Watch Industry SITREP - November 2024

Trump’s NatSec Pick Wears A Rolex, New Omega Seamaster, Yakuza Stealing Luxury Watches, Giuliani Surrenders Watch Collection, & $50B Worth Of Submariners

By Benjamin Lowry

Welcome back to the Watch Industry SITREP or Situation Report, a brief recap and discussion of the previous month’s watch-related news and any other current events pertaining to our community. Here in the United States, Thanksgiving has come and gone and November is officially at an end. If it hasn’t already, Mariah Carey’s seminal work, "All I Want For Christmas Is You" will soon be bombarding your ears to harden your resolve ahead of another bustling yuletide season.

But for now, let’s keep our sight picture squarely on watches and espionage. November offered a plethora of watch-related happenings from the worlds of politics, national security, and crime. In case you missed it, the US presidential election unveiled a new (old) president, with at least one of his potential appointments demonstrating solid watch taste likely related to his intriguing background. In addition, we have an updated Omega Seamaster, a legendary Japanese crime syndicate getting in on the watch theft trend, politicians surrendering watches, and some impressive Rolex stats.

Trump’s Former SpecOps Pick For National Security Advisor Wears A Rolex GMT-Master II

Rep. Mike Waltz is, like many members of US Army Special Forces, a Rolex guy.

A few weeks back, President-elect Donald Trump asked Mike Waltz to serve as his national security advisor (NSA). We’re not here to comment on the political ramifications of Waltz serving in the role, but the Republican Representative from Florida does have quite the resume, having served in US Army Special Forces during the Global War On Terror and earning a total of four bronze stars (including two for valor).

Waltz in Afghanistan wearing a Digital Tool Watch (D.T.W.).

Embodying the adage that all a Special Forces man needs are “a star sapphire ring, a Randall knife, and a Rolex”, Waltz has been spotted on several occasions wearing a GMT-Master II, likely reference 126710 also known as the “Batman”. W.O.E. has been known to call the Rolex GMT-Master the perfect CIA Case Officer’s watch. With Waltz and SF legend Billy Waugh serving as excellent anecdotal evidence, the model family has strong roots in Special Forces as well.

(Photo Credit: Green Beret Foundation)

In another photo from the 80th anniversary of D-Day in Normandy, France where Waltz jumped from a WWII-Era C-47, he is seen wearing an older Rolex GMT-Master II with the all-black bezel, potentially a reference 16710, on a nylon pull-through strap, clear indication Waltz is at least a little bit of a watch guy.

A New Omega Seamaster Diver 300 Bares A Striking Resemblance To Unit Watches

(Photo Credit: Omega)

Leaked during the Olympics on the wrist of wannabe spy Daniel Craig, Omega finally officially unveiled its revamped Seamaster Diver 300. It’s not a meteoric change compared to the preexisting model, moving to a non-date format, transitioning from ceramic to aluminum for the dial and insert, and adding a mesh bracelet option. While we don’t typically cover new releases, there is an uncanny resemblance between the updated Seamaster Diver 300 and recent examples from Omega’s modern unit watch program that has outfitted the US Navy SEALs, US Secret Service, and the Danish Frogman Corps, to name a few.

The US Secret Service Omega Seamaster unit watch.

It would be a stretch to say the new watch was developed as an answer to the hype surrounding Omega’s unit watch program after the US Secret Service variant was spotted on the wrist of an agent during the attempted assassination of President-elect Donald Trump, but in any case, we’re happy to see one of the most popular luxury dive watches move in a more utilitarian direction better suited to the Use Your Tools lifestyle.

Yakuza Suspected In Coordinated Luxury Theft Of 172 Rolex Watches

An alleged Yakuza member wearing a Rolex Submariner “Bluesy”. (Photo Credit: Sabukaru)

Recently in Osaka, Japan, a delivery van loaded with over 170 new Rolex watches was stolen while its driver left the vehicle unattended and unlocked for “around three minutes”. Three individuals have since been arrested in connection to the theft, with one having strong ties to the Yakuza, a legendary organized crime syndicate with roots dating back 300 years. As you’d imagine, the van was later dumped after being emptied of its horological contents, which had an estimated value of $1.9M. If your AD has been dodging you, now might be a great time to check Chrono24’s Japanese Rolex listings… I’m just saying.

