The man had stepped out of the Hôtel Napoléon, near the Arc de Triomphe and Champs-Elysées, around 9 p.m. on Monday evening to smoke a cigarette, when a thief snatched the watch from his wrist, a spokesman for the Paris police told CNN.
The watch was a Richard Mille Tourbillon Diamond Twister, it added. This Swiss luxury timepiece, which is decorated with a diamond-covered spiral, retails for €757,000 . Because of its value, the case was transferred to an organized crime task force, the spokesman said. In the first eight months of the year, 71 cases were reported, according to BFMTV.
The luxury timepieces can be resold on the black market for 30% to 50% of their value, according to BFMTV.
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