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.


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[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.

[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.

[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.

[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.

[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


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[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


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[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.


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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?

[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.


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[hellofromthebay]

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


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[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.

[Duey]

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

[WatchGuy1966]

Your answer was in the title of your post

"Reputable"

They are making it right with a full refund.

[BillA]

Take the money from your seller, and then find out what the insurance co will sell you the watch. You might do OK. Good luck.

[Rolexforthewin]

I think the company you purchased it from has stepped up and taken responsibility and honored the refund. You shouldn't expect more than that.

[brandrea]

That’s unfortunate OP.

Good luck in whatever you do. Plenty of information above for you to chew on

[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.

[worldofoyster]

you are not alone here, the seller refunded you what you paid and that's probably the best they could do.

[Harry-57]

They offered you your money back. Take it. If you want less, try taking them to court for the extra you believe they owe you.

[0nly5iv3Digits]

It is incumbent upon both the buyer and seller (in this case "reputable" dealer) to do their due-diligence as it pertains to cross-checking serial numbers across stolen registers. But even that isn't fool-proof.

Once again - this is why you buy a watch with papers... I don't know how many times I've mentioned it here.

As others have said - take your money and get your son something else (with papers!)

[iangbris]

And that folks is why so many business are failing. Everyone answering from a what’s the least we can get away with perspective.
This is a company with between 100 -200 Rolex watches for sale currently. If I was the owner I would be horrified that our diligence checks missed this. I would also be going over and above to ensure that this was managed with all parties, no matter the cost. I’d do this because my reputation is everything and selling a stolen Rolex watch is the biggest threat to it aside from selling a fake.

Thank you for your comments, all feedback is a gift.


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[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.

[Airkingchnr]

Buyer beware ..
The shop is doing more than enough giving you back your purchase price ..
You are not out of pocket

[iangbris]

Originally Posted by 0nly5iv3Digits

It is incumbent upon both the buyer and seller (in this case "reputable" dealer) to do their due-diligence as it pertains to cross-checking serial numbers across stolen registers. But even that isn't fool-proof.

Once again - this is why you buy a watch with papers... I don't know how many times I've mentioned it here.

As others have said - take your money and get your son something else (with papers!)

“Buy the seller” is also used ad nauseam. I did! When I say reputable, I mean reputable. The watch was 20 years old, papers get lost so I bought the seller. It will cost me another £5k to replace something that has been miss sold.


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