As many as 10 per cent of the watches received from sellers last year were determined to be fakes during an authentication process
The number of sophisticated fake watches uncovered by pre-owned dealer Watchfinder & Co is rising, with Rolex replicas accounting for about half of the knock-offs.“Rolex is the most aspirational luxury watch brand and the highest demand — hence — it’s the most replicated,” van de Vall said in an interview with Bloomberg Radio on Tuesday.
Fake or replica luxury watches are a growing problem in the €25 billion-per year secondary watch market with some counterfeit versions fooling even the most knowledgeable experts. Last year, Rolex began a certified pre-owned programme that authenticates used watches sold through authorised dealers. It isn’t just Rolex watches that are being faked or altered with inauthentic parts and components.
The rising fraud in pre-owned watches comes after prices for the most desirable models spiked to unprecedented levels during the pandemic before pulling back sharply.Secondary market prices have declined by about 18 per cent in the past year, according to the Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded luxury watch models by value including Rolex, Patek Philippe, and Audemars Piguet.
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