receive from an investment plan I have been paying into for about 25 years. It matured on 1 November, and I still await funds, perhaps delayed because I initially but immediately rectified an omission to provide them with a copy of my passport, and proof of my address, despite requiring them to repay the funds to the bank account from which they have been taking the premiums over these many years. There have been some choice words exchanged. Perhaps further will be required.
14 comments:
People certainly don't feel like honored customers any more, especially when they deal with big businesses. Sometimes we have to understand that the businesses, perhaps misguidedly, are try to fight new type of fraud, and that the employees we deal with are "just following orders", but the end result is that all personal connection and loyalty is lost.
Adherence to new compliance rules is understandable, but as you say the people we have to deal with when there are problems are going to stick to the script unless you kick up a fuss, which actually I did. The company had made an annoying mistake, and they needed to sort out their systems. Happily I managed to get through to someone who could help, but it took several telephone calls, and although the payment is in the pipeline, they could have easily effected an expedited payment instead of making me endure the 3-5 working days schedule, (which is effectively a week with weekends)...aargh!
Back in the 19th century, my great-grandfather owned a watch company that bought enameled cases from the Chinese (how I would love to own one of those watches today!). My grandmother mentioned numerous times that the Chinese businessmen of that day were so trustworthy that there was never a written contract between them and the watch company. How times have changed!
There is big business, as I am sure you know, in "using" money under the pretense of time taken for transactions. It is really a burden for the "little guy" and a shameful practice. Send them your photo in the jet and tell them it doesn't fuel itself.
That is awful! Much of the antiques trade is conducted with a handshake. My business would surely suffer if customers didn't honor their commitments. Good luck with your investment plan.
Well when it's coming from and going to the same checking account, that's maddening.
The internet has made some forms of fraud easier to perpetuate. John Moran's had people bid and not pay for several items last year. I watched them sell in person only to see the pieces reappear at subsequent auctions. I was told the buyers were located in a country where it wasn't worth pursuing them.
Mark - yes it is sad, although I suspect the majority of Chinese bidders are quite reliable. Those that have defaulted have been very high value and highly documented. (The YSL/Berge sale too.)
DC - what a clever idea. I have scheduled a call to the pilot later this morning.
Loi. I know, and it is the way I conduct my life too. Without honesty there is really no point in being in business. (Or a member of the human race, for that matter.)
Diogenes - I quite agree with the need for good registration for auction houses. My investment company being quite so daft is another matter, (after 25 years). But in the end somebody was prepared to think and take a decision that involved using authority to override a system.
The headline and accompanying photo are hilarious!
Hmm investments, I wish I had thought of that sort of thing when I was younger, I'm starting to get the heebie jeebies now whenever I think of my looking old age.
Yes, it's nice when the investment plans start rolling in - this is the fourth this year, and now I re-invest them in pictures. I hope I'll have a better return, and enjoy years of looking at them!
That sounds like a rum old affair. I do hope you win out without much more stress. DLC.
My delayed payment problems were resolved thankfully, and now I'm planning to re-invest them in another canvas this week, (if I'm lucky). Thanks for stopping by.
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