What does “Memo” mean?

A watch sent on memo is handed to another dealer to sell while the original dealer still owns it. The receiving dealer shows it to their own clients and pays the owner the agreed memo price once it sells, or returns it if it hasn't sold within the agreed period. 'Memo' is short for memorandum, the document that records the watch, the price and the terms.

Memo works on trust and is common between dealers who know each other well. It lets a dealer offer more watches than they could afford to buy outright, and lets the owner reach more buyers. The risks are real: the watch could be damaged, lost, sold without payment or held far longer than agreed. Good practice is a written memo listing the watch, serial, condition, price, return date and who is responsible for insurance, and only sending watches on memo to dealers with a solid reputation.

Example: 'Can send it on memo for two weeks, memo price is firm, insured both ways.'