What does “Sold Order” mean?

A sold order is a purchase that has been committed at an agreed price: the buyer has said yes and payment is on its way. It is the point where a deal moves from talking about price to completing it.

Once a sold order is agreed, the seller normally holds the watch for the buyer and stops offering it to others, and the buyer is expected to pay within the agreed time. Backing out of a sold order is taken seriously in the trade and can damage a dealer's reputation quickly. Good practice is to confirm the details in writing at this point: the watch and what comes with it, the price, whether shipping is included, the payment method and the timing. Dealers also use 'sold order' when they have a client committed to a specific watch and are looking for stock to fill it.

Example: 'Sold order on the Daytona at the agreed price, wire going out this afternoon.'