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Deployant saved the day
I have a different version of events.
Sarkozy was reaching into the crowd and shaking hands with people and pressing the flesh, as politicians are known to do. He suddenly felt someone grabbing his wrist, not his hand. He felt a pulling on his watch. He withdrew his hand quickly. He realized the person was trying to steal his watch. He took of his 3940G and put it into his pocket.
Had it been a pin buckle, an adept pick pocket would have undone it in no time. There are videos of that annoying "magician" David Blaine taking people's watches. Notice that it's never a bracelet watch that has to slide over the wrist, but a pin buckle.
Anyway, had it not been for the deployant, the score would be Pickpocket 1: Sarkozy 0.
Listen to some of the interviews he gave after the incident. The media accused him of being a suspicious snob for taking his watch off, until he pointed out that someone had tried to swipe it.