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The Collections Vol. I Featured on HODINKEE

HODINKEE recently included The Collections Vol. I by Daniel Bourn in their 2025 Recommended Reading list, recognizing it as one of the most insightful new books on watch collecting.


🔗 Read the full feature on HODINKEE

The Geneva Watch Sales: Fall 25 Review

Image: Phillips Watches

Post-Auction Review

The Geneva segment of the Fall 2025 auction season built on Monaco Legend Group’s impressive opening in late October, reconfirming interest, new investment, and growing demand for rare, historically significant timepieces in exceptional original condition.

A total of 1,233 lots were offered across the four major houses, generating a record-breaking USD 145.4 million, with a combined sell-through rate of 96 percent.

Phillips set the benchmark, selling 100 percent of all offered lots, with unprecedented total sales of USD 83 million. This marks the highest amount ever achieved in USD for a single watch auction. Phillips reported that the two-day sale attracted 1,886 registered bidders from 72 countries, with more than 800 attendees in the saleroom.

Antiquorum’s 691 lots realised USD 8.8 million, with a 90 percent sale rate, evidence of market interest at all price points.

The combination of a live auction, thematic Breguet sale, and concurrent online catalogue (not included in this report), orchestrated by a new generation of auctioneers, Benoit Colson and Clara Kessi, brought renewed energy and professionalism to the rostrum, enabled Sotheby’s to achieve its best Fall-season results in over a decade.

Christie’s Rare Watches concluded the extended Geneva weekend with total sales of USD 26.6 million, 21 percent of entries exceeding their high estimates. Notably, 37 percent of buyers were new to the watch category, and registrants from 47 countries highlighted the international strength of the watch market.

This auction weekend was unquestionably one of the most highly attended in recent times, with a record number of collectors, dealers, and observers present from around the world.

Image: Christie’s Watches

The Watch Auction Calendar – Fall 2025

Date Auction House Location Sale Title
October 18–19 Monaco Legend Group Monaco Exclusive Timepieces
November 8–9 Phillips Geneva Decade One (2015–2025)
November 8–9 Antiquorum Geneva Important Timepieces
November 9 Sotheby’s Geneva Important Watches: Part I
November 10 Christie’s Geneva Rare Watches
November 21 Phillips Hong Kong The Hong Kong Watch Auction: XXI
November 26–27 Christie’s Hong Kong Important Watches
November 30 Antiquorum Hong Kong Important Timepieces
December 5 Sotheby’s Abu Dhabi Prestigious Jewels & Watches
December 6–7 Phillips New York The New York Watch Auction: XIII
December 8 Sotheby’s New York Important Watches
December 9 Christie’s New York Important Watches
December 13 Antiquorum Monaco Important Timepieces

Image: Sotheby’s Watches

Pre-Auction Selection Results
Our pre-auction review selection highlights performed as follows:

Phillips in Association with Bacs & Russo – Geneva, November 8–9, 2025
Lot 23 – A Patek Philippe ref. 1518 in stainless steel
Estimate: USD 8.75 million
Despite some negative commentary from market observers prior to the sale Phillips, the star lot achieved an impressive USD 17,549,691, reaffirming its position as one of the most important wristwatches ever offered at auction, and significantly improving on its last appearance at auction in 2016 when it sold for approximately USD 11.4 million.

Antiquorum – Geneva, November 8–9, 2025
Lot 501 – A Patek Philippe Ref. 3796 Calatrava in platinum
Estimate: USD 12,500 – 18,800
Among the pieces highlighted in our pre-auction report was Lot 501, a Patek Philippe ref. 3796 in Platinum with box and papers, which sold for USD 26,598, reflecting the ongoing demand for original, well-preserved, neo-vintage box sets.

Sotheby’s – Geneva, November 9, 2025
Lot 134 – An early pre-production Rolex Oyster ref. 34075 in 9ct gold
Estimate: Upon Request
The historically interesting prototype formerly owned by Mercedes Gleitze, the first British woman to swim the English Channel realised USD 1,724,131.

