Maybe I am missing the point but for Omega to be able to command bragging rights for a record price for an item that they purchased seems a bit hollow to me.
I can totally understand somebody up the chain being hoodwinked by someone they believed to be the expert.
Maybe I am missing the point but for Omega to be able to command bragging rights for a record price for an item that they purchased seems a bit hollow to me.
I can totally understand somebody up the chain being hoodwinked by someone they believed to be the expert.
Color me skeptical. Omega has been known to cut corners before, see 2007 OmegaMania. There were several watches in that auction that were obvious redials that were not disclosed. Some were quietly purchased by Omega, some were not.
I like their historic watches, but today’s company is not what it once was.
gatorcpa
Yes, the idea that they conspired with their own employees, and some known to be shady dealers, and paid a record amount just for bragging rights, is nonsensical.
I don’t believe that Omega had a whole lot to gain from this. I don’t believe that they have ever really tried to capitalize on this sale with some big PR or advertising campaign. The new 321 was already in demand, so there’s really little in the way of gain here. It’s not like we saw the values of all vintage Speedmasters jump up because of this one anomaly of a sale. Even hard core collectors here saw it as just being a one off.
It just doesn’t make any sense...
I think there’s potentially two separate but related things happening at the same time:
1 - a conspiracy to build a watch and sell it for a lot of money.
2 - some sort of bidding shenanigans by the Big O. Publicly they stopped bidding through the named person at 600,000CHF. If they wanted just wanted to buy it, why did they have someone bidding against them who was ultimately buying it for them?
There’s more than a little weird nonsense going on.
As to the bragging rights/nonsensical comment - you’re not wrong, however I’ve worked in Comms and marketing for a long time… and I have seen a lot of really stupid stuff done in the name of marketing/bragging. Dumb knows no limits
Dumb knows no limits
P PerJ2 Perhaps the head of the museum was thinking to go to 600 as planned and the other accomplices in the scheme screwed him by going way beyond as they knew he had a carte blanche. One of the employees is very high up in the hierarchy at Omega and could without a doubt register as a buyer on their behalf.
Just speculating. Or he just wasn’t that comfortable bidding that crazy in the room. They would still have made a lot of money if it hammered at 600k and they would probably been able to continue their work. And potentially prepare and sell/buy more pieces. Now someone got greedy instead.
I’m not sure your “then and now” company comparison is really fair. When you refer to the “then,” how far back you does one need to go from your perspective to when the company was mostly squeaky clean? As you’re well aware, the luxury watch market today cannot be compared to years ago. There is much more interest, expense, status and finances involved now than ever before. Things are much more competitive and cutthroat. I’m sure it’s a way bigger company than years ago, and certainly harder to police all employees. Then there’s the issue of cultural morality and ethics slippage in general. They don’t really come off as a bad actor in my book. They never went after two women who made kid’s clocks for copyright infringement like another douchey company. So there’s that…
Correct. IMO Hanlon's razor is in full effect here...
"Never attribute to malice that which is adequately explained by stupidity."
Even if there were "bidding shenanigans" to clearly say that was a plan on Omega's part, or that they were directly involved in this whole creation, is a stretch.
You’re assuming he had the ability to spend whatever he wanted - I do not believe that to be the case.
The suggestion that someone whose role has nothing to do with acquisitions for the museum could register as a buyer seems unrealistic.
I’m repeating myself here - but there is more to this than the carefully constructed press release from Omega states.
P PerJAccording to the news this watch was to be bought at any price. If the head was part of the group the co-conspiriators could very well have access to the Phillips account to place bids.
It is very easy to see who benefitted from this. Hint; it is not the party that paid 5-10 times what the watch was worth. 😀
f they weren’t involved, then why have the Head of Museum bidding and a Chinese intermediary?
If the HoM was allowed to bid whatever he wanted - why did he stop at 600k, and why did they keep bidding through Proxies?
It does not make sense.
If the HoM was allowed to bid whatever he wanted - why did he stop at 600k, and why did they keep bidding through Proxies?
It does not make sense.
P PerJAnd someone else got greedy and wanted five times more.
And five times the buyer’s fee too?
As I said before, no one has clean hands here.
gatorcpa
P PerJThey consigned a nice watch and made a poor deacription.
I hope the truth is revealed some day, but I know better.
