Celebrity’s struggle with counterfeit watches highlights the importance of documentation in buying, selling, and loaning
John Mayer has been in the news recently after it came out that the singer had been sold seven counterfeit Rolex watches by a close friend. Mayer is now suing his friend, noted watch dealer Robert Maron, for close to $700,000.
According to Mayer, he bought his first watch from Maron in 2007. Mayer trusted Maron to give him an authentic product and a fair deal because he was widely regarded as an expert broker for luxury watch brands such as Rolex and Patek Philippe. As the years passed, Maron and Mayer became close friends. Maron often accompanied Mayer on tour or on vacations and Mayer bought more watches from him.
The trouble began in 2010, when Mayer sent one of the watches he’d bought from Maron to Rolex for service. Rolex informed Mayer that the watch contained parts that were not certified by their company and therefore the watch was either counterfeit or at the very least no longer totally authentic. After this incident, Maron apologized and gave Mayer a refund.
Mayer was so forgiving that he continued to buy watches from Maron. Unfortunately, in 2011 he again heard from Rolex that one of his new watches was not authentic. In this case its bezel and dial were counterfeit. Upon further investigation Rolex determined that at least seven of the watches Mayer had bought from Maron were not authentic. Mayer is now suing Maron for $656,000 to cover the cost of the watches, alleging fraud, breach of oral contract, and negligent misrepresentation.
This case highlights the importance of having authentic and accurate documentation for all luxury watches you may purchase. Of course, we can’t be certain what kind of documentation—if any—was offered to Mayer. However, we can tell you that at Gems & Jewelry Inc. our expert appraisers carefully scrutinize each and every item offered as collateral for a loan, along with any accompanying documentation.
Bringing documentation with you when seeking a collateral loan for your luxury watches has several important benefits.
First of all, it helps to establish your ownership of the piece. This is very important because all of our transactions are reported to the police by law. Having proof of ownership ensures that the police will take no interest in the transaction.
Secondly, having documentation helps to ensure you get a fair price for your watch. Obviously the price will be influenced by multiple factors, including the condition of the watch and the value of any precious metals or gems in the bezel or band. But the original purchase price of the watch can also play an important role in setting the value of the piece and the amount of cash available for your collateral loan.
If you have a luxury watch you’d like to use to secure a collateral loan, you can’t just bring it to any old pawn shop. You need an experienced high-end broker like Gems & Jewelry Inc., who can truly appreciate your watch and give you a fair price.
