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Horological Meandering

Possibly. Part of it's hype. Part of it is the fact that there are a lot of illegitimate dealers willing to move stolen Rolexes...

 

Low level thieves only get a tiny fraction of the value for what they steal.  There are fences and middlemen, all of whom get a cut.  Furthermore, low level thieves are often in need of money immediately.  And with the rush, they can't get a significant value from the watch. 

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