Value of lost or stolen watches rises to $1.9 billion, report says

If you've lost an expensive watch – or had one stolen – you are not alone.

The number of watches reported either lost or stolen over the past year has more than tripled, The Watch Register said.

In a recent report, The Watch Register, the world's largest watch database said the value of registered stolen and lost luxury watches rose to over $1.9 billion.

"Watch crime has gone from a niche problem to front page news," the report said.

More than 100,000 watches were registered in 2023 due to potential thefts, three times that registered in 2022, according to The Register's 10-Year Anniversary Report. The Register was founded in 2014, as a subset of The Art Loss Register, a database of lost and stolen art and collectibles.

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Luxury watches are 'currency for criminals'

Katya Hills, managing director of The Watch Register, told PA Media that watches have “become a currency for criminals."

"The incidence of violent street robberies is escalating, with owners afraid to wear their timepieces in public," Hills told the outlet. “The strength of the pre-owned market means thieves and fences can easily resell stolen goods for large sums of cash.”

The report highlighted several incidents when the registry helped recover stolen or lost watches including some found years later in different countries. According to the report, The Watch Registry prevented nearly $5.1 million in stolen or fake watches from entering the secondary market.

The report called for "increased collaboration from all stakeholders, including insurers, auction houses, watch dealers, manufacturers and law enforcement agencies” to help tackle the growing theft of luxury watches.

This article originally appeared on USA TODAY: Value of lost or stolen watches tops $1.9 billion, report says