Luxury Watch Market SITREP For October
It's Halloween, which means it's time for a special spooky edition of the W.O.E. SITREP, or Situation Report, our monthly compilation of news and events related to watches, intelligence, national security, and the military, all paired with our riveting commentary.
From a high-profile heist targeting literal crown jewels in Paris to Vice President JD Vance returning to his Apple Watch-wearing ways to a French politician accused of hiding his luxury watch, to a major slowdown in Swiss watch exports to the US, it's been a big few weeks for the broader Watches of Espionage community.
As ever, all of that is in addition to a satisfying smattering of watch crime, including the heartwarming story of a would-be luxury watch thief targeting exactly the wrong guy. So please, lean back, check the buckles on your five-point harness, and let's dive into the SITREP.
$102M in Jewels Stolen From the Louvre in Brazen Heist - Are the Pink Panthers Back?
On Sunday, 19 October, a team of highly choreographed thieves disguised as construction workers carried out one of history's most daring robberies at one of the world's most high-profile locations, the Musée du Louvre in Paris. Arriving shortly after the famous museum's opening, four thieves entered the Louvre with a vehicle-mounted lift, wielding power tools that they would use to open display cases containing jewels with direct connections to French royalty, including Empress Eugénie, wife of Napoleon III.
Even more important culturally than for their considerable material value, which has been estimated at 88 million Euros (approximately 102 million freedom dollars), the stolen jewels accompanied the thieves on a pair of awaiting scooters, making good their escape. While I am not as dedicated a student (fan) of criminal activity as W.O.E., the heist bears all the hallmarks of the Pink Panthers, a Balkan-based criminal organization responsible for hundreds of millions of dollars in stolen jewels and luxury watches in the early 2000s.
It's too soon to say whether this is an actual Panthers heist, as the group appears largely disbanded, or Panthers-inspired, but we will be eagerly monitoring any developments going forward.
Swiss Watch Exports to the US Plummet by 56%
Over the past few months, we've done our best to follow the rapidly evolving global tariff situation, particularly as it relates to Switzerland, the birthplace of so many of the great watches at the center of our Use Your Tools ethos. The current tariff for Swiss watches entering the United States stands at 39%. Established back in August, the weighty figure has cast a long shadow over export statistics. In September, Swiss watch exports to the US dropped by over 55.6% to 157.7M Swiss francs (approximately $198.5M), according to the Federation of the Swiss Watch Industry. Even more surprisingly, the United States is no longer the number one market for Swiss watches, with the UK taking over the top spot for the first time in a long time.
If you appreciate Swiss watches and don't want the inevitable price hike brands will likely be forced to implement, this is not great news. As we've speculated before, the 39% figure is likely intended to apply pressure to the Swiss government for bargaining purposes, which appears to be working. However, how this will shake down is anyone's guess. I think everyone on both sides of the aisle can agree we don't want a $10,000 Rolex to suddenly become a $14,000 Rolex, which seems to be where we're headed. Only time will tell.
JD Vance is Wearing His Apple Watch Again
In a move eliciting deep sighs among intelligence professionals everywhere, Vice President JD Vance was once again spotted wearing an Apple Watch while en route to the 250th anniversary US Marine Corps celebration at Camp Pendleton in California. After W.O.E. penned an open letter to the VP earlier this year, warning him of the CI risks of the Apple Watch and other connected devices, we had hoped Vance got the message. However, nine months later, I guess we have to take this ride one more time.
As VP, Vance is a priority intelligence target for bad actors around the world. His Apple Watch constantly transmits data, GPS, audio, heart rate, location, and movement, all potential entry points for foreign intelligence services. Even with Apple's security, any connected device can be hacked, period. For these reasons, CIA and NSA both warn against wearing connected devices during sensitive discussions for a reason. A smartwatch isn't just a gadget to track your Zumba class; it's a live sensor platform on your body.
For Vance, the fix is simple: go analog. A mechanical watch doesn't upload your heartbeat to the cloud or broadcast your location to adversaries. When the time is right, we have plenty of ideas for watches that honor the VP's personal history without placing his personal information and even his safety in jeopardy.
Bill Clinton & Dubya Wear Watches While Celebrating the Navy's 250th
Along with the US Marine Corps, the US Navy also celebrated its 250th anniversary with a series of ceremonies and international military exercises. Former presidents Bill Clinton (42) and George W. Bush (43) also got in on the action, penning letters in front of the press honoring the Navy's history. If there's one thing we love about a letter-writing photo op, it is that watches are often front and center, with Clinton wearing his Panerai Radiomir Black Seal PAM00292 for the occasion. An established watch nerd, Clinton has worn watches from Panerai, Cartier, JLC, Audemars Piguet, and other brands.
