Watch Industry SITREP - August 2026

The Punisher Wears a Sangin, Rolex Boutique “Fails” to Spot Counterfeit, Fighter Pilot Watch Spotting, Rolex Pricing at Pre-Pandemic Levels, a Doxa Honoring San Diego Frogmen, a Cool But Pricey Blancpain, & Plenty of Watch Crime 

By Benjamin Lowry

As summer draws to an unwelcome close and the pumpkin spice-wielding hordes loom ever darker on the horizon, we sincerely hope you packed in the best of the warmer months before we collectively begin a reluctant gear shift into spooky season.

At W.O.E., we stay on our grind, and August’s impending terminus signals that it is once again time for the monthly download of espionage and watch-related current events, new releases, luxury watch crime, and anything else we deem worthy of your attention, all compiled into what we call the SITREP, or Situation Report. Incredibly, the SITREP is now over two years old, proof positive that W.O.E. doesn’t read my writing closely enough, or this probably would have been canceled long ago… 

In any case, the past four weeks or so offered a whole lot to unpack, including a surprisingly convincing counterfeit Rolex making the media rounds, some challenging fighter pilot-related watch spotting, a watch close to our hearts in one of history’s biggest films, intriguing Rolex business news, Doxa and Blancpain new releases with W.O.E. appeal, and, as always, plenty of watch-related crime. 

You already know what time it is. It’s SITREP time. 

The Punisher Wears a Sangin in Spider-Man: Brand New Day

Jon Bernthal as the Punisher, wearing a Sangin Neptune. (Photo Credit: GQ)

Unless you’ve been living under a Faraday-equipped rock, you have been made aware of the meteoric rise of Spider-Man: Brand New Day, the new film starring Zendaya’s husband that has already amassed a staggering $2.2B at the box office, officially the second-biggest US film release in history at the time of writing. That’s all well and good, but for the W.O.E. community, it seemed a bit of a who cares situation. All was not as it appeared, however, and educated viewers quickly noticed an intriguing timepiece on the wrist of the Punisher, portrayed by Jon Bernthal. Hollywood doesn’t always get it right, but they nailed it this time, shining a well-deserved light on a brand close to our hearts. 

We could be wrong, but the Punisher’s Sangin appears to be the SOF exclusive version of the Neptune with a green bezel insert.

The watch was the Sangin Neptune, produced by our friends at Sangin Instruments, a brand founded by former Marine Raider Jake Servantes in 2016. The Punisher’s character is a former Raider, and the version of the Neptune worn onscreen appears to be a special version with a distinctive green bezel insert reserved for SOF, including Special Forces, SEALs, and Marine Raiders. We love to see it, and serious kudos to whoever the watch-educated propmaster was who made it happen. To learn more about Sangin Instruments, click HERE. 

London Rolex Boutique “Fails” to Spot a $500 Counterfeit 

Even the movements in high-end replicas are near 1:1 copies of the real thing. (Photo Credit: WIRED/Watch Collecting)

We have spoken at length about the rise of so-called “super clone” counterfeit watches, and W.O.E. even went so far as to personally explore a counterfeit market buried deep in Dubai last year. The TLDR version is that some fake watches (priced from $500 to $1,000 or more) are now so convincing that, at least according to internet lore, even the brands struggle to recognize them. WIRED recently put the theory to the test by purchasing a few of the more highly regarded counterfeit Rolex watches using insights gleaned from the online replica watch community, which is very much a thing. It’s an interesting article/video, and the results were somewhat surprising. 

A WIRED writer, Jeremy White, went so far as to take one of the replicas to a Rolex boutique in London to have its bracelet adjusted, a seemingly surefire way to have your fake watch busted by experienced hands and eyes from within the Rolex organization. As it turned out, this particular set of boutique employees cheerfully adjusted the bracelet and congratulated the owner on their beautiful Rolex watch before graciously sending them on their way. While adjusting a bracelet isn’t the same thing as disassembling a movement for a closer look, it’s still an unsettling sign that these super clones are now close enough to the real deal to pass even a more in-depth sniff test from an educated, hands-on observer. 

Two of the counterfeit watches from the WIRED article. (Photo Credit: WIRED/Alistair Charlton)

That said, as WIRED’s piece (read HERE) concludes, wearing a counterfeit watch will never offer the same experience as the real thing, and the enthusiasm for these fake watches feels misplaced. We agree wholeheartedly, and would also argue the massive industry producing these high-level counterfeit timepieces is undoubtedly connected to transnational criminal syndicates involved in more dubious and troubling lines of work, probably not the kind of thing you want to help fund, unless you’re into that kind of thing…

USMC Fighter Pilot/Thai Royal Fighter Pilot Watch Spotting - Extra Hard Mode

Intriguingly, the past month offered two separate instances of fighter pilot-related watch spotting where we could use the collective assistance of the W.O.E. community, though we have our theories. First up, a US Marine Corps pilot, Major Jackson Simon, was lucky to survive after ejecting from his F-18 Hornet just before the $67M fighter jet crashed into a mountainside near Rimrock Lake in Washington state. The crash took place on 13 June, but it was police bodycam footage from an officer responding to the scene that made the news more recently and captured our attention for a couple of reasons. 

