In a startling revelation, the world of luxury watches witnessed a loss of over £1 billion ($1.3 billion) due to thefts and disappearances in the year 2022.
According to a recent report by Bloomberg, The Watch Register, a company specializing in aiding owners, auction houses, and dealers in identifying stolen timepieces, has recorded an alarming count of approximately 80,000 stolen or missing watches.
What is even more concerning is the dramatic increase of 6,815 watches added to this list in the past year alone, marking a substantial 60% rise compared to the preceding year.
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This surge in watch theft is directly linked to the soaring secondary-market prices of highly sought-after models from brands like Rolex, Audemars Piguet, and Patek Philippe, driven by the pandemic.
As these luxury watches became more valuable, they also became prime targets for thieves.
London’s Metropolitan Police Service responded to this growing crisis by launching a special operation last year, prompted by a startling 60% increase in knife-point robberies between May and June.
Similarly, Paris took action with the formation of a dedicated police taskforce aimed at curbing luxury watch theft, consisting of 30 agents.
Among the luxury timepieces, Rolex emerges as the most coveted and consequently, the most targeted brand on The Watch Register’s database, accounting for a substantial 44% of stolen watches, followed by Omega and Breitling. Remarkably, The Watch Register has been accumulating this data for over three decades.
- Commenting on this dire situation, Katya Hills, the Managing Director of The Watch Register, expressed, “The considerable value and prestige of these high-end timepieces continue to attract the attention of sophisticated and international criminal networks, making them a prime target for theft.”
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In response to this epidemic, some brands, such as Audemars Piguet, known for its iconic Royal Oak, have taken proactive measures.
In April, the company announced a new service program, offering to replace clients’ stolen watches over a two-year period.
Last year reports showed that the luxury watch company increased its prices, for example, the cheapest Rolex Daytona chronograph model that was priced at €13,900 ($13,583) in January now costs €14,600, an increase of 5.04%, according to Bloomberg.
In the realm of luxury watches, Rolex stands as a Swiss watch designer and manufacturer, headquartered in Geneva, Switzerland.
The company, initially established as Wilsdorf and Davis in 1905 by Hans Wilsdorf and Alfred Davis in London, adopted the brand name Rolex for its watches in 1908 and officially became Rolex Watch Co. Ltd. in 1915.
Rolex SA and its subsidiary, Montres Tudor SA, play pivotal roles in designing, manufacturing, distributing, and servicing wristwatches under the Rolex and Tudor brands.
However, Rolex watches are not without their share of challenges.
They are frequently counterfeited and illicitly sold both on the streets and online.
These counterfeit Rolex watches vary widely in quality and authenticity, posing additional concerns for both consumers and the luxury watch industry.