Christie’s – Geneva, November 10, 2025
Lot 26 to 29 – 4 x Patek Philippe ref. 3970 with rare Breguet dials
Estimate: USD 1.5 – 1.95 million (total)
The factory-sealed group of four watches manufactured exclusively for the opening of the Geneva Salon in 2006 achieved a staggering combined total of USD 4,386,848, further highlighting current collector focus on rare variants of this model reference.

Image: Phillips Watches, Antiquorum, Sotheby’s Watches, Christie’s Watches

Key Metrics from the Geneva Sales

Auction House Sales Breakdown – Consolidated View

Auction House (by sale date) Total Sales (USD) # of Lots Sell-Through Avg. Lot Value (USD)
Phillips 83,018,538 209 100% 397,217
Antiquorum 8,812,723 691 90% 12,753
Sotheby’s* 11,894,578 84 96% 141,602
Sotheby’s** 15,156,076 70 94% 229,637
Christie’s 26,558,298 179 98% 148,370
Totals 145,440,213 1,233 96% 185,915

Focus by Brand – Consolidated View

Brand (alphabetical) # of Lots # of Lots Sold Sell-Through
Audemars Piguet 57 52 91%
Cartier 46 41 89%
Patek Philippe 220 210 95%
Rolex 231 218 94%
Independents*** 40 40 100%

Top Performing Lots by Brand

Brand (alphabetical) Auction House Lot # Description Price (USD)
Audemars Piguet Christie’s 103 Royal Oak QP ref. 25687PT 791,233
Cartier Phillips 134 Paris Model A clock 866,650
Patek Philippe Phillips 23 1518 “No. 1” in steel 17,549,691
Rolex Sotheby’s 134  Early Oyster “Mercedes Gleitze” 1,724,131
Independents Phillips 182 Chronomètre à Résonance 4,120,822

 

Image: Phillips Watches

Individual Sales in Excess of USD 1,000,000 (23 in total)

Brand Auction House Lot # Description Price (USD)
Patek Philippe Phillips 18 3424/1 “Gilbert Albert” 1,006,734
Patek Philippe Christie’s 89 5711 Nautilus “Tiffany & Co.” 1,022,464
Richard Mille Christie’s 146 Unique RM 018 1,022,464
Breguet Sotheby’s 66 No. 1052 Montre à Tact 1,038,195
Christian Klings Phillips 94 Tourbillon 7 1,101,115
Patek Philippe Phillips 80 2438/1 “Luminous Dial” 1,101,115
Patek Philippe Phillips 199 2497 “Secondi al Centro” 1,195,497
Rolex Phillips 34 6239 Daytona “Golden Pagoda” 1,337,069
Rolex Phillips 32 18059 Day-Date “Rainbow” 1,337,069
Ferdinand Berthoud Phillips 6 Naissance d’Une Montre 3 1,573,022
Patek Philippe Phillips 105 2499/100 “Gübelin” 1,647,957
Rolex Sotheby’s 134 Early Oyster “Mercedes Gleitze” 1,724,131
Rolex Phillips 70 6263 Daytona “RCO” 1,728,864
Patek Philippe Christie’s 29 3970 “Salmon Breguet” 1,732,710
Patek Philippe Phillips 213 2499 “First Series” 2,022,634
F.P. Journe Phillips 97 Tourbillon Souverain 2,097,569
Breguet / Daniels Sotheby’s 59 No. 3225 2,328,568
Breguet Sotheby’s 9 No. 1890 Tourbillon 2,328,568
Patek Philippe Sotheby’s 160 2499 “First Series” 2,404,123
J. Player & Sons Phillips 39 Hyper Complication 2,771,987
F.P. Journe Phillips 182 Chronomètre à Résonance 4,120,822
Patek Philippe Phillips 144 1518 “Pink on Pink” 4,420,563
Patek Philippe Phillips 23 1518 “No. 1” in steel 17,549,691

 

Image: Sotheby’s Watches

Market Pulse

The Fall auction season has, to date, defied geopolitical and economic concerns, signaling resilience, confidence, and new investment in the watch market.

Historic results at Phillips were complemented by notable trends elsewhere, included fewer pre-owned modern watches on offer, continued momentum for neo-vintage Patek Philippe, and exceptionally strong demand for top-tier vintage Rolex.