Also in Osaka, a store clerk and police detained a would-be robber after he attempted to flee with four luxury watches.

While much of the conversation surrounding watch theft in 2024 revolves around European cities including London and Paris or New York and Los Angeles in the United States, this coordinated robbery demonstrates a growing trend in Japan. In contrast to the strongarm robberies often perpetrated in Europe and the US, watch thefts in Japan are, other than this delivery van robbery, typically characterized by organized smash and grabs of high-profile retail locations. For another example of an organized crime syndicate focused on watches and jewelry, check out our recent Dispatch on the Pink Panthers (HERE).

Rudy Giuliani Surrenders 26 Luxury Watches After $148M Lawsuit L

Giuliani wearing a Shinola chronograph that appears to have been among his surrendered watches.

Former New York City Mayor and Time Magazine Person of the Year Rudy Giuliani has been ordered to surrender 26 luxury watches as well as a 1980 Mercedes-Benz SL 500 formerly owned by movie star Lauren Bacall. This comes after Giuliani’s meteoric $148M loss in a defamation lawsuit filed by two Georgia election workers following the 2020 US presidential election. Giuliani has been the subject of no shortage of financial concerns as of late, and it looks unlikely that he will be able to repay the $148M, hence the surrender of many of his personal effects which also includes a $5M apartment on the Upper East Side.

A screen capture from Ted Goodman’s video on X showing some of Guiliani’s surrendered watches. (Photo Credit: X)

On November 14th, a spokesperson for Giuliani, Ted Goodman, posted a video on X showing 18 watches and a ring he said were in the process of being turned over to relevant authorities. According to court documents, these watches include Bulova, Shinola, Tiffany & Co, Seiko, Frank Muller, Graham, Corium, Rolex, IWC, Invicta, Breitling, Raymond Weil, and Baume & Mercer.

 In the video, Goodman goes on to say, “This is the accumulation of 60 years of hard work. Many of these watches hold great sentimental value.” Whatever Guiliani’s watch collection is worth, it’s a small drop in a $148M bucket.

The Total Value Of The World’s Rolex Submariners Surpasses Many Nations

Analysis of data released in the recent Rolex Submariner book provided surprising conclusions. (Photo Credit: Hodinkee)

Based on analysis of the production data for Rolex Submariners released in the Crown’s recent book, Oyster Perpetual Submariner—The Watch That Unlocked The Deep, the combined value of all of the nearly four million Submariner and Sea-Dweller models produced over the years adds up to a weighty $50B. It’s an astonishing figure, but the real revelations stem from contextual analysis of what a number like that means.

We would have guessed the total value of Rolex’s Subs would have been a lot, but still…

$50B is, for example, greater than the GDP or gross domestic product of countries like Jordan, Tunisia, Bahrain, El Salvador, Cambodia, and Iceland (according to 2023 World Bank Data). Of course, you can’t compile all of the world’s Submariners into an unholy Scrooge McDuck-style pool of gold doubloons, but the world-beating figure does help to illustrate the size of the global financial impact commanded by Rolex SA over the decades, which also turned over no less than $10B in 2023.

We’re not here for Ernst Blofeld comparisons, but what kind of bargaining power and political influence does that offer to a brand that is already also among the most recognized on Earth? There’s a reason they call it “The Crown”, and it ain’t just the logo.

Final Thoughts

As we brace ourselves for the holiday season, we sincerely hope you’ve enjoyed your monthly helping of watch industry news and commentary. From a former Special Forces guy being picked to work in the White House with a Rolex Batman on the wrist to Rudy Giuliani’s forfeited watch collection to a Yakuza luxury watch heist, and an astonishing Rolex statistic, the November gales of watch industry content blew fast and strong.

If you appreciate this format or have other stories you’d like to see covered in next month’s SITREP, please do not hesitate to let us know in the comments. If something about our coverage offended or upset you, we’re confident you’ll have no trouble expressing your concerns as well.

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