The Australian-based watch publication Time + Tide ran one of the most interesting wristwatch stories I’ve read this year.
The story took place in Singapore and involved an experienced secondary watch dealer and a clever 17-year old student.
With the Patek Philippe Nautilus 5711 freshly discontinued — and with the already sky-high prices reaching astronomical levels — the Nautilus sports watch is listed north of $100K pretty much anywhere you look. So it’s no surprise that there are replicas being made of the watch, and in some cases, deceptively good high-quality replicas.
With such hype around the 5711 and its six-figure resale value, the Nautilus is naturally a top target of watch thieves. I don’t have statistics on how many watches are being stolen per year, or more specifically how many Patek Philippe 5711s get stolen each year, but I personally know of a 5711 theft — that was successful — and it’s quite disturbing, especially considering the original price paid relative to the current value.
The story out of Singapore, turned out differently, thanks to the very careful eye of an experienced dealer, and provides a valuable lesson on how and why you should always protect your timepieces, even if you think you are being too cautious. As reported by Luke Benedictus of Time + Tide last month, this is a riveting read that seems more like something out of an Oceans Eleven movie than what actually happens in real life. But this story is real, and I highly recommend you read it, especially if you own or sell expensive timepieces.
Read the full story on Time + Tide.
Photo by Time + Tide.