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Recovered stolen goods, who owns it? - updated

Discussion in 'General Discussion' started by eviled, Jun 3, 2019.

  1. CREATIVE!11

    Soldato

    Joined: Apr 21, 2007

    Posts: 6,398

    Pretty scuffed up. Wonder how much that'd knock off the value.
     
    Last edited: Jul 18, 2019
  2. Malevolence

    Capodecina

    Joined: Oct 21, 2011

    Posts: 14,231

    Location: Miercna rīce

    I know it's subjective, but damn that watch is ugly.
     
  3. NoobCannon

    Soldato

    Joined: Jun 13, 2011

    Posts: 5,101

    Where/how was it stolen from out of interest? Or have i missed that part of the thread
     
  4. eviled

    Hitman

    Joined: Sep 25, 2016

    Posts: 677

    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
     
  5. eviled

    Hitman

    Joined: Sep 25, 2016

    Posts: 677

    [​IMG]

    Taken exactly 5 weeks before it was stolen after several years of me wearing it daily
     
  6. Dis86

    Capodecina

    Joined: Dec 23, 2011

    Posts: 23,751

    Location: Northern England

    Might be able to get that repaired by a decent jeweller. Glad you got it back.
     
  7. labcoattech

    Wise Guy

    Joined: Dec 1, 2010

    Posts: 1,065

    Location: England

    Hopefully doesn't leave you out of pocket getting it repaired, If it holds sentimental value then can you really put a price on it.
     
  8. eviled

    Hitman

    Joined: Sep 25, 2016

    Posts: 677

    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
     
  9. CREATIVE!11

    Soldato

    Joined: Apr 21, 2007

    Posts: 6,398

    Yikes...

    Real chancers aren't they?
     
  10. labcoattech

    Wise Guy

    Joined: Dec 1, 2010

    Posts: 1,065

    Location: England

    Shouldn't the buy back price be what they paid out to you?
     
  11. Rids

    Soldato

    Joined: Sep 30, 2008

    Posts: 6,211

    This.

    Less a deduction for the damage suffered and the cost to put right (although not for the full cost because it was under insured)
     
  12. mrbell1984

    Capodecina

    Joined: Aug 9, 2008

    Posts: 24,744

  13. MeEsH BaKkA

    Mobster

    Joined: Dec 12, 2002

    Posts: 2,947

    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.
     
  14. eviled

    Hitman

    Joined: Sep 25, 2016

    Posts: 677

    How do you work that one out?
     
  15. Angilion

    Man of Honour

    Joined: Dec 5, 2003

    Posts: 17,368

    Location: Just to the left of my PC

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

    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.
     
  16. Hotwired

    Soldato

    Joined: Aug 17, 2009

    Posts: 7,151

    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.
     
  17. Thecaferacer

    Hitman

    Joined: Feb 3, 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: Jul 19, 2019
  18. Rids

    Soldato

    Joined: Sep 30, 2008

    Posts: 6,211

    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.
     
  19. Thecaferacer

    Hitman

    Joined: Feb 3, 2019

    Posts: 747

    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.
     
  20. sithlord

    Hitman

    Joined: Jun 1, 2007

    Posts: 713

    Spill the beans.. how much did the insurance company pay you.