Independent watchmakers, though reduced in numbers this season, continued to attract sustained interest. F.P. Journe’s Chronomètre à Résonance “Souscription No. 2” achieved USD 4.1 million at Phillips, while a number of other small-production independents obtained notable results.

Buying activity was evident both inside and outside the auction rooms, with reports of extensive private transactions closed in addition to the published auction lots.

The upper tier of the market remains robust, with sold lots exceeding USD 1 million abundant throughout the weekend. With successful sales in Monaco and Geneva now concluded, the outlook for Hong Kong and New York auctions remains positive.

* Excludes the Breguet thematic sale at Sotheby’s.

** The Breguet thematic sale at Sotheby’s

*** De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe, A Lange, MB&F, Richard Mille, Voutilainen and Urwerk.

nb All amounts in USD converted from CHF using XE – November 2025.

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The Geneva Watch Sales: Fall 25

Pre-Season Overview

The fall auction season for rare, important, and luxury timepieces began at the end of October with the Monaco Legend Group Exclusive Timepieces event in Monaco. Achieving total sales of $33.3 million and a 97% sell-through rate, it marked the house’s strongest performance to date. Headline results included a Rolex reference 6062 with black dial and diamond indexes that sold for $6.2 million and a Patek Philippe reference 2481 with a cloisonné enamel dial that reached $1.1 million.

The season now moves to Geneva in early November, where a total of 1,163 lots will be offered by the four major auction houses, followed by sales in Hong Kong and New York, as well as a single-owner collector’s sale in Abu Dhabi in early December. Buoyed by strong early results and heightened anticipation for Geneva, this fall’s calendar is set to draw significant interest from collectors and market observers around the world.

Image: Monaco Legend Group

The Watch Auction Calendar – Fall 2025

Date Auction House Location Sale Title
October 18–19 Monaco Legend Group Monaco Exclusive Timepieces
November 8–9 Phillips Geneva Decade One (2015–2025)
November 8–9 Antiquorum Geneva Important Timepieces
November 9 Sotheby’s Geneva Important Watches: Part I
November 10 Christie’s Geneva Rare Watches
November 21 Phillips Hong Kong The Hong Kong Watch Auction: XXI
November 26–27 Christie’s Hong Kong Important Watches
November 30 Antiquorum Hong Kong Important Timepieces
December 5 Sotheby’s Abu Dhabi Prestigious Jewels & Watches
December 6–7 Phillips New York The New York Watch Auction: XIII
December 8 Sotheby’s New York Important Watches
December 9 Christie’s New York Important Watches
December 13 Antiquorum Monaco Important Timepieces

Selected Highlights  – The Geneva Sales

Phillips in Association with Bacs & Russo – Geneva, Switzerland, November 8–9

Phillips presents a strong and well-balanced catalogue this fall, showcasing important vintage pieces from major marques alongside an impressive selection from leading independent watchmakers. But the spotlight will undoubtedly fall on the performance of:

Lot 23 – A Patek Philippe ref. 1518 in Stainless Steel
The first stainless-steel Patek Philippe Ref. 1518 ever produced, case-back engraved No. 1, returns to Phillips Geneva this November. One of only four known examples, this watch made history in 2016 when it sold for CHF 11 million, becoming the first wristwatch to surpass the eight-figure mark at auction.

Estimate:  In excess of $8,750,000 USD

Image: Phillips Watches

Antiquorum – Geneva, Switzerland, November 8–9

Though Antiquorum lacks any real headline pieces this season, it more than compensates with volume, presenting 691 lots, including watches, parts, and related paraphernalia, offering a broad, diverse selection across all areas of the collector market. While not the most valuable item in the catalogue, one of the more interesting pieces is:

Lot 501 – A Patek Philippe ref. 3796 Calatrava in Platinum
A manual-wind platinum Patek Philippe Ref. 3796 Calatrava in excellent condition, purchased in 1998 and consigned by its first Swiss owner. It is accompanied by its box, Certificate of Origin, booklets, and original purchase invoice. As always, inspection is recommended.

