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Why luxury watch theft surged in the past year: around 80,000 timepieces worth US$1.3 billion are stolen or missing overall, with Rolex the most targeted brand followed by Omega and Breitling

STORYBloomberg
Rolex continues to be the most targeted brand for watch theft. Photo: Rolex

Luxury watches worth more than US$1.3 billion have been reported as stolen or missing, with a surge in the number of thefts last year.

Around 80,000 watches have been registered as stolen or missing with The Watch Register, a company that helps owners, auction houses and dealers identify stolen timepieces for a fee.

The green dial Rolex Daytona. Photo: @wc_auction/Twitter
Some 6,815 watches were added to the list last year, a 60 per cent increase compared to the previous 12-month period, the company said Monday. As secondary market prices for the most in-demand models from Rolex, Audemars Piguet and Patek Philippe surged during the pandemic, so too did watch theft and crime.

How Rolex, Audemars Piguet and Patek Philippe watches outpaced stocks

London’s Metropolitan Police Service launched an operation last year to address the problem after the number of knifepoint robberies jumped 60 per cent between May and June. In Paris, a police task force dedicated to stopping luxury watch theft grew to 30 agents, Bloomberg News reported last year.

Luxury watch brand Patek Philippe’s timepieces continue to remain in demand. Photo: Patek Philippe

Rolex is the most targeted brand on The Watch Register’s database, accounting for 44 per cent of timepieces, followed by Omega and Breitling. The company has been compiling data for over 30 years.

“The considerable value and prestige of these high-end timepieces continues to attract the attention of sophisticated and international criminal networks, making them a prime target for theft,” Katya Hills, The Watch Register’s managing director, said in a statement.
Audemars Piguet’s Royal Oak Offshore “End of Days”. Photo: Audemars Piguet

Some brands have taken radical steps to address the problem. Audemars Piguet, the maker of the Royal Oak, said in April it would offer to replace clients’ stolen watches as part of a new service programme that would run for two years.

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Timepieces
  • The Watch Register – a company that helps owners, auction houses and dealers identify stolen timepieces – reported 6,815 stolen or missing watches last year, 60% more than the previous 12 months
  • Rolex continues to be the most targeted brand as second-hand prices for the most in-demand models jumped during the pandemic, while Audemars Piguet has started a new programme to address the problem