Recovered stolen goods, who owns it? - updated

Associate
OP
Joined
25 Sep 2016
Posts
885
I know it's subjective, but damn that watch is ugly.
cant all have good taste :p

It was stolen in a house burglary 6 month ago, reported the serial to Rolex UK who were later contacted by the police who had found it on a guys wrist during a drugs bust!

The worrying things is now the crown moves the dial inside the case
 
Associate
OP
Joined
25 Sep 2016
Posts
885
4469B9179E1145E2AA4B.jpeg


Taken exactly 5 weeks before it was stolen after several years of me wearing it daily
 
Associate
OP
Joined
25 Sep 2016
Posts
885
insurance have offered me a buy back offer....

£4000 :eek:

with the amount of polishing the case will need I think you'll lose the shape of the lug shoulders, and with the dial loose in the case your looking at some internal damage, which at worse if snapped dial feet...

The repair bill would likely be well over >£1000 and doubt it would be the same.

Needless to say the insurers got a very snotty email back and have refused to tell me where they will auction it
 
Soldato
Joined
12 Dec 2002
Posts
2,950
If you send that in to Rolex it will come back as new or very close, something to bare in mind the serial may have been blacklisted due to the watch being stolen. Either way a full service from Rolex with a new crown etc... wont be cheap the £1k quote is probably not that far off.
 
Man of Honour
Joined
5 Dec 2003
Posts
20,997
Location
Just to the left of my PC
Shouldn't the buy back price be what they paid out to you?

That might be ethical, but it's less profitable.

If you send that in to Rolex it will come back as new or very close, something to bare in mind the serial may have been blacklisted due to the watch being stolen. Either way a full service from Rolex with a new crown etc... wont be cheap the £1k quote is probably not that far off.

It should come back as new - Rolex could simply swap the serial number to a new watch. Rolex isn't an artist creating one-off art pieces. They're a business manufacturing products that they sell at a vast markup. The odd replacement here and there wouldn't be significant.
 
Associate
Joined
3 Feb 2019
Posts
747
So what's a 2012 green Milgauss worth? £6.5k or thereabouts?

With the £4k buy back I think you'll be looking another £2k to get it back to pristine. It's a bit more niche than a basic submariner. A service is £500ish alone.

Question now becomes an economic one, how much did the insurance pay out? And how out of pocket will you be if you buy back and have repaired? This could be offset against potential increased value.

Personally, if it had real sentimental value youd buy back instantly. If you're debating costs then leave, move on and get something else.
 
Last edited:
Soldato
Joined
30 Sep 2008
Posts
6,769
That deal is complete though. They paid up as was agreed and now they own the recovered watch.

They aren't cheating anyone if they manage to sell it for more than they paid out.

In the case of a full settlement where the policy holder has been indemnified back to his position before the loss then I'd agree.

However, I don't think its as cut and dried given the watch wasn't insured for its full value and they offered him a reduced payout which wasn't enough to replace the item.
 
Associate
Joined
3 Feb 2019
Posts
747
In the case of a full settlement where the policy holder has been indemnified back to his position before the loss then I'd agree.

However, I don't think its as cut and dried given the watch wasn't insured for its full value and they offered him a reduced payout which wasn't enough to replace the item.

I don't think jewellery is covered under new for old policies hence why you are normally asked to provide values of items over £1500. Since there is generally no set value for most expensive jewellery, payouts rely on valuations, and if you've undervalued it you have done your own legs.
 
Back
Top Bottom