The Dark Side of the Watch Industry | Dual Time Podcast #21
On Dual Time Podcast Episode 20, Roman Sharf and Adrian Taskin talk about the dark side of the watch industry. Between them they have more than 20 years of dealer stories. They cover how stolen watches move through the secondary watch market, from Istanbul's Grand Bazaar to dealer-to-dealer trading at Hong Kong trade shows. Roman tells the story of a stolen Richard Mille RM 030 that turned up at our door with the Southampton police. He also explains why we replaced a $200K Richard Mille when an insurance fraud claim surfaced seven years after we sold it.Then come the watch scams: suitcases of cash from Japanese dealers, a $27K Daytona paid for in cash that smelled like weed, dirty crypto, and fake-token schemes hitting 47th Street. Roman breaks down a $365K Rolex "Jean-Claude Killy" with a refinished dial and a Frankenstein Patek Philippe 1518 with a swapped dial and case. He explains why we brought in Adam Golden before getting into vintage, and how to avoid buying a stolen watch: buy the dealer, not the watch.Adrian also surprises Roman with his grail: the Patek Philippe Sky Moon Tourbillon 5002 in platinum. They also look at a Patek 5304R open-worked minute repeater and a one-of-two 1980s Audemars Piguet skeleton perpetual calendar in yellow gold. Plus there's the $1M Patek 5104 deal that cost Roman $220K, and the unsolved Hong Kong mystery of a Richard Mille RM 11 sent to the wrong "Man."Is the watch industry cleaner or dirtier than it used to be? Tell us in the comments, and subscribe for more.