Employee Purchases of Estate Merchandise

We are in the process of expanding our inventory of estate watches and jewelry. Because we are somewhat unpracticed in pricing for the current market, particularly as regards the jewelry, we may not always have had an appropriate adjusted cost calculated initially when we inventoried the items. Some were input with adjusted costs that were too low (not in line with the reality of the current market).

It would not be appropriate for an employee to inadvertently take advantage of a miscalculation by attempting to purchase an item at below market value. To purchase at 10% over market value is already an incredible benefit! For that reason there may be instances when an item’s adjusted cost would be re-adjusted for an employee purchase.

All CSWs for employee purchase of estate jewelry will be reviewed by the COO to ensure the adjusted cost is fair for both the company and the employee. Employee price is not discussed with the employee by anyone until it has been reviewed and approved by the COO.