Conned by a clever counterfeiter? Don't feel bad -- so was the shop of a 5th-generation jeweler whose family has been in the business for 98 years.
H.L. Gross & Brothers in Garden City, New York, paid USD $12,500 for a "Patek Philippe" supposedly worth $20,000 -- only to open it up and realize that while the watch had appeared genuine from the outside, the inside mechanism was that of an obvious Japanese fake. Police apprehended the seller, Ian Kosloff, who was wanted for similar scams in Virginia and Florida.
The counterfeiter's attitude when caught? Caveat emptor.