Swiss watchmaker Omega accuses three of its former employees of being involved in a criminal plot. This led to the sale of a fake Speedmaster at auction. The counterfeit Speedmaster sold for a record-breaking $3 million.
Image courtesy: Phillips Auction House
The timepiece in question was a replica of an Omega Speedmaster with ‘Broad Arrow’ hands from 1957. However, it was later discovered that this timepiece was in fact a ‘Frankenstein’ watch. Upon discovering this, Omega revealed that the watch was made up primarily of authentic parts from multiple vintage watches.
The timepiece was sold at auction through Phillips in November 2021. At auction, the watch sold for 3.1 million Swiss Francs ($3.3 million) – a record price for a Speedmaster. The company stated that Omega purchased the watch.
Omega has not identified the ex-employees who supposedly participated in the plot. However, Omega has indicated that former employees of the Omega Museum and the department responsible for brand heritage participated in the scheme. The company said that person “worked in tandem with intermediaries to purchase the watch for the Omega Museum”. They informed Omega executives that it “was a rare and exceptional timepiece that would be an absolute must” for the company’s collection.
Image courtesy: Phillips Auction House
However, it was later discovered that the watch was a sophisticated fake. Composed of components from various watches, and possibly even forged parts. Therefore Omega suspects that the former employees may have also been involved in the timepiece’s final assembly.
Omega stated that:
“Its false legacy allowed the profiteers to justify a highly inflated bid made through the intermediaries.”
It is reported that the company does not yet know the identity of the employee who brought the watch to the Phillips auctioneer. Phillips has not yet disclosed the seller’s identity due to client confidentiality rules. However, the auction house will divulge this information to the police or courts if required.
During the consignment process, Phillips turned to Omega for additional information about the timepiece from its extensive archives. A representative of the company states “we were not aware of the alleged criminal activity that is now the subject of an investigation”. It’s worth noting that Omega representatives previously inspected the watch prior to purchasing it.
Image courtesy: Omega
It is no secret that luxury watch collectors pay millions for certain models in original condition. There are concerns that counterfeiters are creating fake timepieces and altering vintage watches sold on the secondary market. This is in order to achieve higher sales at auction.
CEO of Omega Raynald Aeschlimann reported that the criminal plot was “to the massive detriment of Omega”.
What are your thoughts on these ‘Frankenstein’ timepieces? Would you now worry about buying a watch at auction?
- Anna McWhirter posted 1 year ago
- last edited 1 year ago
