I’m surprised that all the major watch parts for 10k$ watches aren’t serialized. I assume they get fenced to the Middle East and Asia but that’s the more interesting part of the supply chain. I’d be curious how sophisticated the operation is to launder stolen watches and who else has a hand in the pie. It wouldn’t surprise me if the manufacturers aren’t playing along though willfully ignorance as they benefit from watches getting stolen and creating additional demand, though if it gets really bad then perhaps the market will suffer. I would assume that all the watch serial numbers are tracked so wherever they eventually reappear on the legitimate market insurance will reclaim them sort of like what happens to stolen art. If they transfer on the black and grey market they probably do so for a fraction of their clean value.