Rolex purchased from reputable shop reported stolen by Rolex

[no way jay]

I wonder if it was one of these watches that you bought

. Over the course of the next year, Det Con Parley obtained records of the watches sold by Malick to Watchfinder and BQ Watches, the two largest retailers of watches in the UK. Since 2014, Malick had sold these two companies 535 watches totalling £1.2 million. The searches showed 56 were stolen


I am not allowed to post links but that quote is from a policeprofessional dot com website article titled "a tick for support"

[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

[whiskyrolex]

It seems like a reasonable offer. They shouldn't be expected to compensate based on market value 8 years after the fact.

[Chiboy]

Lots of good advice above. I would think that the original owner would not want his watch back nine years later. Would you?

And the insurance company would want to sell it, although it’s unlikely they would sell it back to you for less than they could wholesale it out for.

I’d guess this watch means way more to you and your son than it does to the poor guy who had it stolen ages ago, or an insurance company. Figure out how to buy it back after the shop reimburses you.

[Triggerfish]

I had a guitar stolen and insurance paid me for it, and I found the guitar 9 years later and it was in the hands of an "innocent owner" who had paid for it from a guitar shop. Since I had been paid for the guitar, I could no longer claim it (I wanted it since it was a signature edition with a low serial #). So if the insurance company takes the watch, you should be able to work a deal with them I would think. Certainly they would understand that you are an innocent owner and not the thief. But perhaps I'm wrong.. but that's what happened in my case.

[G23]

This is the inherit risk of buying grey.

It sounds like you want more of a fair market value vs your original money back. I think you should be happy the dealer is still in business and is giving you that money back.

[Erivera42]

Getting the full price you paid for the watch is exactly what the dealer should be giving you. Why should you get more? The dealer is losing, who is giving him his money back. It’s ridiculous to think you deserve more.

[majidessa]

What if the watch is worth less nowadays? Would you have accepted the dealer to refund you a lower amount than what you have originally paid !?

[Harry-57]

Originally Posted by Chiboy

Lots of good advice above. I would think that the original owner would not want his watch back nine years later. Would you?

This would depend on the watch and when/why I bought it. Nine years of wear and tear on other arms probably wouldn't be appealing but never say never.

The unwitting seller might take a hit but they will likely have some kind of insurance. These things happen with the best will in the world. In many cases it's not easy to nail a stolen Rolex until it goes into an AD or RSC.

[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.

[rockysw]

Originally Posted by 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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I agree with this, what kind of shop is this. It is the shop's responsibility to ensure it is not stolen and if something has slipped through the cracks they should at least offer replacement to customer.

[THC]

Take the money and run

[ChronoZach]

Op, I feel your frustration, Mate However, I think getting your money is fair as this point is best, the dealer has stepped up. Most lose it all in this type of situation.
Here are 2 ideas? Maybe?

1) Talk to the dealer and ask if he can replace the watch instead of the money? This might be an option for them.

2) Do you know what insurance it is , ask if they will accept payment for the watch.
That way they are made whole again.

Best of luck,

[Akacoke]

Originally Posted by thc

take the money and run

x2

[SLWoodster]

I'm sorry man, you're going a bit overboard. I know it stings. But you really are getting your fully paid amount back. That is a huge win and that actually more than solidifies this pre-owner dealer's reputation.

You can ask for a discount to help replace it but i feel what you are asking for should not be expected.

Originally Posted by 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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[Andad]

Originally Posted by SLWoodster

I'm sorry man, you're going a bit overboard. I know it stings. But you really are getting your fully paid amount back. That is a huge win and that actually more than solidifies this pre-owner dealer's reputation.

You can ask for a discount to help replace it but i feel what you are asking for should not be expected.

How many other stolen watches has this dealer sold?

[Tools]

Originally Posted by iangbris

“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.

.

You did what you could/should do. Unfortunately, we sometimes hit a pothole in life.

To reach a different solution with the Dealer who sold it to you than what they have offered, or are willing to negotiate, you may likely need to seek legal advice. Keep in mind, the Dealer is already out their costs too.

[KatGirl]

Originally Posted by 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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If a reputable shop, as you said, they did not knowingly buy a stolen watch, in order to resell it to you. Unfortunately, Rolex does not give access to its stolen registry to anyone who asks. They only check it when a watch comes in for service. I’m not sure it’s fair to accuse the shop of not doing their due diligence, without knowing how they acquired the watch. They are as much of a victim, as you are, and have offered you a full refund. I applaud them.

Kat


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[77T]

I read the various advice posts and your own posts.

If I have it right, your son would prefer keeping the watch?

You also have an agreement from the seller to refund your purchase price + tax?

If the above is accurate, maybe the best solution is to offer the Insurance Company the seller's refund amount before settling with him. They may accept the offer and then your son keeps the watch and you're none the worse for wear...


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[dchang81]

I don't think this thread went the way you wanted it to

[pigman08]

If the watch was currently valued at 5k less than what you paid for it, and they offered you the original sale price, would you take the money or give them the 5k difference?


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[Mr. Superlative]

Sorry to hear you are go through this. I understand your sentiment, especially as the watch was a milestone birthday gift for your son. As others have said, I would take that money, head to the nearest Authorised Dealer, and buy my son a new watch, putting the other one in the past. Personally, I would not want to work with the insurance company etc to keep it, I’d cut my losses and move on.

Thanks for sharing your story. This is precisely the reason I only buy from official AD’s. Having to learn a watch I bought years ago turned out to be stolen, is not a headache I’d want to deal with.

[andrewjb88]

Can you tell us what shop it is?

Rather than giving you the money, how about you ask them to replace the watch with one of a similar value?

[Kevin of Larchmont]

As others have said refunding your money is precisely what defines this shop as reputable and as Kat said Rolex doesn’t verify serial numbers as stolen/not stolen on request. Your disappointment is understandable, your expectation of resolution beyond full refund is not. Next time buy a full set, CPO or new from AD.

Sincerely sorry for your loss.

[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

[bluestreak]

Originally Posted by pigman08

If the watch was currently valued at 5k less than what you paid for it, and they offered you the original sale price, would you take the money or give them the 5k difference?


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If that were the case they would probably just offer him a replacement watch.

I agree with most that the seller is being reasonable offering you what you paid, but since it’s been 8 years hence, I don’t think asking for what you paid plus interest is unreasonable. It won’t be 5K though. I don’t think it would be completely unreasonable to ask for a replacement either. One could say that they owe you an unemcumbered watch, not the money. Maybe they will split the difference with you. There is inherent risk to buying a watch from a non AD with no box and papers, after all.

All that being said, I do think the seller did right by you and I certainly wouldn’t put them on blast.

[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

[jaydav2306]

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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Can you DM the company? want to make sure I avoid

[travisb]

Very sorry to hear. I hope you come to a solution that you're happy with.

[Jake Sully]

Unfortunate event but learn from it and buy smarter next time meaning a full set which improves your odds of this not happening. I would take the money and move on.