Watch Industry SITREP - May 2026

Gold Bars & Rolexes Seized from CIA Officer, SOF Week Watches, Bremonts for Ejectees, Unit Watches at Auction, Putin’s Watch Ban, Royal Pop Madness, Watch Crime, & More 

By Benjamin Lowry

With Memorial Day in the rearview mirror and our Third Option Foundation fundraiser complete, it’s time to look ahead to the best parts of summer. Whether that means jumping off a dock, deploying to an austere location, or simply plotting the next watch in your collection, we hope you dig into the next few months with the Use Your Tools ethos firmly in mind.

At W.O.E., we’ve spent another month crafting Dispatch articles, shooting and editing videos for our YouTube channel, and designing new custom tools for the community. As always, we stay up on the news, and once a month, we assemble a list of topics relevant to our exploration of watches and/or espionage and put it all together into something we like to call the SITREP or Situation Report. 

If you’d told me the release of a $400 plastic pocket watch would lead to fines, arrests, and tear gas, I wouldn’t have believed you. (Photo Credit: Hodinkee)

May was a big month. From intriguing watches at SOF Week to a custom Bremont for new Martin-Baker ejectees to Putin’s recent watch ban to unit watch auction news to Bond’s first chronograph and, as always, a heapin’ helping of watch crime. You know what time it is? It’s SITREP time. 

300 Gold Bars, $2M in Cash, & 35 Rolexes Found in CIA Officer's Home

When FBI agents raided the Virginia residence of former senior CIA official David Rush, they seized 300-plus gold bars worth over $40 million, $2M in cash, and approximately 35 luxury watches, many of them Rolexes. As W.O.E. has discussed many times, luxury watches are a near-perfect store of portable value. Rolexes are benign objects that hold value and often appreciate, require no bank account, and it's easy to find a sketchy dealer to convert them to cash without question. It's always hard to explain why you have gold bars, but no one will question a watch. This is what makes them a staple in money-laundering cases worldwide.

But here's what intelligence veterans know: The public indictment is rarely the full story. In espionage cases, charges are carefully crafted to protect sources and methods. What looks like a straightforward theft case often has layers that will never see a courtroom. We will be closely following this case as more details come to light. To be clear, the accused is (probably) not the man behind W.O.E.

Watch Spotting at SOF Week in Tampa, Florida 

SOF Week provided some great watch spotting, including a Sangin Kinetic II Ti and Critical Mechanics Mk 1 on this pair of Marine Raiders. (Photo Credit: US Marine Corps)

SOF Week is an annual convention bringing together active and former special operators, military procurement specialists, government leaders, and defense contractors. Given the long-standing bond between special operations and timepieces, SOF Week also serves as an unofficial watch meetup for special operations watch nerds, meaning the event may constitute one of the largest concentrations of W.O.E. watches in the world.

Pictured alongside his legendary SEAL-issued Tudor Sub, Dave also ran into a Sinn UX S and a rare 212 KSK. (Photo Credit: Dave Hall)

I am building a case for attending on behalf of W.O.E. next year, but for now, we are forced to spot watches vicariously through our friends. Former SEAL Dave Hall (learn more about Dave HERE) shared several interesting watches he ran into at the show after bumping into a German Kampfschwimmer (Combat Swimmer) and a member of Kommando Spezialkräfte or KSK, rough equivalents to our Navy SEALs and Army Special Forces, respectively. 

Sinn is a German brand closely associated with the German military, and the Kampfschwimmer had his Sinn UX S, issued to the unit since 2016, while the KSK man wore the rarely seen 212 KSK, which was created to commemorate the unit’s 20th anniversary, also in 2016. We love to see it. 

The Bremont MBI, Reserved for Martin-Baker Ejectees, has Four New Eligible Buyers 

In a pants-shitting moment, a pair of US Navy EA-18-G Growlers collided during an airshow near Boise, Idaho. Luckily, everyone survived and can now order a pretty cool Bremont. (Photo Credit: Reuters)

At W.O.E., we are not the type to make light of a near loss of lives, as well as a substantial burden to taxpayers in the form of a pair of US Navy EA-18-G Growlers that collided and crashed during an airshow near Boise, Idaho, on 17 May. We are pleased to report that all four crewmembers from both aircraft safely ejected and are in stable condition. In addition to a wild story to tell the grandkids, the four aviators also joined the elite club of those who earned the coveted Bremont MBI watch, reserved for flyers who have taken a ride in a Martin-Baker ejection seat. 

