2nd Hand Rolex - Registration to prevent insurance fraud?

[kaiserphoenix]

Hi guys, want to get some guidance here, probably more from a UK perspective.

If I purchase a 2nd hand Rolex from another individual. Assuming it is not stolen or ever reported stolen, and I have it serviced at Rolex, does that watch now "belong" to me?

Or does it still open me up to potential insurance fraud down the line? For example

1st owner buys watch in 2005. He then sells to 2nd owner in 2008. Then he sells to 3rd owner in 2010. 3rd owner sells to me in 2016. I have it serviced in 2016. In 2020, 1st owner says its stolen. etcetc

As I have heard that Rolex St James will withhold the watch if it is stolen.

[Zoran]

Hi,
I suggest you draft an invoice when purchasing from an individual.
Just make sure you have the date, name and address of seller, model & serial number and price. You could add payment method as well.
From there on the watch belongs to you.

Further, if you service it in 2016 it proves the watch was already in your possession in 2016 should he declare it stolen in 2020. Just make sure the watch isn't reported stolen at the moment you purchase it. I'm sure St James will do you the pleasure to run the serial number through their database

[kaiserphoenix]

Originally Posted by Zoran

Hi,
I suggest you draft an invoice when purchasing from an individual.
Just make sure you have the date, name and address of seller, model & serial number and price. You could add payment method as well.
From there on the watch belongs to you.

Further, if you service it in 2016 it proves the watch was already in your possession in 2016 should he declare it stolen in 2020. Just make sure the watch isn't reported stolen at the moment you purchase it. I'm sure St James will do you the pleasure to run the serial number through their database

Thank you very much.

[Mick P]

Originally Posted by kaiserphoenix

Hi guys, want to get some guidance here, probably more from a UK perspective.

If I purchase a 2nd hand Rolex from another individual. Assuming it is not stolen or ever reported stolen, and I have it serviced at Rolex, does that watch now "belong" to me?

Or does it still open me up to potential insurance fraud down the line? For example

1st owner buys watch in 2005. He then sells to 2nd owner in 2008. Then he sells to 3rd owner in 2010. 3rd owner sells to me in 2016. I have it serviced in 2016. In 2020, 1st owner says its stolen. etcetc

As I have heard that Rolex St James will withhold the watch if it is stolen.

Hello

I am in the UK.

The situation that you have described would apply to anything, not just a watch. It would apply to an antique or whatever.

If the watch was stolen, it does under English law, always belongs to the person from whom it was stolen and if that person has since died, it then belongs to the estate of that person which in practice means it would be returned to their partners or children.

Where it can get messy is if the person had the watch covered under an insurance claim, the watch then belongs to the insurance company who will just auction it off after they have taken steps to mitigate themselves from any further action from the original injured party.

If you buy a stolen watch, you have to make a claim against the guy that you bought it from and he in turn would have to pursue it from the person he bought it from and so on.

All this is a basic precept of English Law.

Regards

Mick