This is nothing but a SCAM in which watch makers collaborated with the auction houses to artificially jack up prices. Their action is similar to the circular-trading that attracted huge fines for perpetuators. I am hoping the watch companies are penalized too. These watchmakers typically use their own "museum" as a 'front' to cover up their shameful act. Immediately after WSJ article, Omega came up with full-page ads in major newspapers where they clearly mentioned that their 'museum' bought the watch! I understand Omega will like to disclose this news specially now that this has created very bad press for them. Their ads are like a confession of their crime. The WSJ article has tainted high-priced watch makers. As it was among the top-5 articles on the date it appered, I am sure thousands of people would have got to know of this scam.

This scam is likely to taint the Brand Ambassadors of these watches too. How can they associate themselves with these scam companies?

While I feel disgusted with their actions, I am also amused that the watchmakers short-changed themselves. If it is all artificial, why not go over-board? Instead of $350K, I wonder why they did not but their own watch for $3.5 million?

Ryan & Jeff - you are primarily motivated by self-interest, and not what is right. I have a gut-feel that you are from Omega's PR Dept. You both collect high-priced watches and are scared that this scam might affect your collection's prices. I dont have axe to grind as I do not own (and neither desire to own) any such price-inflated-watches. I see this issue as a criminal act by Omega and other luxury watch-makers.

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