In an earlier pre-ejection photo of Maj. Simon from 2023, the aviator appears to wear a watch from the pilot-centric Wingman Watches, with an F-18 on the dial. (Photo Credit: USMC)

Number one, as a battered and bloodied Maj. Simon approaches the responding officer; he is cool, calm, and collected despite the near-death experience. Apparently, being as cold as ice helps if you’re a fighter pilot. And two, in the footage, the major appears to be wearing an analog chronograph watch of some sort, potentially even on a nylon pull-through strap. This had us stumped at first, but after searching the internet for more photos of the Major (W.O.E. found this one, for once), we found a shot where we could identify Simon’s watch as an F-18 unit watch from Wingman Watch, a brand specifically oriented around aviation watches and military unit projects. Is this still the watch on his wrist during the ejection? It’s hard to be sure, but it sure looks like it… 

Whatever his current watch is, Major Simon has now also earned the right to purchase one of the most exclusive watches in existence, the Bremont MBI, produced in a red case variant exclusively for pilots who have survived an ejection seat deployment and engraved with their individual ejection sequence number on the caseback (subtle flex).

Could Queen Suthida’s watch be an IWC Doppelchronograph? (Photo Credit: The Straits Times/The Hodinkee Shop)

Using a segue you don’t hear every day, in royal fighter pilot news, Thai Queen Suthida Bajrasudhabimalalakshana is currently enrolled in a Gripen fighter flight-training program that will see her qualified as a fighter pilot by the Royal Thai Air Force. Queen Suthida is no stranger to aviation, having completed prior civilian and military pilot qualifications dating back to 2010 on a wide range of airframes from the modest Cessna T-41 to a copilot endorsement on the much larger 737-400 and 737-800. 

The queen’s aviation credentials are no doubt impressive, but that’s not really why we’re here. In a photo making the media rounds, the Thai Queen also wears what appears to be a chunky pilot’s watch, potentially something like the IWC Doppelchronograph, if the apparent pusher at ten o’clock is any indication. If we’re right, this would be a deep-cut Use Your Tools moment for Queen Suthida, but we could be wrong. What do you guys think? For more on the watches favored by military pilots and aviators both then and now, check HERE. 

Watch Event Cancelled Due to Middle Eastern Conflict 

Like any global business, the watch industry is not immune to geopolitics, tariffs, and national security. As the latest example, an upcoming event in Abu Dhabi known as The Escapement that was scheduled for November has been forced to move to a new location and date, opting for Las Vegas in February 2027. Amid ongoing Middle Eastern conflicts, the war in Ukraine, and a dynamic trade/tariff situation with the US, many corporations have strict travel restrictions that would have prevented many of the brands that planned to attend the event, which appears oriented around high-end watchmaking or haute horlogerie, from making the trip. 

This is not front-page news, especially juxtaposed against the harsh realities of war, but it does demonstrate that conflicts that may seem unrelated to our narrow area of focus and interest can have serious effects. I have put in my travel request for Vegas, and secretly hoping W.O.E. approves. If he does, I might even go to the watch thing. 

Rolex Secondary Market Pricing Back to Pre-Pandemic Levels as CPO Business Booms - Coincidence? 

(Photo Credit: James Rupley/W.O.E.)

According to Robb Report and sales data from Chrono24, Rolex is still on top when it comes to its share of the secondary market, but the Crown’s secondary market share has fallen dramatically from its pandemic-era peak, now landing more or less in line with its pre-pandemic levels. To be clear, many references from the current catalog still trade well over retail, and the report refers more specifically to Rolex’s share of overall sales on Chrono24, which are now “...sitting at 30.5 percent compared to 44 percent in 2022.” At least some of this stabilization in the secondary market can likely be explained by another Robb Report headline referencing Rolex’s booming certified pre-owned program. 

Founded in 2022, Rolex’s Certified Pre-Owned, or CPO, program seemed like the Crown’s attempt to take its share of an exploding secondary market for pre-owned Rolex models that were increasingly difficult to purchase at retail. Coming in at an often serious premium compared to less official secondary market channels, Rolex CPO had and has its haters, but according to EveryWatch and Robb Report, the program is now a resounding success, with many willing to pay the premium for a Rolex level of customer experience and after-sales support for hard-to-get, vintage, or out-of-production models. 

Whether new or CPO, Rolex wins. (Photo Credit: James Rupley/W.O.E.)

When W.O.E. and I visited Rolex’s Bucherer Geneva boutique a couple of years back, it was a trip to see a first floor full of unavailable demonstration models before walking up a few flights of stairs to see hundreds of CPO models that you could purchase right away. Of course, and this is the important part, whether you go brand new off the waitlist or opt to purchase CPO, Rolex wins.

New Releases 

As promised last month, we are going to do our best to cover any new releases that fall under the purview of W.O.E. in every SITREP. As always, nothing you see here is sponsored. We can’t be bought with watch media trips (I am partial to the South of France) or swag (I wear a size 124060, if anyone is wondering). 

