$3m Speedmaster is a FAKE - former OMEGA employees investigated!

In an incredible piece of investigative journalism by Jose Pereztroika (AKA Perezcope), a record-breaking Omega Speedmaster purported to be from 1957 that sold for $3.4m in 2021 has been revealed to be a fake/franken-watch.
Furthermore, in a statement issued this week OMEGA says that 3 former employees of the company were behind the fraud.
Check out the Perezcope website to get all the details perezcope.com/
Let me know your thoughts in the comments and you can also join in with the conversation and post your wristshots on the Escapement24 Discord server here / discord
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#omega #fakeomegaspeedmaster #speedmaster57 #watches #omegamoonwatch #breakingnews #escapement24

[@christiandulaney1638]

the internet is undefeated!! Imagine there being one man who just happened to have high definition images of the exact dial, and meticulously went through and found confirmation in the most "insignificant blemishes" of the dial. Crazy!

[@Escapement24]

I know, right 🤯

[@mojaal]

This is why I avoid vintage watches over four figures. When brands and experts in auction houses get fooled, we plebs have no chance.

[@Escapement24]

Completely agree...I wouldn't have a clue whether a vintage watch was fully original, knowledge like that is often built up over years

[@-mynameisnobody]

absolutely, I own about 10 watches from the 60's and 70's. never spent more than £500 each!

[@rosomak8244]

They are not getting fooled. They are willingly closing both eyes.

[@jeanlefranc3817]

Bottom line, which is not really a surprise : 1) Auction houses have one sole focus in mind : their P/(L). They are not charities, this should be remembered 2) these are watches produced in factories, not Michelangelo paintings. Be it a Speedmaster, a Daytona or a 5711, there is absolutely no reason these objects (though very nice) should command multi million dollar prices. Sticking to these two simple rules should make the collectors safer and happier. Ok, Aurel Bacs might disagree. Fine.

[@helenrushful]

Watch making/collecting probably has the biggest concentration of nerds of any industry, it’s incredibly stupid to think you could get away with something like this.

[@michaelfierman3256]

Though it does certainly seem that Omega had everything to gain by this setting a record for them and burnishing their brand ( not that it needs burnishing, but "Rolex Envy" comes to mind), I can't see them being behind a sordid plot like this. But what I want to know is who actually pocketed them money from the sale? Was it the folks being accused that you mentioned? An associate of theirs? That seems quite likely. We haven't gotten the full story. I listened to a podcast, perhaps Hodinkee last year interviewing Jose, and it truly was fascinating. He clearly has a photographic memory combined with being a stickler for the tiniest detail.

[@Escapement24]

Phillips need to come forward with details of the seller as this is a key piece of evidence in the investigation. My understanding is that they are currently refusing to do so for reasons of "client confidentiality".

[@PeteMcConvillWatches]

I think the chances that Omega would be party to something that would/could end up in criminal charges to publicise a watch release is fanciful. OTOH, an employee with knowledge of an upcoming release using that knowledge to strengthen the business case for his employer upping the budget on a watch purchase that he stood to gain from? 99.9% likely. For me the most stunning bit of news is that despite the clear criminality involved, Phillips wont divulge the identity of the seller - thats unforgiveable.

[@Escapement24]

I'm with you on this Pete. While it's a remarkable coincidence that Omega had the motive, the method and the opportunity, I can't see Omega's board sanctioning an illegal act for PR purposes. But a small group within the organisation thinking that they're doing it for the corporate good with the mindset that "no one will ever know"? Maybe 🤔 Stranger things have happened.

[@Hyperborean_2]

Behind the stages that was money laundering

[@wagsbass]

So is the $18 M Paul Newman Daytona

[@borassictime918]

The whole fiasco begs many, many questions 🤔, not least around what steps were taken to verify the watch, who determined what these steps were, who certified the bona fides of the watch and how, what the approval process was at Omega to sign off the $millions budget to buy it, how was the bona fides of the ‘seller’ checked, what provenance (if any) was provided to Phillips, were any documents forged or falsified…the list of questions is endless when you start to think about it. Some might see this as a conspiratorial stunt, but remember the reputational damage to Phillips is immense and is potentially far more serious for Omega, plus a criminal investigation has been instigated, which means the police are involved. You might argue there’s no such thing as bad publicity, but these things have a habit of developing their own momentum, which soon rolls out of control. One think is certain; criminal fraudsters’ chief weapon is plausibility. They are actors who play a part so well that they succeed because you would never suspect them.

[@Escapement24]

All great points 👍 The thing is, you could well imagine a scenario whereby Omega or some of their current/former employees might have justified this to themselves by thinking they weren't committing a crime against any third party - they themselves are the victim, the auction house still gets paid, no one gets hurt. All the publicity gain was in the watch selling for a multi-million record. Job done. It's conceivable that they may not have imagined for a moment that anyone would ever suspect the watch wasn't genuine...I mean who would question it's legitimacy if Omega themselves were willing to buy it? The fact that they never put it on display in the museum is in itself very strange. Were they embarrassed about exhibiting what they knew to be a non-genuine item, and didn't want it on display to minimise the risk of anyone getting a close look at it? So many questions that will probably never be answered.

[@osobad1127]

“We would have got away with it, if it was for those damn kids on the internet!”

[@Escapement24]

😂😂😂

[@aussieexpatwatches]

Omega are responsible, they had every incentive, and yes... it was them...

[@Escapement24]

They definitely had a lot to gain....and $3.4m for Swatch Group wouldn't be a lot to lose 🤔

[@-mynameisnobody]

indeed, a small number of top employees/former employees producing the piece, submitting it for sale, convincing the board of the company they must buy it at any price. Having someone in the room counter bidding (no collector in their right mind would bid 8x over the previous sale record for a similar piece) knowing the company will raise to almost any price. Resulting in the piece being stored in the company's museum. Who will ever know right? They may even had someone from the very group inspecting the watch presale and declaring it legit!

[@Escapement24]

I believe that Omega did provide some records from their archive prior to the auction that seem to support that the watch was genuine, though they stopped short of providing a certificate of authenticity. For me the timing is also incredibly coincidental - they would've known that this Speedy selling for $3m+ would generate headlines and increase the desirability of the Speedmaster shortly before they launch a modern interpretation of this very watch (even named the 57).

[@Escapement24]

As an example, since all this came to light and after looking at the pictures of the watch that was auctioned, even I've found myself looking at the Speedmaster 57 with admiration again....and I bet I'm not alone.

[@jomon723]

Stinks to High Heaven 👺

[@rosomak8244]

You are spot on. It is all most likely just a marketing stunt. Watches are not that expensive to make as the Swiss would like to have you believe.

[@allenren3678]

Regardless that's a good looking watch

[@Escapement24]

It's gorgeous...just not what it was presented as at auction

[@marko8698]

Very cynical 😂

[@Escapement24]

What could you possibly mean?! 😂