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General Silver Forum After burglary, showcases are bare at city silver shop
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Author | Topic: After burglary, showcases are bare at city silver shop |
Scott Martin Forum Master Posts: 11520 |
posted 10-20-2011 05:43 PM
quote: IP: Logged |
jersey Posts: 1203 |
posted 10-21-2011 12:39 AM
Hello, So sad, but I must congratulate the shop for keeping such accurate records & descriptions with photos of the items that were stolen. Unfortunately my guess would be they went to the melting pot to avoid detection, or sent out of the USA. BTW it Sounds like an inside job to me. Jersey IP: Logged |
Kimo Posts: 1627 |
posted 10-22-2011 08:51 AM
How terrible - especially if the thieves just melted it down. They are going to have bad karma that one day will catch up to them if the police don't get them first. Only $5,000 of insurance - what were they thinking? With that kind of negligible amount on what sounds like at least 100 times greater value my guess is they may have also gone stingy on the alarm system which may account for the fact that someone simply broke a back window and cut the telephone line to defeat it. THese are two very imporant and expensive lessons for others who have such large amounts of cash equivalents on display for strangers to come in and view every day and not lock in a store safe at night. [This message has been edited by Kimo (edited 10-23-2011).] IP: Logged |
swarter Moderator Posts: 2920 |
posted 10-22-2011 02:03 PM
I have known dealers who had been robbed shortly after taking out insurance, and no longer do so, preferring not to "advertise" the value of their holdings. This place's holdings, however, were well known to the public, so it seem they could have done so. Some smelters are honest enough to recognize stolen property, but unfortunately, all are not, and the loss of historical objects in incalculable. IP: Logged |
argentum1 Posts: 602 |
posted 10-22-2011 06:37 PM
I lived in Mississippi for a short while in the 1960's There was a gun shop at a country crossroads, sort of out in the boondocks. The owner had a pet exotic cat, a big pet exotic cat. That was his alarm system and insurance. Back then down south instead of getting sued everyone had the attitude 'served em right'. IP: Logged |
blakstone Posts: 493 |
posted 10-23-2011 11:06 PM
Very sad. I wouldn’t be too rough on the owners regarding the insurance, though. I remember from my years in antiques retail that jewelry & silver stores are notoriously difficult to insure, so much so that really only one company – Jeweler’s Mutual – will undertake the task. Such insurance is expensive, with a very high deductible and numerous restrictions and requirements, which themselves can be expensive: security systems, cameras, vaults. The location, too, can be a great variable in the cost, with clusters of businesses – “antiques rows” - often commanding the most expensuve premiums (since that where the greatest thefts/losses occur). Unlike jewelry, which can all be neatly packed away in a safe, silver is almost never stored securely since most owners can’t afford the necessary huge vault. (One of the biggest factors in determining the insurance premium is the percentage of wares is locked in a safe during closed hours.) Likewise, a jewelry snatch-and-grab (far and away the most common theft) can bring tens of thousands for a mere handful; how much would a handful of silver forks or a teapot be? Probably well under $5,000. The late-night full-scale heist is extremely rare. So was it a gamble? Assuredly. But among skyrocketing rents, costly insurance, the until very recently low price of scrap silver and – let’s face it – the rapidly dwindling number of silver collectors who keep stores like this in business, it’s probably one they were forced to take. IP: Logged |
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