Half of all fake watches are Rolex knock-offs – and the replicas are harder to spot than ever: around 10 per cent of pre owned timepiece are now bogus, from Patek Philippe and Audemars Piguet

Jul 13 , 2023

Could you spot a counterfeit Rolex? Even the experts are finding it harder these days, according to Watchfinder. Photo: SCMP Archive

The number of fake watches uncovered by pre-owned dealer Watchfinder & Co is rising – with Rolex replicas accounting for about half of the knock-offs in circulation.

As many as 10 per cent of the watches received from sellers last year were determined to be fakes during an authentication process, according to Watchfinder CEO Arjen van de Vall.

A Thai customs officer shows counterfeit Rolex watches confiscated in different raids in Bangkok. Photo: AFP

“Rolex is the most aspirational luxury watch brand and has the highest demand – hence, it’s the most replicated,” said van de Vall.

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Watchfinder CEO Arjen van de Vall recently commented on the sheer number of fake Rolex watches on the market. Photo: LinkedIn

Fakes are also becoming more sophisticated and harder to spot. Watchfinder used to be able to identify about 80 per cent of bogus timepieces by sight alone but now that’s just 20 per cent. Employees at the company, owned by Swiss luxury conglomerate Richemont, now need to perform more detailed inspections including opening watch casebacks and checking movements to identify the high-end knock-offs.

While fakes like this cheap knock off at Beijing’s Silk Market are easier to spot, many are almost identical to the real thing, according to van de Val. Photo: AP

Fake or replica luxury watches are a growing problem in the US$27.3 billion per year secondary watch market, with some counterfeit versions fooling even the most knowledgeable experts.

The ‘Frankenstein’ Omega Speedmaster was assembled from vintage watches by former employees at Omega. Photo: Phillips

Omega, part of Swatch Group AG, said last month that three former employees were part of a criminal plot to sell a ‘Frankenstein’ Omega Speedmaster, that was an amalgam of mostly authentic parts from other vintage watches. The watch sold at auction in 2021 for more than US$3 million, the highest price ever paid for an Omega timepiece. The company itself was the buyer and has said it was the victim of a criminal conspiracy.

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Rolex now has a certified pre-owned programme to ensure peace of mind for consumers. Photo: Rolex

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.

“You see replica or clone watches – very, very high quality watches – of virtually all of the big luxury brands,” van de Vall said. “The whole gamut.”

A collection of fake watches collected by the Hong Kong Customs & Excise Department, worth HK$10 million. Photo: SCMP Archive

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.

The price of luxury watches reached new heights during the pandemic as demand peaked, but has since come back down. Photo: SCMP Archive

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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Luxury watches in the secondary market have seen a price decline of about 18 per cent in the past year. Photo: Shutterstock

Less volatile prices in the watch market as speculators exit is welcome, van de Vall said.

“We’re not interested in the next crypto run. For us, it’s not about speculation, stability is good.”

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Timepieces

Experts at pre-owned dealer Watchfinder used to be able to identify about 80 per cent of bogus timepieces by sight alone, but now that’s just 20 per cent according to CEO Arjen van de Vall
As the world’s most in-demand watch, Rolex unsurprisingly makes up half of all the fakes Watchfinder sees – but last year a ‘Frankenstein’ Omega Speedmaster sold for US$3 million