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Old 29 Apr 2020, 16:09 (Ref:3973638)   #16
Derwent
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Is this the same Coys who sponsored the Silverstone Classic in its early days? I always though they were a long established auction house, although as mentioned above they got a reputation for being slow payers in recent years?
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Old 29 Apr 2020, 16:13 (Ref:3973641)   #17
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Is this the same Coys who sponsored the Silverstone Classic in its early days? I always though they were a long established auction house, although as mentioned above they got a reputation for being slow payers in recent years?
One and the same, just goes to show that no company is immune from an economic downturn.
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Old 29 Apr 2020, 16:48 (Ref:3973652)   #18
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One and the same, just goes to show that no company is immune from an economic downturn.
Or just that people are going to use Covid-19 as an excuse for their own badly run, bad paying companies.
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Old 29 Apr 2020, 18:00 (Ref:3973666)   #19
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I believe Coys changed hands after it stopped sponsoring the Silverstone meeting & before it became somewhat lax in paying over sales proceeds.
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Old 1 May 2020, 03:44 (Ref:3973898)   #20
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It's many years since Coys were in Queen's Gate Mews!!

They moved downmarket to Lower Mortlake Road, Richmond.

Last edited by Tim Falce; 20 May 2020 at 09:51. Reason: Mod note. Sorry to remove the quote due to removing original post
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Old 1 May 2020, 06:25 (Ref:3973909)   #21
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Yes, Coy's definitely have form here, and I very much doubt their going tits up has much, if anything, to do with Covid 19. Might make a nice cover story for them, however...
Recession, Brexit, Covid, there's always a cover story.

If your anecdotes are true it sounds like good riddance though. Do all auction houses operate like this and Coy's are allegedly the worst? I've no experience of them.


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Old 12 May 2020, 01:42 (Ref:3975622)   #22
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Recession, Brexit, Covid, there's always a cover story.

If your anecdotes are true it sounds like good riddance though. Do all auction houses operate like this and Coy's are allegedly the worst? I've no experience of them.


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Not been the best for over a decade now. They sold a friend's car but did not pay out for nearly four months. It wasn't just a small sum and Coys didn't share any of the interest(remember getting that from a bank?) to the vendor. Surprise surprise.
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Old 15 May 2020, 11:41 (Ref:3976380)   #23
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Is it more or less the same story as JD Classics?
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Old 18 May 2020, 11:00 (Ref:3976916)   #24
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Do all auction houses operate like this and Coy's are allegedly the worst? I've no experience of them.
Max, I'm pretty sure not all auction houses operate in such underhanded ways. I don't have massive experience of this sector, but recently had dealings with H&H and found them to be very professional and did all they promised. I should add the caveat that this was not as a seller however, so can't say how quickly they pay out. But I suspect they don't follow the Coys code of practice!

As you say, if the stories are true (and there are many out there - no smoke without fire?) then it is indeed good riddance. Companies like this just give the whole classic car sector a bad name. Let's hope that, this time, they're not allowed to simply reappear with a clean sheet under a (slightly) different name.
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Old 18 May 2020, 11:17 (Ref:3976919)   #25
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Max, I'm pretty sure not all auction houses operate in such underhanded ways. I don't have massive experience of this sector, but recently had dealings with H&H and found them to be very professional and did all they promised. I should add the caveat that this was not as a seller however, so can't say how quickly they pay out. But I suspect they don't follow the Coys code of practice!

As you say, if the stories are true (and there are many out there - no smoke without fire?) then it is indeed good riddance. Companies like this just give the whole classic car sector a bad name. Let's hope that, this time, they're not allowed to simply reappear with a clean sheet under a (slightly) different name.
They may not necessarily have completely disappeared as the company that went under administration was described as "a subsidiary".
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Old 18 May 2020, 16:08 (Ref:3976966)   #26
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It seems a tad unfair to stick the boot in with such relish and vigour but based only upon allegations made on another forum(stuff on the internet is always true , right ?) ,and on events that may indeed happen , but haven't done so yet . They may be as appalling as you suggest but y'know - innocent until proven guilty ?

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Old 18 May 2020, 16:20 (Ref:3976969)   #27
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I have sold a few smaller items via H&H in 2018.

I took quite a few emails to actually get the money
all in all 7 weeks after the close of the auction

in the end they paid

not perfect at all
but much much better than some

RuE
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Old 18 May 2020, 20:34 (Ref:3977021)   #28
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No excuses, they have their money in the bank within 48 hours and it should be paid out then. Not referring to any auction house in particular but if they need to wait months before paying then perhaps they are technically insolvent, and directors can be held responsible for trading whilst insolvent. However, in the real world......


I have only ever sold a classic at auction once, with Coys and many years ago. Took 3 months and much hassling before they paid, seems old habits die hard.
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Old 18 May 2020, 23:39 (Ref:3977045)   #29
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It seems a tad unfair to stick the boot in with such relish and vigour but based only upon allegations made on another forum(stuff on the internet is always true , right ?) ,and on events that may indeed happen , but haven't done so yet . They may be as appalling as you suggest but y'know - innocent until proven guilty ?

Well, maybe so... but there are two examples given on this very page of them taking months to pay up, so I think we can be reasonably sure the allegations aren't baseless - and it's a matter of fact that they have gone bust before (early 2000s I think) and then miraculously resurrected under a different name shortly afterwards.

English law is based on the perception of 'a reasonable man'. I think any reasonable man (or woman, for that matter) would find their behaviour 'unreasonable'. So I suspect they're 'guilty as charged'!

Would be happy to be corrected if we hear from anyone who has glowing reports of their outstanding professionalism and quick payments to creditors, but I suspect we may not be hearing any...
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Old 19 May 2020, 06:11 (Ref:3977070)   #30
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English law is based on the perception of 'a reasonable man'. I think any reasonable man (or woman, for that matter) would find their behaviour 'unreasonable'. So I suspect they're 'guilty as charged'!
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I have to type this or my brain will explode!

Actually it's balance of probability in civil cases. The man on the Clapham Omnibus comes in when considering Tort, such as negligence and/or criminal cases.

Thanks for reading, you've been a wonderful audience. Don't forget to try the veal and tip your waitress. We now return you to the topic
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