:thumbsup:
It certainly would be a dereliction of duty to brush it under the carpet, but I'm not yet convinced from what has been said in this thread that this has happened.
Whether people are expected by others to steal or not steal is immaterial compared to the fact most pupils in the class do not appear to be thieves. It is not flowery but reasonable to suggest (if this is the countless PE lesson where the watch was handed over) that most have learnt the lesson...
Because if the answer is countless times, then it shows the majority of classmates in a good light, which weakens your 'the most important lesson has not been learned' generalisation.
Why didn't you get your son to ensure the school completed a Quarantined Property Form when looking after his expensive watch?
http://www.barrbeaconschool.co.uk/wp-content/uploads/2011/01/Behaviour-Policy.pdf
Lessons to be learned all round....
For the school - have a better system in place for expensive items.
For you - don't buy your son an £80 watch for school that he may have to relinquish.
As has been said, sh1t happens. The school has better things to be doing than be put in charge of...