Rolex purchased from reputable shop reported stolen by Rolex

[iangbris]

Hi all,
I’m looking for some advice from the community please.
Back in 2017 I bought a Rolex from a reputable seller with a number of shops in the UK. Fast forward to December, I sent it to Rolex for a service and was horrified to learn that it was stolen in a burglary in 2016. Rolex, as per their policy have retained the watch and have passed me onto the insurance company that settled the claim, who are now seen as legal owners. The watch did not come with papers, which I find out are with the insurance company.

I reached out to the company that sold me the watch and they have offered me what I paid for it back in 2017. I want to work with them however I find their solution to be an insult. It was bought for my sons 21st so you can imagine he is devastated as well as now being in a position that we have to pay £5k+ to replace it.

What recourse do you suggest that I take? I am waiting to hear back from the original seller after I told them that their solution was not acceptable.

Thank you.


Sent from my iPhone using Tapatalk

[Calatrava r]

That is what they should do, refund in fund what you paid them. Unfortunately, there are stolen Rolexes out in the marketplace for sale and even the best dealers cannot completely stop it where watches change hands so and often end up in the hands of reliable sellers. Many people are just out where the dealer has long gone. Thankfully, you have a great dealer. Remember, they are out the whole purchase price unless they can go back up their line.

[espanol]

Originally Posted by Calatrava r

That is what they should do, refund in fund what you paid them. Unfortunately, there are stolen Rolexes out in the marketplace for sale and even the best dealers cannot completely stop it where watches change hands so and often end up in the hands of reliable sellers. Many people are just out where the dealer has long gone. Thankfully, you have a great dealer. Remember, they are out the whole purchase price unless they can go back up their line.

Spot on

[ArtNouveau]

The company that sold it to you has taken responsibility for their mistake and offered your money back, not sure what you expect beyond that. I’d take the money and find a watch to replace it, the other one is gone.

[Calatrava r]

I would add the risk of a watch being stolen dramatically increases when it is naked, that is, no box and papers. Most stolen watches when taken are typically not together with the box and papers. If you replace the watch, be sure to buy only a complete set.

[Hollie_Rollie]

Originally Posted by ArtNouveau

The company that sold it to you has taken responsibility for their mistake and offered your money back, not sure what you expect beyond that. I’d take the money and find a watch to replace it, the other one is gone.

Exactly. Perhaps they will even give you a good deal on a replacement for your inconvenience


Sent from my iPhone using Tapatalk

[brandrea]

Originally Posted by ArtNouveau

The company that sold it to you has taken responsibility for their mistake and offered your money back, not sure what you expect beyond that. I’d take the money and find a watch to replace it, the other one is gone.

Looking back over all the replies, this is probably the route I’d go

[Calatrava r]

Whenever a watch turns out to be stolen, someone finally gets stuck with the loss. Asking some innocent purchaser along the line to assume more than the loss is not really equitable if you aren't getting stuck with the loss. Just be glad it is not you getting stuck with the loss, i.e. the price paid.

[iangbris]

Originally Posted by Calatrava r

Whenever a watch turns out to be stolen, someone finally gets stuck with the loss. Asking some innocent purchaser along the line to assume more than the loss is not really equitable if you aren't getting stuck with the loss. Just be glad it is not you getting stuck with the loss, i.e. the price paid.

Let’s not be naive, we all pay for the loss, that’s how it works. Luxury goods get stolen, insurers pay out, our premiums go up.

The loss is to my son who has had his 21st birthday present taken off him. That is the only loss that interests me.

I have many options that I will explore but it is clear that some people on here have an opinion on what making it right is, that differs from mine. I’m fine with that and I’m not here to argue over any of it.

This will be resolved one way or another and I’ll update the thread when it is.


Sent from my iPhone using Tapatalk

[watchwatcher]

Originally Posted by iangbris

Let’s not be naive, we all pay for the loss, that’s how it works. Luxury goods get stolen, insurers pay out, our premiums go up.

The loss is to my son who has had his 21st birthday present taken off him. That is the only loss that interests me.

I have many options that I will explore but it is clear that some people on here have an opinion on what making it right is, that differs from mine. I’m fine with that and I’m not here to argue over any of it.

This will be resolved one way or another and I’ll update the thread when it is.


Sent from my iPhone using Tapatalk

I get what you're saying. That sucks. I feel your pain, I really do.

Looking forward to hearing the update and hopefully it will be a positive one.

[csaltphoto]

Originally Posted by iangbris

Let’s not be naive, we all pay for the loss, that’s how it works. Luxury goods get stolen, insurers pay out, our premiums go up.

The loss is to my son who has had his 21st birthday present taken off him. That is the only loss that interests me.

I have many options that I will explore but it is clear that some people on here have an opinion on what making it right is, that differs from mine. I’m fine with that and I’m not here to argue over any of it.

This will be resolved one way or another and I’ll update the thread when it is.


Sent from my iPhone using Tapatalk

Actually the only people who don't pay for the watch is the criminal who stole it. They rarely do any prison time for theft. No fine and no paying back victims. They get to keep the money. The victims and the rest of us pay for the criminals behavior. We pay for everything.

[BraveBold]

I assume by reputable shop, not an AD?

The solution offered seems entirely fair.

[WatchTimes]

They will refund you what you paid, not what it would cost to replace.
Insurance in general is the same unless you get a replacement cost insurance policy which usually has a higher premium.

[Halifax Daytona UK]

Originally Posted by WatchTimes

They will refund you what you paid, not what it would cost to replace.
Insurance in general is the same unless you get a replacement cost insurance policy which usually has a higher premium.

