Record-Breaking Vintage Omega Speedmaster Under Investigation for Alleged Criminal Activity

A vintage Omega Speedmaster, the ref. 2915-1 “Broad Arrow,” that achieved a record-breaking sale of $3.4 million at Phillips in November 2021, is now at the center of an investigation involving alleged criminal activities. The investigation includes three former Omega employees.

The news came to light in April when Perezcope published findings related to the tropical Speedmaster. However, on June 1, Zurich newspaper Neue Zürcher Zeitung (NZZ) disclosed a criminal chain of events leading to the appearance of a “Frankenstein” watch at an auction. The watch, made of disparate parts from various vintage Speedmasters, was allegedly a result of an organized criminal effort involving a group of conspirators, including the former head of the Omega Museum and Brand Heritage, who were former Omega employees.

According to NZZ, it all began a few months before the watch was auctioned in Geneva, when a Swiss dealer attempted to sell a Speedmaster with a beautiful tropical dial that was composed of incorrect parts that did not fit together. Another dealer stepped in and started sourcing period-correct parts for the watch, matching the date when the dial and case would have been produced.

The collusion allegedly involved one dealer based in Fribourg, Switzerland, and another Swiss dealer specializing in spare parts, both of whom conspired with the former Omega employees. With access to Omega’s archives, one of the former employees allegedly identified a suitable movement number for the watch and sourced a new movement bridge engraved with that number. The watch was then presented at auction with an Omega Extract from the Archives, listing a movement number matching the one on the new bridge. A full Certificate of Authenticity was not provided at the sale.

In addition to the movement bridge, a new bezel and chronograph seconds hand were added, and the dial and hands were relumed to resemble radium, as would have been correct for the period. Omega later disclosed that it purchased the bezel from another Speedmaster sold at Phillips in 2018 for its Museum.

Phillips, the auction house, stated that they thoroughly examined the watch for authenticity before the sale, and no concerns were raised at the time. However, questions about the watch’s originality were raised by some dealers and collectors around the time of the auction.

After the sale, Omega publicly announced that they had acquired the watch at Phillips, convinced of its historical significance and rarity by the head of the Omega Museum. Omega stated that the watch was the subject of a heated bidding war involving bidders from Oman, Texas, and China, with a Chinese bid ultimately winning.

Omega CEO Raynald Aeschlimann confirmed that they confronted those involved with the evidence of fraudulent and criminal activity, and all parties admitted their wrongdoing. Omega has stated its intention to press criminal charges against those involved.

Phillips claimed that they were unaware of the alleged criminal activity when the Speedmaster was auctioned. They have not disclosed the identity of the consignor due to confidentiality obligations. As of June 9, Phillips stated they had not been contacted by legal authorities, but they are prepared to comply if necessary.

Phillips emphasized its commitment to rigorous due diligence, authenticity research, and KYC protocols. They ensure that all watches they offer for sale are authentic in every aspect and made by the original manufacturer at the time of creation.