A tough but awesome way to earn access to a watch. (Photo Credit: Martin-Baker)

According to Bremont, the watch is “...available to Martin-Baker ejectees only and can be quickly identified by its red aluminium barrel. Every watch is engraved with a personal engraving of up to 10 digits consisting of their call sign, name, or date, and will feature the individual’s Martin-Baker Tie Club membership number.” Acting as a sort of OG unit watch since its introduction in 2009, the MBI is a sign of a serious “been there, done that” in military aviation. Somewhat surprisingly, at least twelve American military pilots and flight crew members have ejected in 2026 across a series of training, operational, and air show incidents, including the three US aviators who ejected over Iran back on 03 April. 

It’s not an easy club to get into, but this is exactly the type of cultural timepiece tie-in that once again proves the relevance of watches in our community. The best watches are earned. 

Putin’s Protective Detail Bans Watches 

If you’re meeting with Putin, you can’t wear a watch. He still can, though.

Recent reporting suggests that due to concerns about potential assassination attempts, Russia’s Federal Protection Service, also known as the FSO, recently officially banned the wearing of both mechanical and electronic watches for anyone visiting with President Putin, which has been apparent in recent meetings. The new protocols reportedly do not affect members of Putin’s inner circle and other trusted associates, according to Mozhem Obyasnit, a Russian media outlet. It is important to note here that this entire story could be a disinformation campaign, but as an exercise, let’s run with it. 

Putin recently met with Xi Jinping in Beijing. It’s unclear whether either wore a watch. 

If real, this is the first time we’ve heard of a world leader with a specific rule related to timepieces. It seems extreme, but because at least one high-ranking Russian military official was removed from the battlefield after uploading publicly available locational data to Strava, a fitness tracking application, Putin’s fears may be well-founded. Add to that the exploding pagers carried by members of Hezbollah back in 2024, likely provided by Mossad, and it would appear that intelligence services are looking more closely at connected tech and the potential weaponization of small personal items like watches, like never before. 

Swatch x Audemars Piguet Royal Pop Release Results in Global Closures, Arrests, & Even Tear Gas 

Would-be Royal Pop buyers camped outside a Paris Swatch boutique before the madness kicked off.

The third collaboration between Swatch and a major luxury watch brand, coming after the Omega MoonSwatch of 2022 and the Blancpain Scuba Fifty Fathoms of 2023, the Swatch x Audemars Piguet Royal Pop was unveiled on 16 May to massive fanfare. As watch nerds and professional flippers flocked to global Swatch stores (the Royal Pop is, of course, initially unavailable online), a massive shit storm ensued, resulting in the closure of dozens of Swatch boutiques and even entire malls. In Paris, scuffles and unmanageable crowds led police to deploy tear gas, not something you see at many releases for a $400 plastic pocket watch. 

Speaking to the Royal Pop itself, all we can really say is that it falls pretty far outside the purview of W.O.E., and we mostly don’t care. That said, Swatch’s ability to get people going like this is an intriguing exercise in influence, groupthink, and the dangers of hype culture. If you were one of the hundreds of people engaging in fisticuffs for access to the Paris Swatch boutique and suffered the effects of tear gas, all for a potential upside of a couple of hundred Euros, it may be time to reevaluate your decision-making or even, just maybe, consider more gainful employment. 

Just imagine what’ll happen when we unveil the Rolex x Swatch x W.O.E. buzzsaw-bezel Submariner… 

British Tudor & Breitling Unit Watches Hit the Auction Block 

(Photo Credit: Bonham’s)

We aren’t the type to closely monitor auction results. However, now and then, something comes up that falls into our sight picture, and several of you beautiful people reached out to make us aware of this Tudor Black Bay Ceramic listed for a Bonham’s auction on 20 May 2026. Not your average Black Bay, the watch was commissioned in 2023 to celebrate the 50th anniversary of the British Metropolitan Police Service’s Technical Surveillance Unit, AKA MO3, which is responsible for undercover operations, covert human intelligence sources (CHIS), and covert technical surveillance. 

The watch appears similar to standard Black Bay Ceramic beyond a stylized fox insignia at six o’clock. The caseback is also likely engraved, but either the seller or Bonham’s has neglected to share it, likely for secrecy’s sake. While it’s certainly cool, we have mixed feelings about the idea of selling a customized unit watch, which are explained in detail HERE. Of note, a listing of the auction’s results still shows the watch’s estimated price range of £8,000 to £12,000, which indicates the watch either didn’t sell or missed its reserve price. 