Doxa Sub 300 Beta Frogger

(Photo Credit: Hodinkee)

In collaboration with San Diego retailer Belmont Watches, Doxa recently released a version of the Sub 300 Beta known as the “Frogger”, taking inspiration from the city’s long-standing military associations. Home to BUD/S, Naval Special Warfare Command, and SEAL Teams One, Three, Five, and Seven, in addition to numerous other NSW units, the Frogger pays tribute to frogmen both new and old with its kelp green dial, a handset from the Doxa Army, and its sandblasted case and bracelet. I’m not necessarily on board with every aesthetic decision made on this watch, but it’s cool to see Doxa, a brand with diving laurels as serious as any, honoring San Diego’s military elite. 

Blancpain Fifty Fathoms Bathyscaphe 70th Anniversary Limited Edition

(Photo Credit: Tim Vaux)

Another brand with serious underwater chops is Blancpain, the creator of the Fifty Fathoms, a watch that in many ways defined the basic format now common to virtually every serious dive watch. Shortly after the introduction of the Fifty Fathoms in 1953 came the Bathyscaphe in 1956, intended as a smaller, slightly less serious dive watch more easily worn by the masses. Blancpain’s newest Bathyscaphe specifically references a model from 1968, from its 37.4mm stainless steel case to its vintage-colored luminescent material. 

This being a modern Blancpain, the new ‘scaphe comes in at an eye-watering $18,300 while being limited to 300 pieces. That means it ain’t for everyone, but if you appreciate the history here, it’s a cool dive watch for those with cash to burn. 

Watch Crime 

One of our favorite parts of every SITREP is taking a lap of watch-related crime. This month was chock full of criminal enterprise, so rather than an in-depth look at each event, we’re going to scan the wave tops in search of broader lessons learned. 

Watch Stolen in Vienna Pops up in Istanbul After Three Years

Incredibly, a Rolex Oyster Perpetual Datejust 41 stolen in Vienna in 2023 popped up at an authorized Rolex service center in Turkey earlier this month, according to Daily Sabah. Rolex contacted the victim after the serial number, which had been registered with Rolex as stolen, popped up during a regular service. However, when the victim requested the return of the well-documented stolen watch, the Turkish service center allegedly declined, leading the victim to file suit in Turkey for an amount commensurate with the value of the stolen timepiece. An unfortunate scenario by any stretch, these events once again underscore the international nature of luxury watch theft, much of which is perpetrated by sophisticated transnational criminal organizations. 

Don’t Buy a Rolex at a Taco Shop 

Devonte Gullage has been arrested and charged with the theft of a $27k Rolex that took place at a taco shop. (Photo Credit: Shelby County Sheriff’s Office)

A continuation of our series discussing the purchase of luxury watches in places that don’t make sense, a $27,000 Rolex was allegedly stolen on 11 August after a seller traveled from Virginia to a taco shop in East Memphis, Tennessee, to meet with a potential buyer. After agreeing to allow the would-be buyer to try on the watch (bro, seriously?), the buyer/forceful borrower, later identified as Devonte Gullage, indicated he would head to a nearby bank to withdraw the funds. A surprise to no one, Gullage then allegedly made good his escape in an awaiting vehicle. He was quickly apprehended, but as of yet, the watch is nowhere to be found. Shocker. 

$1.2M Luxury Watch Burglary in Tokyo 

Tokyo’s Nakano Broadway, a popular mall, was the scene of the recent $1.2M watch burglary. 

In a scheme on par with the notorious Pink Panthers, on 25 August, a pair of burglars in Tokyo, Japan, needed only a reported ten seconds to smash a display case and steal $1.2M in the form of only four luxury watches from a retailer in Nakano Broadway, a popular commercial complex. Given the extremely high value of the watches, we can’t help but wonder what specific brands and references were stolen, though this information doesn’t appear to be public. While this type of crime has been more scarce in Japan, these smash-and-grab luxury watch burglaries are increasingly common in the US, UK, and mainland Europe, with perpetrators often escaping on awaiting motorcycles or scooters. 

If there is any overarching takeaway from these crimes, it is that watch-related crime both continues to rise and also comes in many forms, from smash-and-grab burglaries and strong-arm robberies to poorly planned taco restaurant heists. If you’re someone who enjoys watches as we do, the lesson here is, as always, to maintain situational awareness and make good decisions with your watch-wearing habits, i.e., don’t meet in a taco shop parking lot when buying a $27k watch. 

Final Thoughts 

As August comes to a close, the watch world remains as strange and interesting as ever. Super clones are getting harder to spot, fighter pilots are making watch spotting more difficult than it has any right to be, Hollywood occasionally gets the details right, Rolex continues to win, and criminals, despite our repeated and highly valuable advice, continue to demonstrate that you should not conduct five-figure watch transactions at taco restaurants. 

From new releases to age-old crimes, the underlying lesson is the same: watches may be small, seemingly innocuous tools or personal artifacts, but they are connected to a much larger world of history, business, technology, conflict, and, occasionally, absolute nonsense. Until next month, stay safe, stay aware, and, as always, Use Your Tools. Lowry out.