The luxury watch industry has never resolved the issue of high-quality fakes taking big bites out of its margins and, perhaps more importantly, damaging its reputation.
No doubt the people in this shady business are determined to make easy money since the volume of fake watches being produced is (presumably) larger than that of the real ones, thus promising billions of dollars (thanks to lower costs, again presumably) for the guys at the top. That said, another distressing issue is watch theft, which reached never-seen heights in 2022 even as the resale value of some models skyrocketed. The issues come together when a fake is so realistic that it gets its unsuspecting owner robbed, which it makes twice the misfortune and a bit of a tragic-comedy.
So, on the issue of theft, the question that surfaces is where these crooks are selling their loot. In an interview with the New York Times, Frank Vivier, Richemont's chief transformation officer recently said, "The proliferation of too many online resale platforms with no proper legitimacy to count on has simply exacerbated the crisis of watch thefts. These resale websites have become a haven for selling stolen goods such as luxury timepieces and jewellery.”
Hence, reputed pre-owned retailers such as Richemont’s own Watchfinder & Co. have an important role to play as gatekeepers, thereby “giving zero value” to counterfeit and stolen watches.
“The issue of high-quality fake timepieces is a highly significant one because many people are wearing fake modern watches that they think are absolutely real. Unfortunately, they are not,” said noted watch expert and vintage watch dealer Eric Wind.
Bu hikaye World of Watches dergisinin Autumn 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye World of Watches dergisinin Autumn 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
DARING VENTURE
Tudor partners Swiss Watch For New Boutique at The Exchange TRX.
GEEKING OUT
The biggest artisanal watch enthusiasts gather in Singapore for a weekend unlike any other in our region of the world.
INDEPENDENCE DAY
Once seen as niche players, independent watchmakers are increasingly visible within the industry as reflected in this year's edition of the Grand Prix d'Horlogerie de Genève.
DYING OF THE LIGHT
Hamilton updates the Khaki Field Murph once again, this time with a sparkling new white dial and a robust stainless steel bracelet.
OPEN SECRET
Ernest Borel left no stone unturned when creating the Grandeur Skeleton duo.
GOTHIC INSPIRED
Ernest Borel's Grandeur Big Date leans into the famed European architectural movement.
LIGHT TOUCH
Maurice Lacroix adds ultra-light titanium options to their ever-expanding Aikon collection.
LAST WORD
Longines introduces a smaller version of the Spirit Zulu, this time in titanium.
RACING PEDIGREE
Bell & Ross brings the worlds of motoring and aerospace together in the BR-X5 Racing.
AUTUMN HUE
Grand Seiko continues its celebration of the 20th anniversary of Calibre 9R with the limited edition SBGA499.