Luxury watches have long been a symbol of prestige and style, captivating the hearts of many. Recent research from THE WATCH REGISTER sheds light on the dynamics of this industry, revealing ownership trends, the risk of theft, and the allure of second-hand acquisitions. Let’s delve into the fascinating world of luxury timepieces.
Ownership Insights:
- High Ownership Rates:
- Over one in five people in the UK (22%) have owned or currently own a luxury watch, showcasing the enduring allure of these exquisite timepieces.
- Multifaceted Collectors:
- Almost three in ten luxury watch owners (28%) proudly possess two or more high-end watches, emphasizing the multifaceted nature of watch collecting.
Theft Risks and Suspicions:
- Theft Incidence:
- Alarmingly, 15% of luxury watch owners have experienced the loss or theft of their prized timepieces. The risk is highest among the younger demographic, with 15% of owners under 35 falling victim compared to 1% of those aged 55 and over.
- Suspicion of Stolen Property:
- Nearly a quarter (23%) of luxury watch owners suspect that their current timepiece may be stolen property, adding a layer of concern to the ownership experience.
Second-Hand Allure:
- Strong Demand for Pre-Owned:
- A significant 24% of respondents revealed they purchased their last luxury watch from specialized jewelers, auction houses, or pawnbrokers that deal in pre-owned items.
- Theft and Second-Hand Connection:
- Interestingly, over a quarter (27%) of people reported that their stolen luxury watches were pre-owned or second-hand, underlining the continued desirability and value of prestigious timepieces on the second-hand market.
THE WATCH REGISTER’s Recommendations:
- Caution in Purchases:
- THE WATCH REGISTER emphasizes the need for caution when buying a luxury watch and recommends checking the unique serial number against their database to ensure it’s not registered as lost or stolen.
- Immediate Reporting for Recovery:
- In case of loss or theft, owners are encouraged to report it promptly to THE WATCH REGISTER for the best chance of recovery. The database actively searches for lost and stolen watches globally, with a success rate of three to four watches per day.
The world of luxury watches continues to enchant enthusiasts, but it’s not without its challenges. With theft risks, suspicions, and the allure of second-hand acquisitions, THE WATCH REGISTER plays a crucial role in protecting the market and aiding victims. As the desire for high-end timepieces persists, responsible ownership and vigilant transactions are key to preserving the allure of these exquisite watches.