Bush, who is historically loyal to his modest white dial Timex Indiglo with an American flag at 12 o'clock, has broken our hearts by wearing an Apple Watch. Sure, he's not the priority intelligence target he would have been while in office, but it still hurts to see an important political figure give up the analog life in favor of monitoring their heart rate or knowing how many theoretical flights of stairs they have climbed. That detour aside, the history of watches and US Presidents is deep, bipartisan, and intriguing. Read our article on the subject HERE.
Former Cyber Security Exec Accused of Selling Secrets to Russia & Buying Watches with the Proceeds
In a developing story that we intend to cover with a dedicated Dispatch, a tech executive at a defense contractor has been accused of selling trade secrets to a buyer in Russia to the tune of $1.3 million. The accused, Peter Williams, is the former general manager at Trenchant, a division of a company called L3Harris that develops hacking and surveillance tools, typically for Western government organizations. Between 2022 and 2025, Williams is accused of stealing and selling eight trade secrets to an unnamed Russian party.
This appears to be espionage, but where it falls under the purview of W.O.E. is in DOJ documents that call for the forfeiture of Williams' home and assets, allegedly purchased with his misbegotten funds. Among the goods ordered forfeited were twenty-two watches, including several replica Rolex models, as well as an authentic Grand Seiko, a couple of Tag Heuers, and several Apple Watches. It's a wild story. Stay tuned for more.
French Politician Accused Of Hiding Luxury Wristwatch
Diving deep into international politics, Louis Boyard, a prominent member of France's far-left Unbowed party, was accused of removing his watch before a television interview. After being filmed in the act, many online had words for Boyard, including Argentina's radical right-wing President Javier Milei. Boyard is famously critical of the ultra-rich, which led Argentina's president and the rest of the internet Illuminati to accuse the French politician of hypocrisy, assuming the watch he was hiding was a Rolex, Patek Philippe, or something else ostentatious.
All was not as it seemed, however, and Boyard quickly clapped back with a video where he reveals the watch in question was, in fact, a modest Tissot, stating, "Sorry to disappoint you, but I don't have a Rolex, I have this watch, which costs €295. My friends bought it for my 25th birthday, thanks, guys!" While the narrative here didn't play out as intended for Boyard's critics, the situation emphasizes the power of watches as tools of communication in political scenarios. Boyard could be shining us on, but whether it was in fact a $10,000 Rolex or an affordable Tissot PR 100, we can agree that his watch is doing a lot more than simply telling the time.
Man Robbed of Rolex, Jewelry, & Cash While Pumping Gas
Delving into watch crime, a man in Memphis, TN, was robbed of his $7,000 Rolex, $17,000 in jewelry, and $4,000 in cash while pumping gas at a Circle K. Details are sparse, but the victim told investigators he was getting gas when a man approached from behind, brandished a firearm, and demanded he "empty his pockets" before absconding in a black sedan with tinted windows. Surveillance cameras captured the perpetrator, but no arrests have been made. Given the value of the stolen goods, we can't help but wonder whether this was a targeted crime, but the incident still serves as a reminder to be aware of your surroundings at all times, and maybe, just maybe, don't carry $28k worth of stuff on your person.
We have discussed the most common modalities for luxury watch theft in a separate article, and this is another reminder that even your local gas station may be unsafe. If you're flexing your AP at an upscale bar in Mayfair or going out in Miami looking for paid evening company with a GMT-Master II on your wrist, you've made yourself a target, but apparently, you will also need your head on a swivel just to wear your Richard Mille to gas up the ride. What is the world coming to?
Would-be Rolex Thief Targets the Wrong Guy
In a heartwarming case of mistaken identity, an armed man jumped out of a car in West Hollywood, California, hell bent on stealing a Rolex he spotted on the wrist of a pedestrian. Proof that the Uno Reverse Card is a real thing, the intended target turned out to be a former professional fighter who proved reluctant to surrender his timepiece, instead peeling back the lid on a can of whoopass that, despite his assailant's loaded gun, ended with the freshly-pummeled thief pinned to the ground awaiting the arrival of law enforcement. According to eyewitnesses, the man's girlfriend, with whom he had been walking, also got a few licks in. And they say no news is good news.
Final ThoughtsAs October winds down, the kids go trick-or-treating, and we collectively transition into soup mode, this month's SITREP proves that the broader world of Watches of Espionage remains as unpredictable and entertaining as ever. From jewel thieves channeling Ocean's Eleven in Paris to politicians fumbling their horological optics to a former professional fighter serving a would-be thief his comeuppance and VP Vance once again tempting the SIGINT gods, there's never a dull moment when timepieces intersect with power, crime, and culture.
Remember, whether you're wearing a $300 Tissot or a $30,000 Rolex, your watch says something about you, sometimes more than you intend. We'll see you next month.
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Tyler Durden Sat, 11/01/2025 - 14:00
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