WATCHFINDER & CO.: OVER 23 MILLION FAKE WATCHES ARE CIRCULATING THE US AS COUNTERFEIT GOODS MARKET CONTINUES TO GROW
Additionally, of all the luxury watches sent to Watchfinder over the last year, at least half of those identified as fake or containing fake parts were Rolex.
- ALMOST A QUARTER (24%) AMERICANS CONNED WITH PURCHASING COUNTERFEIT ITEMS, ALMOST ONE IN TEN (9%) HAVE PURCHASED A FAKE WATCH
- NEW YORK TOPS LIST OF CITIES WHERE THE MOST FAKE WATCHES ARE PURCHASED, WITH LOS ANGELES, CHICAGO, DALLAS AND BOSTON ROUNDING OUT THE TOP FIVE
- PRE-OWNED WATCH SPECIALIST WATCHFINDER & CO. URGES CONSUMERS TO SHOP SMART AND CALLS FOR TRADERS, RETAILERS AND MARKETPLACES TO ALL PUBLICLY DECLARE THEIR AUTHENTICATION POLICIES, PROCESSES AND CREDENTIALS
- HOW CAN YOU TELL IF A ROLEX IS REAL? WATCHFINDER HAS ALSO LAUNCHED AN INTERACTIVE GAME DESIGNED TO SHOW HOW TO SPOT A FAKE ROLEX. THE ONLINE GAME SHOWS CONSUMERS DIFFERENT WATCHES TO GUESS WHICH ONE IS FAKE, BEFORE REVEALING THE FAKE ROLEX VS REAL ROLEX
NEW YORK, Nov. 13, 2023 /PRNewswire/ -- New research released today reveals there are an estimated 23.3 million fake watches circulating the US market alone1, according to a study by luxury pre-owned watch specialist, Watchfinder & Co. Additionally, of all the luxury watches sent to Watchfinder over the last year, at least half of those identified as fake or containing fake parts were Rolex.
The startling statistics show that almost a quarter (24%) have been victims of purchasing a fake item and of these, and almost one in ten (9%) of Americans have been conned with purchasing a fake watch. The survey also found that almost half of the fakes purchased cost $500 dollars or more, yet the majority of Americans (58%) said they would still prefer to pay more for an authentic item.
Top Cities For Fake Watch Purchases
The Big Apple (20.22%) was the runway leader when it came to US cities where the most fake watches are circulating today, followed by Los Angeles (14.75%) and Chicago (11.48%). See the heat map of the US cities where the most fake watches are circulating.
Watchfinder Calls On Consumers To Shop Smart
In response to the problem, Watchfinder is calling on consumers to shop smart as the growth in counterfeit watches and so called 'super fakes' flood the US market. The pre-owned watch specialist is on a mission to campaign against fake watches, urging pre-owned traders, retailers and marketplaces to clarify and publicly declare their authentication policies, processes and credentials. The call comes as the study showed 59% of respondents said they found it challenging to buy legitimate designer items beyond dedicated brand retailers.
Watches now account for almost 20% of all counterfeit sales. But it's not just the volume that's increasing - scammers are now able to make replicas look more convincing than ever before thanks to developments in, and accessibility to, tech including 3D printers and CNC machines. This, combined with the wealth of knowledge fake manufactures have accumulated over the years, means 'super-fakes' are being produced with increasing aesthetic accuracy. In fact, Watchfinder's expert team of watchmakers and authenticators have observed that just five years ago around 80% of all counterfeit watches that were sent into their stores and service centers were easily identifiable at first glance and only 20% required closer inspection. Today, approximately 80% are classified as super-fakes and require closer inspection, with only 20% standing out as obvious forgeries.
Although counterfeit watches are looking increasingly like the real deal, the expert technology and functionality that comes from a genuine timepiece cannot be replicated. The research shows that 15% of fake watches broke after only a small amount of usage.
There are three types of fake watches to watch out for. It is not just completely fake watches that pose a problem, there are also legitimate watches that are made up of partially fake parts and passing them off as wholly authentic. The top three most common fake parts found in watches are bracelet or links, dial and clasp. And finally, the third type of fake watch is known as a "frankenwatch", where the parts are all real made up of different watches of the same type. Frankenwatches accounted for 21% of fake watches purchased in the US, and recently hit the headlines due to a franken-Omega which sold for 3.1 million at auction and Maroon 5's Adam Levine being caught out by internet sleuths.
Arjen van de Vall, CEO of Watchfinder & Co. said: "Purchasing a luxury watch is a really special moment and something that often involves a significant amount of consideration and investment, so you can imagine the devastation people feel, if they discover the watch they've purchased turns out to be a fake. Sadly, it comes as no surprise to see how many people are being tricked into purchasing fake goods, especially as spotting them isn't as easy as you would think. What's equally concerning is how the rise of counterfeit goods is casting a shadow over the pre-owned sector. Our research showed that 54% of Americans that have been conned with a fake, now say they will never purchase pre-owned again.
He continued: "This is why we are encouraging all pre-owned watch traders, retailers and marketplaces to publish their authentication policies, processes and credentials, as we do, so consumers regain faith in a sector blighted by cowboys and crooks. I am proud that I can say we have the most rigorous authentication process and policy in the industry and I encourage other legitimate pre-owned retailers to take positive action to restore faith in our industry.
He added: "At Watchfinder we have a zero tolerance policy on counterfeits. Every watch that gets sent to us, must go through a rigorous 60 step inspection and authentication process at one of our service centers, by an expert panel of authentication experts before any valuation, service or sale can be completed. Our labs and the teams that work in them, are accredited by 19 different luxury watch manufacturers - without comparison in the industry. This enables me to guarantee with absolute certainty that every single timepiece we sell is 100% authentic. It obviously benefits Watchfinder that, currently, the only way for consumers to shop smart and guarantee they won't be duped when buying pre-owned, is to shop with us, but I love this industry and more than profit, I would love to see others joining our campaign to take positive action in publishing and bringing their authentication processes, up to the same standard we employ."
How can you tell if a Rolex is real?
To bring awareness to the worrying growing trend of fake watches, Watchfinder has launched an interactive game designed to show how to spot a fake Rolex, as well as other brands. The online game takes consumers through different watches and invites them to guess whether what they see is a fake vs real rolex, taking into account factors such as the watch's rehaut, pins, bezel, printing, engraving and more.
To access the game head to The Fight Against Fakes website HERE.
For more information on fake watches please visit https://www.watchfinder.co.uk/
Notes to editor:
For further information, comment, images please contact Good Relations at [email protected]
1Based on a Censuswide survey conducted in September 2023 of 2,002 respondents in the US over 18 years old when responding to the question: "What fake designer item(s) have you ever purchased? Please select all that apply including any intentional or unintentional purchases."
Watchfinder & Co.: Founded in 2002 Watchfinder & Co. is the premier resource from which to buy, sell and part-exchange pre-owned luxury watches. From bestsellers, through to vintage and limited-edition pieces, Watchfinder offers thousands of watches from more than 70 luxury brands, all available online and via their network of boutiques and showrooms. With quality and dependability at the heart of their business; all watches are meticulously inspected, authenticated through a 60-step process, and prepared by a team of expert watchmakers in Europe's largest independent service center - accredited by 19 of the world's leading watch manufacturers. Every watch comes with a 24-month Watchfinder warranty. For over 21 years Watchfinder has delivered knowledge and service that meets the very highest standards. For more information, visit www.watchfinder.com or take a look at Watchfinder's YouTube channel https://www.youtube.com/c/watchfinder – the largest watch-focused channel on the platform.
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SOURCE Watchfinder & Co.