Estimate: $12,500 – 18,800 USD

Image: Antiquorum

Sotheby’s – Geneva, Switzerland, November 9

A somewhat underwhelming showing from Sotheby’s Watch Department, which finds the house at the lower end of the Geneva sales in terms of volume, quality, and important pieces of late. The focused Breguet sale provides some welcome interest, though likely due more to Breguet’s own influence than any clear strategic direction from the auction house. Perhaps greater attention should be paid to the Abu Dhabi sale in December, which includes a unique set of four Patek Philippe Star Calibre pocket watches. In the Geneva sale, the one lot that will be sure to attract attention is:

Lot 134 – A early pre-production Rolex Oyster ref. 34075 in 9ct Gold
A historically interesting prototype wristwatch, distinguished by its provenance and role in the birth of the modern sports watch. Its original owner, Mercedes Gleitze, was the first British woman to swim the English Channel, and became Rolex’s first brand ambassador, redefining the collaboration between a brand and a sports celebrity.

The watch is engraved: “Miss M. Gleitze – The Companion ‘Oyster’. Vindication Channel Swim. October 21st, 1927” and is accompanied by various documentation.

Estimate: Upon Request

Image: Sotheby’s Watches

Christie’s – Geneva, Switzerland, November 10

As with Phillips, Christie’s offers a strong catalogue in terms of overall quality, with a bias toward Rolex and Patek Philippe, which together account for over 62 percent of the total sale. Of particular interest are the following lots — four rare, special-edition, factory-sealed Patek Philippe 3970s — expected to attract significant attention amid renewed collector interest and rising prices for special variants of this reference over the past year.

Lot 26 to 29 – Patek Philippe ref. 3970 special edition set
A set of four special edition, factory-sealed Patek Philippe reference 3970 watches in White, Yellow, Pink Gold, and Platinum, each featuring a rare Breguet dial in a different colour. Made exclusively for the opening of the Geneva Salon in 2006, these exceptional pieces are believed to be only the second set of this kind to appear on the market, making them a rare opportunity for serious collectors.

Estimate: $1,500,000 – 1,950,000 USD (total)

Image: Christie’s Watches

Key Metrics – The Geneva Sales

Total lots across all auction houses:

Auction House (by sale date) Number of Lots
Phillips 209
AQ 691
Sotheby’s* 84
Christie’s 179
Total number of lots 1163

Brand Focus (as a % of Total Lots, with comparison to prior Geneva Sales)

Brand (alphabetical) Nov 2025 April 2025 Nov 2024
Audemars Piguet 5% 6% 7%
Cartier 4% 5% 4%
Patek Philippe 19% 16% 20%
Rolex 22% 19% 22%
Independents** 3% 6% 6%
Other inc. Micro Brands 47% 48% 41%

Brand Focus per Auction House (as a % of Total Lots)

Brand (alphabetical) Phillips Antiquorum Sotheby’s Christie’s
Audemars Piguet 5% 4% 6% 8%
Cartier 4% 3% 13% 4%
Patek Philippe 27% 10% 35% 35%
Rolex 20% 18% 23% 27%
Independents** 10% 1% 2% 7%
Other inc. Micro Brands 34% 64% 21% 19%

Market Pulse

The collectible watch market enters the fall season with cautious optimism. The Monaco Legends Group sale set a confident tone, demonstrating that demand and significant purchasing power continue to support high-end pieces. Despite ongoing economic and geopolitical headwinds, competitive bidding is expected for rare vintage Rolex and Patek Philippe, neo-vintage Cartier, and limited-production independents.

Notably, while independent watchmakers account for around 10 percent of the Phillips catalogue, their overall presence at the Geneva auctions has decreased, suggesting either lower availability or reduced collector demand. Similarly, the inclusion of Audemars Piguet watches has continued to decline, reflecting a current diminishing level of collector interest in the brand.

Rarity, condition, and provenance are expected to continue shaping hammer prices and engagement. The performance of the market’s upper segment this season may provide early signals of broader trends heading into 2026.

* Excludes the 73 lots in the Breguet mono-brand sale.