Several interesting Breitling unit watches also hit the auction block. (Photo Credit: Bonham’s)

Somewhat surprisingly, several other unit watches were included in the auction, including Breitling Superocean models made for the British Royalty and Specialist Protection Unit (RaSP), and another Superocean Heritage produced for the Special Forces Club, a watch we believe is being worn by Ben Roberts-Smith. 

Omega Unveils a New Bond Seamaster Chronograph from First Light Video Game

(Photo Credit: Omega)

The wait for a new actor in the role of 007 continues, but we have been treated to a new Bond watch in the form of a Seamaster Chronograph released in conjunction with the First Light video game. The new, aptly-named Seamaster Diver 300M Chronograph 007 First Light is based on the standard model, which is 44mm wide and 17.2mm thick, meaning it’s not a watch for everyone, a factor that is only amplified by its $9,400 price point. 

That said, this is Bond’s first official Omega Seamaster chronograph and also an interesting tie-in that relates to 007 without coming directly from a film. I am confident we’ll get a new Seamaster (or two) when a new Bond actor and film is finally announced, but until then, we are left to wait. 

Watch Crime Blotter 

Of course, it wouldn’t be the SITREP without our monthly dose of watch-related criminal enterprise. We are, unfortunately, lighter on Rolex-thieving ladies of the night in this edition, but we have plenty of brazen robberies and luxury watch scams to see you through until next month. 

Southern California Jeweler Scams Customers out of $1.5M 

Nelson Holdo looks friendly enough, but we wouldn’t recommend buying a watch from him… (Photo Credit: Niki Cram)

A watch dealer in Southern California named Nelson Andres Holdo has been arrested and charged with scamming 22 victims out of more than $1.5M after promising to acquire coveted Rolex models with price points ranging from $50,000 to $100,000. In most cases, Holdo required his customers to pay full price for their watches up front, promising to track down and deliver the watches in due time. As it happens, a promised four to six weeks turned to months of excuses, the watches were ultimately never delivered, and, allegedly, Holdo kept the cash. 

The allegations echo the downfall of social media watch dealer “Timepiece Gentleman” AKA Anthony Farrer, who was sentenced to federal prison after prosecutors alleged he used client watches and funds to finance a lavish lifestyle while operating what amounted to a Ponzi-style scheme. 

These stories are becoming all too common. As always, when looking to buy a watch, especially for fifty grand or more, start by buying the seller, and if a deal looks too good to be true, it almost certainly is. 

Woman Slips a Rolex Off a Man’s Wrist at a Casino 

(Photo Credit: Pennsylvania State Police)

In a story that is almost too wild to be true, a woman is wanted for stealing a Rolex from a man’s wrist using what Pennsylvania State Police has called “distractions and sleight of hand techniques” before absconding in an awaiting Hyundai Sonata. These unfortunate events befell a gentleman playing a slot machine at the Parx Casino in Bucks County. According to officials, a woman sat down on the evening of 25 April, pretended to play at an adjacent machine, and then utilized the aforementioned techniques to relieve the man of his Rolex. 

It’s possible that either alcohol or drugs played a role in the man’s obliviousness, but it’s also possible that we’re dealing with a highly-skilled criminal. In any case, her photo and a photo of her license plate are above, and any tips should be directed to the Pennsylvania State Police Bureau of Gaming Enforcement. As always, there is also a lesson here, which is to maintain situational awareness at all times, especially at casinos in Pennsylvania. 

Final Thoughts

If there’s a common thread running through this month’s SITREP, it’s that watches continue to resonate far beyond the borders of the enthusiast community. Whether they’re serving as portable stores of value in high-profile espionage cases involving CIA officers, symbols of hard-earned experience in military aviation, targets for organized criminal enterprises, or even potential security risks around world leaders, timepieces remain deeply intertwined with the worlds of intelligence, conflict, status, and human behavior. 

As we roll into summer, we’ll keep doing what we do: following the stories where watches intersect with the real world, however strange, serious, or absurd those stories might become. In the meantime, stay safe, maintain situational awareness, and maybe think twice before wearing your GMT-Master II to a casino in Pennsylvania. We’ll see you next month for another SITREP.

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