Omega: Former Employees Behind $3M Fake Speedmaster

The iconic watchmaker alleges 'organized criminal activity'
By Steve Huff,  Newser Staff
Posted Jun 13, 2023 2:59 PM CDT
Omega: Former Employees Behind $3M Fake Speedmaster
An Omega Speedmaster Moonwatch in black ceramic.   (AP Photo/Keystone, Georgios Kefalas)

According to iconic Swiss watchmaker Omega, a trio of former employees colluded in 2021 to auction a fake Speedmaster for a record-setting $3.4 million—and the buyer wasn't a well-heeled individual collector, but Omega itself. CNN reports that the Speedmaster model in question appeared to be a rare 1957 chronograph touted by the Phillips auction house as among the "very first—and most collectible—Speedmaster models." Omega purchased the watch intending to put it on display at the company's museum, believing it to be "rare and exceptional" and a "must for OMEGA’s showcase collections."

Robb Report indicated that the timepiece appeared to be a flawless, inaugural model of the legendary Speedmaster, down to Omega's distinctive "Broad Arrow" style of hour hand. The watch's metal bezel tachymeter, "tropical" dial, and oval "O" were pure Omega styling, immediately recognizable to any knowledgeable collector. Instead, it was actually a patchwork made from mostly authentic parts, says an Omega spokesperson. The seemingly fresh out-of-the-box original Speedy was in reality a "Frankenwatch," per the Robb Report.

Watch enthusiast website Hodinkee credited an April report from Perezcope with revealing the con job and said that some experts had questions about the watch from the time it was auctioned two years ago, noting, for example, that the bezel (ring around the watch face) was from a different model. In a statement given to CNN, Omega said that the three ex-employees "admitted to the run of events when confronted during an OMEGA internal investigation." That investigation is "active and ongoing," and the company intends to bring "criminal charges against all involved.” (More Omega stories.)

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