** De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe , A Lange , MB&F, Richard Mille, Voutilainen and Urwerk.

 

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The Tudor ‘MN’ Military Submariner

The relationship between Tudor and the French Navy, or Marine Nationale, is one of the most storied partnerships in military horology. Beginning in 1956, Tudor supplied watches for field testing to Groupe d’Étude et de Recherches Sous-Marines (G.E.R.S.), a research and development arm of the Marine Nationale focused on underwater exploration and combat diving. The first model references, 7922 and 7923, underwent rigorous trials before receiving approval by the French Navy. This endorsement marked the beginning of an official supplier relationship in 1961, a collaboration that would continue into the early 1980s and then be reignited in 2021.

1961 Marine nationale diver with Tudor 7924 (Image: Joël BRUN ECPAD Défense)

Tudor’s Marine Nationale Submariners were exclusively issued to navy divers, commandos, and special forces operators, serving as essential tools in underwater missions. Over the years, Tudor refined its dive watch designs based on the feedback and revised requirements of the Marine Nationale, leading to some of the most iconic military-issued dive watches ever produced.

What makes a Tudor an MN?

For collectors and enthusiasts, true Marine Nationale-issued Tudor watches have an unmistakable identity shaped by their military provenance, specific references, and unique configurations that evolved over nearly three decades of service. Unlike Rolex Submariners issued to the UK forces which featured attributes unique to ‘issued’ watches, Tudor MN Submariners were indistinguishable from their civilian counterparts until 1974. Below is a summary of key references issued to the French Navy, along with the configurations that define each period.

References Issued to the Marine Nationale:

  • 7922 Small Crown (1956–1957)
  • 7923 Small Crown (1956)
  • 7922 Big Crown (1957–1958, prototype cases based on Rolex 6538)
  • 7924 Big Crown (1958–1959)
  • 7928 Crown Guard Submariner (1959–1968)
  • 7016 Snowflake (1974–1975, black dial)
  • 9401 Snowflake (1975–early 1980s, blue dial)
  • 9401 Mercedes hands and Triangle Markers (early 1980s, blue dial)

Key Configurations by Era

1956 – Reference 7922 (First Batch, Small Crown)
The first Tudor Submariners delivered to the Marine Nationale in 1956 were designated as model reference 7922. These watches featured black gilt dials marked 100m, Mercedes hands, and a 6mm Rolex winding crown. This was the batch tested by G.E.R.S. before Tudor became an official supplier to the French Navy.

A Tudor Submariner 7922 (Image: Tudor Watch)

1956 – Reference 7923 (Manual Wind, Small Crown)
Delivered alongside reference 7922, the reference 7923 was also issued. These watches featured black gilt dials marked 100m, pencil hands, and a 6mm Rolex winding crown. The dials did not feature the word PRINCE, which signified that the watch had a manual wind movement, as Prince was Tudor’s equivalent of Rolex’s Perpetual.

A Tudor Submariner 7923 (Image: Tudor Watch)

1957 – Reference 7922 (Big Crown Prototype Cases)
In 1957, Tudor experimented with a new design in response to Marine Nationale feedback for a more robust case with an easier to operate winding crown, by repurposing Rolex Submariner 6538 cases. These watches were fitted with Tudor dials and movements, but retained their original Rolex serial numbers, with the 6538 reference re-engraved as 7922 between the lugs. The case backs had 6538 crossed out and 7922 punched above. These watches kept a 7922 100m dial but were capable of diving to a depth of 200m thanks to the Rolex case, Mercedes hands, and an 8mm Rolex winding crown.

The inner case back of the 7922 Big Crown (Image: RPR)

1958 – Reference 7924 (Big Crown)
Following the success of the reworked 7922, Tudor introduced the 7924 in 1958, the first Submariner officially rated to 200m. Fitted with gilt dials marked 200s and Mercedes hands and like the previous experimental batch, it featured an 8mm Rolex winding crown.

