A new report reveals that luxury watch thefts have sharply increased, with over £1 billion in timepieces stolen or missing globally. Around 80,000 watches have been logged as stolen or missing in The Watch Register’s database.
In 2021, reports of stolen watches jumped 60% compared to the previous year. The surge tracks with spiking secondary market prices for popular models from top brands like Rolex, Audemars Piguet, and Patek Philippe during the pandemic.
Rolex reigns as the #1 targeted brand, accounting for a staggering 44% of stolen watch entries. Omega and Breitling follow as the next most commonly robbed luxury watch brands. Major cities like London and Paris have formed special task forces to address the epidemic of luxury watch crime.
To combat losses, some watchmakers are taking action. Audemars Piguet recently announced a new two-year program to replace clients’ stolen Royal Oak watches. But Rolex remains in the crosshairs of thieves eager to capitalize on the crown’s leading popularity and resale value.
Experts urge luxury watch owners to exercise caution when wearing high-value timepieces in public. Consider using a concealable pouch or purse to obscure expensive watches. Avoid openly checking the time or making a show of luxury watches in high-risk areas. With proper precautions, watch lovers can still enjoy these precious accessories.