Omega Speedmaster ref 2915-1 sold for a record-breaking price of 3.115 million Swiss Francs at a Phillips auction in Geneva.
The watch turned out to be fake, revealing a major case of fraud and deception in the watch industry.
Omega's Museum director was involved in the fraud and encouraged Omega to buy the watch for over three million dollars.
🔑 The Omega scandal broke worldwide news and Omega bought the watch.
🕰️ Understanding the difference between proper watch restoration and fraud.
🔍 Expert opinions and the challenges of authenticating watches.
⌚️ There was a scandal involving a modified watch with a perfect scratch on the dial.
🔍 Experts noticed that the loom on the watch did not deteriorate correctly, indicating tampering.
💰 The modified watch was sold at a high price, not due to marketing, but because it was acquired by a museum.
🔍 A rare and valuable watch with a clean dial was sold for millions of dollars, raising suspicions.
🧐 The watch was found to have a modified dial and bezel, indicating fraud and involvement of multiple individuals.
⚠️ Omega conducted an investigation and discovered that three former employees were responsible for the fraud.
🕰️ The scandal involves internal fraud within the Omega brand.
💼 The trustworthiness of the people involved in creating and selling the watches is questioned.
💰 Auction houses like Phillips are accused of auctioning fake or modified watches.
💰 The instant part is about the significant amount of money involved in the watch market and the consequences of missing crucial details.
🔍 Fraud exists in the auction industry, including the watch market, and mistakes can have a severe impact on brands and their reputation.
⌚ Buyers bear the responsibility of ensuring the authenticity of watches when purchasing from auction houses.
💰 The Omega scandal involves fraud committed by the company.
🔥 Omega's reputation and brand image may be slowly damaged.
💰💼 The buyers of expensive watches, particularly from the Middle East and China, are often wealthy and unaffected by the scandal.
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