Stephan Weltz & Co delayed payments and unkept promises

I am a 78 year old pensioner with a 77 year old partly disable wife living off a fast dwindling investment and with generous financial assistance from our two adult working children. To assist us financially, we decided to start selling off valuables – watches, silverware, carpets, etc., which we no longer use or need. We received advice that Sweltz (Pty) Ltd trading as Stephen Weltz and Company were our best option to get the best possible price for these items and were reliable. BIG MISTAKE.

Through our daughter, we contracted Stephen Weltz & Co. to sell two valuable watches at their 18 March 2024 premium auction. We were very impressed with their service and in terms of the Property Receipt & Contract, payment of the proceeds of the auction, less VAT and commission, in the amount of R48 662,00 was due on or about 5 May 2024. After 5 May and despites several unanswered emails and unsuccessful telephone calls, Laurence Freedman eventually rep**** on 6 June 2024 apologising for the delayed payment and stating that they ‘will attend to the payment and add interest to the capital amount to make up for the delay’. Payment of the proceeds was eventually received in my bank account on 7 June 2024 but no interest as promised.

Unfortunately, we had already entered into a Property Receipt & Contract on 25 April 2024 for Stephen Weltz & Co. to sell a diamond signet ring, several items of silver ware and a carpet at their 19 June premium auction. In terms of the document the proceeds were to be payable 45 days from the date of the auction i.e. on or about 2 August 2024. On 18 June we received Stephen Weltz & Co’s statement after VAT and commission in the amount of R 39 507,57 being the net proceeds. On 6 August 2024 we received an email from Laurence Freedman again apologising for the delay in making payment and advising that payments ‘are scheduled for the 23rd of August’ and that ’As a gesture of goodwill, we will be adding interest to the capital portion for the delayed payment’. As of today, 26 September 2024, no payment has been received of the capital amount of R39 507,57 nor the interest as promised in respect of both the delayed payments in respect of the March and June premium auctions.