Tim Mosso’s “Watches Tonight” discusses common mistakes made by luxury watch collectors. The rising frequency of watch theft by street criminals, the propensity of watch collectors to lose the box and papers for their watches, and excessive emphasis on social media often lead to unfortunate outcomes for buyers of luxury watches. This episode is less of a “buyer’s guide” for watch enthusiasts than it is a guide to avoiding buyer’s remorse.
The Richard Mille RM 67-02 Extra Flat watch launched in 2016, but this entry level Richard Mille watch model maintained a fairly low profile until July of 2021. In an episode seemingly repeated endlessly in cities around the world, McLaren Formula One driver Lando Norris suffered a mugging and theft of his Richard Mille watch following a Euro 2020 final between England and Italy. The RM 67-02 includes a retail price of over $120,000, but the market value as a preowned watch is far higher. Extreme demand for these timepieces mean watch-targeting criminals often have waiting buyers for their stolen goods.
The Wembley mugging of Lando Norris recalls former F1 Chief Bernie Ecclestone’s loss of his Hublot watch from 2010. However, more criminals — including professionals — are targeting high value luxury watches in 2021, and mainstream news headlines proclaiming the theft of Richard Mille timepieces have become common.
Rolex, Patek Philippe, Audemars Piguet, and Richard Mille watches have become popular targets for criminals seeking high-value. Luxury watches are small, portable, easily hidden, and find immediate buyers on black markets. Most thefts today take place in major cities, near high-traffic thoroughfares, at upscale locations, and even in broad daylight. Rolex watches lack the high-end pricing punch of Richard Mille, but insatiable demand for this mainstream luxury watch brand means that even teams of women in England’s Hampshire have been reported targeting older men for their Rolex watches. As with many articles of luxury, Rolex watches can be converted to cash almost instantly in any city worldwide.
Watch collectors can take measures to avoid theft of their Rolex, Patek, RM, or AP watches. First and foremost, take no risks. Don’t wear expensive watches in unfamiliar areas, areas where muggings have been documented, or when isolated from groups. When traveling, treat new countries and cities as potential risks, and consider traveling with a less valuable watch if substantial street transit and loitering is anticipated. Bring a G-Shock or a Swatch along for the ride; you won’t deeply regret having that watch stolen.
Stolen watches can only become that way if thieves have opportunities. When a stranger asks for “the time” at night on a city street, don’t reflectively pull your sleeve and reveal your watch. A phone will do — and so will simply replying “I don’t know.” Don’t take an expensive watch into an unfamiliar neighborhood. Consult local hospitality and law enforcement resources in advance before traveling with a valuable watch.
Finally, avoid placing too many valuable watches into household safes. First, such safes can be cracked or even extracted from the home by experienced thieves. Second, a determined criminal or team might be sufficiently bold to enter, threaten a homeowner, and coerce access to the safe. A bank security deposit box has none of these vulnerabilities.
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