100% agree, make sure your policy has a new for old replacement

[KatGirl]

I’m so sorry you are going through this. Be thankful they are willing to give you a full refund. The fact that the watch is worth more now has nothing to do with the jeweler. If you have insurance on the watch, call your insurance company, though I’m not sure how they would handle this kind of loss. Your story is exactly why I only buy from an AD.

Kat


Sent from my iPad using Tapatalk

[rootbeer7]

Whilst I agree with all of the above, you might want to suggest (and they will probably decline) that you have a replacement, not a refund. Worth a try.

[KatGirl]

Originally Posted by rootbeer7

Whilst I agree with all of the above, you might want to suggest (and they will probably decline) that you have a replacement, not a refund. Worth a try.

That’s a good idea, as long as any replacement comes with a full kit. Another thought I had was to go to an AD, tell them what happened, and they may be sympathetic, and get you a watch more quickly than usual.

Kat


Sent from my iPad using Tapatalk

[ZOOK]

Originally Posted by iangbris

Hi all,
I’m looking for some advice from the community please.
Back in 2017 I bought a Rolex from a reputable seller with a number of shops in the UK. Fast forward to December, I sent it to Rolex for a service and was horrified to learn that it was stolen in a burglary in 2016. Rolex, as per their policy have retained the watch and have passed me onto the insurance company that settled the claim, who are now seen as legal owners. The watch did not come with papers, which I find out are with the insurance company.

I reached out to the company that sold me the watch and they have offered me what I paid for it back in 2017. I want to work with them however I find their solution to be an insult. It was bought for my sons 21st so you can imagine he is devastated as well as now being in a position that we have to pay £5k+ to replace it.

What recourse do you suggest that I take? I am waiting to hear back from the original seller after I told them that their solution was not acceptable.

Thank you.


Sent from my iPhone using Tapatalk

Reach out to the insurance company and see how much they want for the watch.

[ArtNouveau]

Originally Posted by ZOOK

Reach out to the insurance company and see how much they want for the watch.

I think that’s a good suggestion but only after getting the money back from the original seller. The insurance company doesn’t want to keep the watch.

[Duey]

Originally Posted by ArtNouveau

I think that’s a good suggestion but only after getting the money back from the original seller. The insurance company doesn’t want to keep the watch.

They're going to give the watch back to it's rightful owner. You know the guy who it was stolen from.



Lets think about the owner of the watch not the guy who bought a stolen watch because he's getting all of his money back.

[mturnerb]

Originally Posted by Duey

They're going to give the watch back to it's rightful owner. You know the guy who it was stolen from.



Lets think about the owner of the watch not the guy who bought a stolen watch because he's getting all of his money back.

Assuming original owner will repay the amount paid by insurance, and still wants it, right?

[ZOOK]

Originally Posted by ArtNouveau

I think that’s a good suggestion but only after getting the money back from the original seller. The insurance company doesn’t want to keep the watch.

Originally Posted by Duey

They're going to give the watch back to it's rightful owner. You know the guy who it was stolen from.



Lets think about the owner of the watch not the guy who bought a stolen watch because he's getting all of his money back.

I think it's safe to assume the original owner was reimbursed by the insurance company when he/she turned in a claim to them. If the insurance company gives the watch back to the original owner, will the insurance company expect the original owner to give back the money the insurance company gave him/her?

[georgekart]

Originally Posted by ZOOK

I think it's safe to assume the original owner was reimbursed by the insurance company when he/she turned in a claim to them. If the insurance company gives the watch back to the original owner, will the insurance company expect the original owner to give back the money the insurance company gave him/her?

Depending on the insurance policy, they might offer the right of buy back to the original owner. Sort of like "hey, we're gonna sell it at an auction, but if you want it before it hits the market, you can buy it back from us for the amount that it was insured for". Some insurance policies will have it, some will not. Either way, OP, it would be a good idea to reach out to them. You gotta remember those auctions they will end up selling through don't bring top dollar, have their fees, etc. Maybe you'll be able to buy it back for around the same as you paid when you got the watch. Which then the refund should cover.

[iangbris]

Originally Posted by Duey

They're going to give the watch back to it's rightful owner. You know the guy who it was stolen from.



Lets think about the owner of the watch not the guy who bought a stolen watch because he's getting all of his money back.

The original owner who had it stolen was paid by his insurer in 2016. They are now the legal owner.

The business that I bought it from clearly don’t care about the consequences to their reputation that selling stolen watches may cause.


Sent from my iPhone using Tapatalk

[joli160]

Originally Posted by iangbris

The business that I bought it from clearly don’t care about the consequences to their reputation that selling stolen watches may cause.

You are so wrong, they offer to reimburse you without any head ache. Any idea how difficult this would be if they refuse to do so ?

Feel lucky you bought from a reputable shop in the first place

[Wobbly]

Originally Posted by ZOOK

Reach out to the insurance company and see how much they want for the watch.

Exactly what I was going to say.

The insurance company won’t want the watch, they will just want to get some money back, with the least hassle.

[hellofromthebay]

Don’t blame the shop. Blame Rolex. They should make it easier for anyone to lookup by serial. Why don’t they?


Sent from my iPhone using Tapatalk

[Duey]

They're still going to make contact with the original owner

[ArtNouveau]

Originally Posted by Duey

They're still going to make contact with the original owner

And if they do, which I doubt, the original owner will have to buy it back. Unless the watch had some very special sentimental value the original owner has long since moved on.

[Maleg]

Originally Posted by Duey

They're still going to make contact with the original owner

Originally Posted by ArtNouveau

And if they do, which I doubt, the original owner will have to buy it back. Unless the watch had some very special sentimental value the original owner has long since moved on.

Agree. The original owner has no rights to the watch. It's unlikely that the insurance company will contact the insured nine years on.

It definately won't hurt to make an offer on the watch, but the question is whether Rolex will update their database to reflect the matter was resolved and the watch is no longer stolen.