A loot worth more than a billion euros. Luxury watches make good business for thieves. Rolex, Omega, Breitling, Cartier and other Patek Philippe have become prime targets for thieves. In 2022, the number of such offenses has seen an unprecedented increase. Around 60% according to the study published earlier this week by the English company The Watch Register. The latter presents itself as the world’s largest database of lost or stolen watches.
In one year, the company registered 6,815 new models, bringing the total amount to more than £1 billion. Real jewels at staggering prices, ranging from 50,000 to over a million pounds sterling. The report also highlights the increased use of violence during robberies. According to The Watch Register, “watch thefts or losses in France have increased by 14.5% of thefts and losses” since the start of the year. “If reports continue at this rate, we should see an annual increase of 22.5% in 2023”, explains one of its experts.
The big brands are the most stolen. At the top of the list, the Swiss giant Rolex, which represents 44% of stolen watches in 2022. Followed by Omega (7%), Breitling (6%), Tag Heuer (6%), Cartier (4%) and finally Patek Philippe ( 3%). About 90% of the 80,000 watches listed in The Watch Register’s database are men’s models. Their higher retail value makes them more of an attractive target for thieves. “The considerable value and prestige of these high-end watches continue to attract the attention of sophisticated and international criminal networks,” said Katya Hills, Managing Director of The Watch Register.
The good health of the second-hand watch market and the waiting times for new items increase the value of watches, and the covetousness of thieves. The second-hand watch market is close to the 20 billion euro mark and should rise to 35 billion euro by 2030, which will represent half of the current new market… is never so well worn.
