Back in November 2021, an Omega Speedmaster ‘Broadarrow’ ref. 2915-1 from 1957 broke all records for a Speedmaster sold at any watch auction. This particular watch, Lot 53 at the Phillips Geneva Watch Auction XIV sold for CHF 3.1 Million Swiss Francs. A few days ago, it has been confirmed by Omega, that the watch in question is a ‘frankenwatch’ that was put together with parts that are authentic, non-authentic, correct for the time period, and incorrect for the time period, to represent the watch in a way that it would sell for such a high price. I mean the original estimate was between CHF 80,000 and CHF 120,000 Swiss Francs.
Jose Pereztroika from Perezcope.com wrote about this watch back in April 2023. His editorial is spot on calling out why the watch sold at Phillips seems to be a ‘frankenwatch’. You can check his article here.
In Jose’s words: '“In November 2021, an early Omega Speedmaster Ref. 2915-1 ‘Broad Arrow’ featuring a stunning tropical dial went supersonic at a Phillips auction in Geneva, reaching a face-distorting G-force of CHF 3,115,500 incl. buyer’s premium. An absolute record for an Omega. The previous record-breaking Speedmaster had “only” fetched CHF 408,500. As with many of the multi-million dollar lots gaveled by top auctioneer Aurel Bacs, the watch is an assemblage, a Frankenstein watch that did not leave the Omega factory like that. Short after the auction, the breaking parachute kicked rapidly in after pictures of the watch surfaced in Omega circles, showing it with greenish lume, different hands, different bezel and a much later movement. People in the know were scared as rumours had made the rounds that the individuals involved were supposedly members of a potentially violent gipsy clan. An ideal case for Perezcope I would say.”
Below you can see the catalog listing for this watch and the essay from Phillips.
Essay from Phillips Watches
The Speedmaster is unequivocally Omega’s most historically important model to date. Its history spans almost sixty years with the very first Speedmaster launched in 1957. Reference 2915 was the brainchild of Pierre Moinat and Claude Baillod. Period advertising marketed the innovative model to "men who reckon time in seconds". It was incredibly useful for race car drivers, engineers, and professionals who dealt with time in their line of work. This model is among Omega's most important references ever created, spawning successors that partook in humankind's most ground-breaking moments, the most pertinent being landing on the moon.
The first generation model, reference CK 2915, is considered by collectors as “the grail” for a number of reasons. In terms of design, it was the first chronograph to feature a tachymeter scale (or, as Omega called it at the time, the Tacho-productometer scale) on the bezel, rather than on the dial. In terms of movements, Omega did not go for a brand new caliber, turning instead to caliber 321, an extremely robust and reliable column-wheel chronograph, which it recognized as the best available option for its new Speedmaster.
In production only between 1957 and 1959, the reference 2915 was produced in three different iterations: -1, -2, and -3. CK2915-1 and -2 are the very first – and most collectible - Speedmaster models. They have unique differences from all later generations of Speedmasters, most notably in their dial graphics and important elements of case design. The large, “Broad Arrow” minute and hour hands are one such trait, but also the metal bezel - rather than a bezel with a black insert - and slightly different dial graphics, distinguishable by the oval “O” of Omega. This oval will later become perfectly round. Also, the case has details that would later be abandoned, such as the “Speedmaster” designation engraved on the slanted edge of the case back rather than on the center.
The present watch displays an exceptional "tropical" dial that has aged to a vibrant milk-chocolate shade. The brown tone is not only rich and vivid, but it is also incredibly even throughout. Moreover, the luminous material on both the dial and hands have aged to an attractive golden tone.
Now, let’s get into the nitty-gritty stuff about this watch. Based on all the information I have found online, the watch that fetched 3.1 Million Swiss Francs seems to have most of its components coming from another Speedmaster ‘Broadarrow’ sold by Phillips three years earlier in 2018.
Then, a few days ago Neue Zürcher Zeitung —or NZZ for short—, a preeminent news source in the German-speaking world, with a tradition of independent, high-quality journalism reaching back over 240 years, published comments from Omega as to who was behind this fraudulent scheme.
Here’s an excerpt from the news published by NZZ:
At Omega, the original enthusiasm about the record price has now given way to disillusionment. The watchmaker, which is part of the Swatch Group, has launched its own investigation, which is still ongoing. «The initial findings (of this investigation) have provided clear evidence that three former employees were involved in this operation with clear criminal intent, and to the massive detriment of Omega,» CEO Raynald Aeschlimann wrote in response to a query from NZZ.
«After we confronted them with the facts, they confessed to acting fraudulently and criminally. We are now working to reconstruct everything down to the last detail and also to pin down (probable) external accomplices.»
The company will take the case to court as soon as possible, Omega CEO Aeschlimann writes. The company is not disclosing what exactly is wrong with the watch, because of the ongoing investigation.
However, the fact that the escape wheel bridge with the serial number has been replaced has been confirmed. «The bridge was not made by Omega and was not original to the factory», Aeschlimann writes. A layman would probably consider the watch a forgery.
Confronted with Omega's statement, Phillips reacted with surprise. According to the auctioneer Bacs, there had indeed been new information after the auction that the bezel and other parts had been replaced. «But the spare parts were, to our knowledge, exclusively original Omega parts, which is why the authenticity of the watch is confirmed according to the official Omega definition. No one has suggested so far that some parts could be forgeries.»
Phillips has not yet given any public statements: «We have not had the opportunity to read and study Omega's claims, so we cannot yet comment on this development.»
As I can see it, there are many unanswered questions, and maybe others to blame —for the sale of a ‘frankenwatch’— in addition to those three former employees that Omega’s CEO Raynald Aeschlimann has called out.
I can only wonder how many of the watches sold at auction are indeed all correct, not ‘frankenwatches’ or not necessarily misrepresented as far as the watch goes or its provenance. I always say when it comes to watches sold on watch forums, always buy the seller; however, when it comes to watch auctions, you never really know.
For a long time, allegations had been made about the auction house Antiquorum selling ‘incorrect frankenwatches’. Some of these allegations have been proved wrong and others sadly are true.
Every time that I follow these watch auctions, I always ask myself, how many of the watch brands are bidding on these watches just to hype them up or set records at auction in order to add value to their brand? I also ask myself, who at the auction houses is really vested in authenticating and inspecting the watches that come from unscrupulous consignors? Can we still trust these watch auctions at all?
For now, I know that the record-breaking Omega Speedmaster ‘Broadarrow’ ref. 2915-1 from 1957 is a ‘frankenwatch’ and we are now told by Omega that three former employees are to blame. I leave asking one last question:
Wasn’t it Omega who bought this watch for their museum or was it someone else?
