Luxury watch theft has become so rampant that Audemars Piguet whose timepieces start at $55,000 is offering a first of its kind warranty against theft

Over the last few years, there has been an alarming rise in thefts related to ultra-expensive and rare watches. The menace has become so big that even well-known celebrities have been hit by such robberies. Last year, a $2 million Richard Mille was stolen from F1 superstar Charles Leclerc in Italy while he was walking on the streets of Viareggio with his friends. As this steep surge in watch-related crimes is adversely affecting the watchmaking industry, companies have been forced to find ways to tackle the situation. Swiss luxury watch brand Audemars Piguet has just announced a first-of-its-kind service program that guarantees to replace clients’ stolen watches.

In an interview with Bloomberg, Chief executive officer François-Henry Bennahmias explained that the industry-first program by AP offers to replace, refund, or repair any stolen or damaged watch bought in 2022 or 2023 for two years. It’s a brave move by the company considering the fact that AP watches have an average price of CHF50,000 (about $55,000). “We listen to our clients and we have to look also at what’s going on in the world right now. We have important cities in Europe and in the US that are not as safe anymore,” said Bennahmias.

Also read - While his father Mukesh Ambani, who is Asia's richest man, wears a modest Rolex worth $8,300, 28-year-old Anant wears a $3.3 million Audemars Piguet encrusted with 436 baguette-cut diamonds. And, it's still not his most expensive watch.

The Audemars Piguet Royal Oak has been a hot favorite with collectors and sells for a hefty premium on reseller websites.Via Facebook / @Audemars Piguet

The CEO said any AP customer who bought a watch in 2022 or 2023 will be eligible to register with the program. All that’s needed is proof of purchase and the buyer still possesses the watch. Watches that have been resold won’t be eligible. If a watch guaranteed under the program is reported as stolen and verified by a police report, Audemars Piguet will offer the client a choice between a refund or a replacement of the watch. In case the watch is no longer in production, the company will offer a similar model in the current collection.

Also read - Arnold Schwarzenegger was detained in Germany for carrying an undeclared $26,000 Audemars Piguet watch that was to be auctioned in his own charity. The Ex-governor was fined $37,000, which he had to withdraw from a bank as his limitless credit card was not accepted.

According to Bennahmias’ expectations, about 75% of eligible AP customers are likely to sign up for the program. Furthermore, he claims there could be as many as 100 claims from customers over two years along with a handful of attempts to defraud the company. “You cannot develop and offer these types of things thinking that everybody’s gonna abuse the system,” Bennahmias said.