The Swiss luxury watchmaker Omega claims it was the victim of “organized criminal activity,” and three of its former employees have acknowledged collaborating with middlemen to allegedly sell a counterfeit Omega Speedmaster watch for $3.4 million.
At a Phillips auction in Geneva in November 2021, Omega themselves purchased the watch for 3.115 million Swiss francs, or 25 times the auctioneer’s top projected price.
High-ups at Omega believed the watch was a “rare and exceptional timepiece that would be an absolute must for OMEGA’s showcase collections,” according to a statement provided to CNN. Omega had planned to display the watch at its museum in Bienne, Switzerland.
The item was described by Phillips as one of the “very first—and most collectible—Speedmaster models” and was believed to be a 1957 stainless steel chronograph timepiece with Broad Arrow hands.
Three former workers “have confessed to the series of events when confronted during an Omega internal investigation
The watch, which was acquired through “intermediaries,” turned out to be a “Frankenstein” creation made up of “mostly authentic Omega components,” Giovanni Alegre, senior communications manager at Omega, confirmed.
“OMEGA and Phillips were the joint victims of organized criminal activity involving the selling of this specific watch by auction,” the statement added.
“This timepiece is currently a key piece of evidence in the ongoing investigation that must also bring to light the seller of the watch.
“Its false legacy allowed the profiteers to justify a highly inflated bid made through the intermediaries, which allowed those involved to collect and distribute the profits generated from the sale.”
Three former workers “have confessed to the series of events when confronted during an OMEGA internal investigation, which is active and ongoing,” the business said. All those involved are being charged criminally by OMEGA.
The Omega Speedmaster Ref. 2915-1, lot 53 was sold at auction in November 2021
The Omega Speedmaster Ref. 2915-1, lot 53, which was sold at auction in November 2021, was the target of organized crime, a Phillips spokesperson said.
“The watch was bought by OMEGA for the OMEGA Museum and we understand from OMEGA that it has discovered that the watch is composed of unrelated parts from various sources and that OMEGA employees may have been involved in assembling the watch.
“We look forward to seeing the outcome of OMEGA’s findings and will of course be cooperating in full with any resulting investigation or prosecution of the perpetrators by the authorities,” Phillips added.
In response to a question on the seller’s identity, the auction house stated that it would assist law enforcement “if and when this information is requested by a legal authority.”
The history of Omega’s Speedmaster timepieces is illustrious: The Speedmaster chronograph wristwatch, which was immortalized in a now-famous photograph of Buzz Aldrin, was the first watch to be worn on the moon in 1969.
Rory McIlroy, George Clooney, and Ryan Reynolds have all been seen sporting Speedmaster clocks.
