This week, an article in Swiss media caught my attention. An aerial view of the COSC lab in Le Locle. Screenshot from YouTube account SWISSKY. On Monday, the criminal trial of a 37 year old man began in the watchmaking hub city of La Chaux-du-Fonds. Allegedly, the defendant trafficked in marijuana. But what really drew my attention was the prosecutor's charge that "Boris" (the pseudonym given to the defendant in the case) had also trafficked in stolen watch parts.
I read a bit more and the allegation is that Boris participated in a robbery in Le Locle at one of the Contrôle Officiel Suisse des Chronomètres (COSC) labs. I was surprised to read about this because I'd never heard about it before. As a reminder, COSC tests watch movements for accuracy and certifies them as "chronometers" if they pass the test. The process goes roughly like this: 1) a brand delivers movements to COSC for testing, 2) testing takes place, 3) chronometry certificate is issued (or not) and 4) movements are returned to the brand for final casing and distribution.
I wanted to learn more about the theft. After a little digging, it appears to have been a September, 2022 heist covered by the news publication Le Temps and others. The total value of the stolen movements was estimated at CHF 413,000. In 2023, the victimized business requested anonymity in the court proceedings. But, based upon some demographic characteristics of the "mastermind" described in both articles, I believe this is the COSC robbery which "Boris" is charged with (in addition, I contacted COSC to see if they wanted to offer a comment for this story and they responded that since the trial is ongoing they would prefer to not comment, this response is consistent with my assessment).
How many movements were stolen? If we use a market value of CHF 3,000 per movement (current price of a used Rolex caliber 2236, Rolex is a COSC client) then somewhere around 130 movements may have been stolen. Online photos suggest these movements are stored in trays of 20, roughly, so the theft may have been seven trays or so (if a more expensive and complicated movements were stolen then the number of pieces involved would be lower). It's not hard to see why the thieves viewed the movements as a convenient target (nevermind the fact that stolen movements may be a bit more difficult to trace if they are sold to the public). (*post update, I recently reviewed an additional article which indicated the theft involved 800+ movements, which would be closer to 40 trays).
Hats off to the authorities for catching and prosecuting those who were likely involved in the theft. I couldn't help but wonder if this heist at least partially motivated some of the more significant changes we've seen in the chronometer certification landscape. Vintage Zenith promotional material featuring their chronometry achievements in German. The Zenith factory is located just down the street from COSC in Le Locle. For example, Rolex (via Tudor) and Omega have moved some of their chronometry testing to the Swiss Federal Institute of Meteorology (METAS) process. No doubt, part of the attraction of using METAS is that at least one brand has been able to carry out testing in their own facilities rather than shipping movements offsite for testing. In addition to convenience, on-site testing means that a brand can rely on their own security infrastructure to protect their property.
COSC has recently been far more active in promoting their services. For example, during Geneva Watch Days, they had two "benches" set up which allowed visitors to adjust a watch and see how those adjustments impacted accuracy. This kind of more public activity will, no doubt, perpetuate the institute's longstanding role in the the watch industry. It is fair to say that, without COSC, collectors would have been hesitant to pay the Swiss watch price premium. As an economist, I also believe that independent certification processes like those offered by COSC are far more credible than some of the "self-certification" schemes which have recently emerged. While competition in this space is good for everyone, there is also something to be said for perpetuating the longer standing traditions and methods of chronometry certification.
Boris's trial has concluded and the verdict in his case will be handed down in the near future.
My book on the history of Rolex marketing is now available on Amazon! It debuted as the #1 New Release in its category. You can find it here.
Vintage Zenith promotional material featuring their chronometry achievements in German. The Zenith factory is located just down the street from COSC in Le Locle.
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Last week, Icebox / Swiss Watches GA, a third party retailer of pre-owned watches, officially acknowledged receipt of a lawsuit filed by Rolex USA in the US District Court for the Northern District of Georgia - Atlanta Division. A screenshot of the Icebox / Swiss Watches GA retail location Source: Rolex's legal filing. The cause of action for Rolex's lawsuit against Icebox / Swiss Watches GA is "Trademark Counterfeiting, Trademark Infringement, False Advertising, Designation of Origin, Descriptions, Representations, and Unfair Competition." I've previously covered lawsuits of this sort filed by Rolex against independent retailers who sell modified watches. But this one is an order of magnitude different. Icebox / Swiss Watches GA has some very high-profile clientele. For example, a YouTube video from five years ago entitled "Post Malone Buys Rolex For 21 Savage & Autographs A Bugatti!" has over seven million views (the video content is pretty ...
This may not come as a surprise, but I do not read German-language newspapers on a regular basis. Dial of a vintage Omega Constellation, pie pan. I am, however, keenly interested in a scandal involving the Swatch Group and a "Frankenwatch" Speedmaster which was sold at auction a while back for over $3 million. I won't go into all the minute details here, but the punchline is that Swatch Group bought the watch only to discover that some of its own employees may have been part of a conspiracy to assemble a watch which would be quite rare and important if it were authentic. But, apparently, it was not authentic. When the deception was uncovered, various people who were part of the "inside job" lost employment and, reportedly, legal authorities were notified in Switzerland. I originally wrote about this in 2023, you can read my coverage here . There's been excellent reporting on this matter from many sources (see, for example, this story from Bloomberg). ...
We're certainly not suffering from a shortage of coverage when it comes to Rolex's recent launch of an entirely new product line: the Land-Dweller reference 127334 (steel, there are also precious metal versions). I've read much of this coverage and I will do my best not to repeat it here. Instead, I hope to share a few takes that you may not have seen elsewhere, including evidence that the watch's design heritage extends in directions that are overlooked. So let's get into it. To begin, the Land-Dweller is undoubtedly attributable to the leadership of CEO Jean-Frédéric Dufour, who took the reigns of the brand in the summer of 2015. According to an expose by Bloomberg (more on that later), development of the Land-Dweller began roughly five years ago, a handful of years after Dufour took over. There have been many, equally significant releases by Rolex of late. For example, 2023's "emoji" Day-Date was arguably a bigger "mic drop" than the Lan...
Practical Visual C++ runtime support MSVCP120 assists in repairing broken dependencies, preventing recurring DLL errors, and helping both older and modern applications run reliably without repeated reinstalls or unnecessary system modifications.
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