Rolex watches are being targeted by casual and organized criminals because of the ease with which they can be sold for cash, leading to a dramatic rise in thefts from homes and people on the streets.
Almost 80,000 luxury watches valued at over $1.25 billion are currently recorded as lost or stolen worldwide by the Watch Register.
The value is likely to be a considerable under-estimate because many thefts or losses are not reported.
Rolex watches make up 44% of the total database at the Watch Register, with an estimated value of $550 million.
Rolex’s Daytona, GMT and Oyster Perpetual models are the most frequently stolen because demand exceeds supply, waiting lists are so long at authorized dealers, and prices are high on the secondary market.
Omega and Breitling are ranked second and third on the international Watch Register database in terms of the value and volume of watches lost or stolen.
Owners of luxury watches are encouraged to take out specialist insurance, which recognizes the current value, not just the replacement price at retail.
They should also take high-resolution photographs with any dents and scratches are visible, record serial numbers and keep boxes and paperwork that prove ownership.
Authorities say that a third of stolen watches are found within six months and half within a year, and it makes it far easier to reunite timepieces with their owners if all details are recorded.
Dealers are also encouraged to check the Watch Register if they have any suspicions ahead of purchasing a luxury timepiece.
Good data and recommendations…owners should always have images and serial/case numbers in case anything happens to your pieces, and insurance is *highly* recommended.
Though collectors who report are a self-selected group, in the Alpha Hands stolen watch database we see Rolex making up 33% of watches in the database (3x as many as the next-reported manufacture).