The Omega scandal: How a fake Speedmaster was sold for 3 million euros

Omega counterfeits Omega

Looking back, November 5, 2021 is a date that the watch manufacturer might not like to remember. The Swiss auction house Philipps sold a (alleged) Omega Speedmaster Tropical Broad Arrow from 1957. Phillips estimated the value of the watch at 80,000 to 120,000 francs. But in the course of the auction, there were quickly millions of bids from all over the world — until lot number 53 finally went to China for a price of 3.115 million francs.

The record auction was initially held by Philipps and Omega hailed as a sensation. But disillusionment set in in June 2023. Experts had examined the watch and found out that the timepiece was In reality around a “Frankenstein” watch , which was made from a mixture of largely authentic parts from other vintage watches. Jose Pereztroika from Perezcope.com, whose passion is verifying the authenticity of luxury watches, had already made public numerous discrepancies with the watch in April 2023 and revealed it as Frankenstein. It showed that the components did not match, from the serial number to the bezel to the movement.

Die Swiss newspaper NZZ investigated the case and discovered that the Omega had already been offered at an earlier stage by a watch collector and dealer from Bern for 50,000 francs. However, he did not find a buyer because the watch was obviously assembled and the components had discrepancies in many places. But: The rare, faded brown dial was original and would actually make the Omega Speedmaster very valuable. At least if the rest of the pieces would fit.

In the gears of the watch market

That's why another watch collector thought it would be worthwhile to remove blemishes such as the bezel or the second stop indicator. One problem, however, was the incorrect serial number. The fraudster needed either a work that dates back to the right time or a new serial number.

Changing these is generally feasible — but only if you know which numbers actually match the years 1957/58. This was apparently made possible by a contact person at watch manufacturer Omega himself, who issued a suitable serial number for the counterfeit: 15,500,066.

But that was not all: After completing the “Omega Cheatmaster”, the contact person, the former director of the Omega Museum, had bought the watch himself on behalf of Omega under the pretext that it was a rare and unusual copy that was an absolute must for the collection. In addition, other Group employees who had helped manipulate Omega were probably involved in the case. All three are now also being investigated under criminal law; none of the defendants is still working for Omega.

Speedmaster — a legend

The Omega Speedmaster is so popular because it is an almost iconic watch model. Because when Buzz Aldrin set foot on the moon on July 21, 1969, he was wearing a Speedmaster on his wrist. Since then, the model has also been known as the “Moonwatch.” In 1965, NASA chose the Speedmaster as the official wristwatch for astronauts. It was the only one that passed all tests, including withstanding weightlessness and magnetic fields, strong shocks and temperatures of -18 to 93 °C. The Omega Speedmaster has not only made history, but has forever secured a place in the hearts of watch lovers and collectors thanks to its timeless, modern and practical design. The same applies to the Omega “Snoopy” editions, which have now established a kind of subculture within the Speedmaster fan community and are often sold out on the day they are announced.

There are various variants and editions of the Speedmaster, such as the classic Moonwatch, the Speedmaster Professional, the Speedmaster Racing and limited editions with special features or collaborations. Each variant can have its own price dynamics — provided that the watch is — in contrast to the 3 million “Cheatmaster” — in original condition.

Iconic investment watches from Omega

It is true that there are sometimes disagreements among collectors as to when a vintage watch is original, when authentic and when counterfeit. In general, however, used luxury watches are only particularly valuable if they are as original as possible. For example, service work or repairs must have been carried out by the watch manufacturer itself or by authorized specialists using original parts. If a watch consists of parts that are original from the time but from different watches, this reduces the value.

Collectors and watch fans should therefore seek expert advice before making a purchase, or digital shares of almost “unaffordable” luxury watches consider that have already been tested for origin, quality and market value. Then there is actually nothing standing in the way of a watch investment as a sometimes very profitable portfolio addition. For example, the selling price of selected Omega watches has developed very positively, as an evaluation by WatchCharts shows: The Omega index has increased by over 20% over the past three years (as of June 2023).

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