A Tudor Submariner 7924 (Image: Tudor Collector/Luca Garbati)

1959 – Reference 7928 (Crown Guard Case)
By 1959, Tudor introduced the 7928, marking a major design shift with the addition of crown guards. This model evolved through four variations of crown guards: Square, Eagle Beak, Pointed, and Rounded crown guards. Alongside these case modifications, the 7928 initially featured a gilt black 200m dial, Mercedes hands, and a 7mm Rolex winding crown. This model remained in production for over a decade and the dials transitioned from glossy to matte in the mid to late 1960s.

A first series ‘Square Guard’ Tudor Submariner 7928 (Image: Tudor Watch)

A ‘Pointed Crown Guard’ Tudor Submariner 7928 (Image: Tudor Watch)

1974 – Reference 7016 (First Snowflake MN Watches)
The arrival of the 7016 in 1974 signalled a new era for Marine Nationale Tudors. This was the first reference to feature the now-iconic Snowflake hands, developed in direct response to requests for improved underwater legibility. The early 7016s were fitted with black dials and black bezel inserts, paired with square marker dials. These watches retained the 7mm Rolex winding crown. Crucially, this was also the first reference to feature the hallmark MN case back engravings, with issued examples engraved MN74. Watches from this batch generally fall within the 827xxx serial range.

The first black Snowflake Submariner 7016 (Image: Tudor Watch)

1975 – Reference 9401 (Blue Snowflake MN Watches)
In 1975, Tudor introduced the reference 9401, which became the definitive Marine Nationale Tudor for many collectors. These watches featured blue dials with matching blue bezel inserts, Snowflake hands, and the same square marker dial layout as the earlier 7016. The 7mm Rolex winding crown remained unchanged. These watches were issued through the early 1980s and continued the MN case back engraving tradition.

The iconic blue Snowflake Submariner 9401 issued to the MN (Image: Tudor Watch)

Early 1980s – Reference 9401 (Blue Mercedes or lollipop hands MN Watches)
By the early 1980s, the last generation of Marine Nationale Tudors transitioned to a new dial configuration. These late 9401s featured blue dials and bezel inserts but reverted to Mercedes pattern hands, paired with a triangle marker dial layout. The 7mm Rolex winding crown remained a consistent feature. These were among the last Tudors officially issued to the Marine Nationale before the official relationship came to an end.

Last series 9401 with lollipop hands and triangle quarters (Image: Fratello)

Key Features of MN-Issued Watches
Determining whether a Tudor Submariner was officially issued to the Marine Nationale can be challenging. Unlike many military-issued timepieces that came with standardised documentation, Marine Nationale Tudors were tools of the trade, utilitarian watches issued directly to Navy divers and commandos with little regard for future collectability.

The full ledger book from Toulon, listing all the MN watches serviced (Image: RPR)

 

An example of a page from the ledger (redacted serials). For example, line 206 shows a Tudor with serial 912xxx issued to Commando Hubert (Image: Watch My Watch)

One of the most important sources for verifying an MN-issued Tudor comes from a Rolex watchmaker based in Toulon, who meticulously recorded every Marine Nationale Tudor that passed through his workshop for servicing. However, it is crucial to note that these records only account for watches issued to the southern base in Toulon. There are no surviving records for watches issued in northern France, making verification for those examples much more difficult.

For models issued before 1974, the only definitive way to confirm an MN-issued watch is if it appears in the Toulon watchmaker’s ledgers. Watches from this period lack military engravings, meaning provenance and historical documentation are essential.

A Submariner 9401 issued in 1975 – note the long form date that was only used in 1975 (Image: Tudor Collector)

A Submariner 9401 issued in 1978 (Image: Christoper Beccan)

From 1974 to 1982, Marine Nationale Tudors featured distinct case back engravings, making them far easier to identify. These engravings followed a standardised format with the letters MN followed by the year of issue. The placement of the engraving varied slightly over the years:

  • 1974 – MN 74 – Centre of case back
  • 1975 – MN 1975 – Centre of case back (the only year with the full year engraved)
  • 1976 – MN 76 – Centre of case back
  • 1977 – MN 77 – Centre of case back
  • 1978 – MN 78 – Bottom of case back
  • 1979 to 1982 – MN 79, MN 80, MN 81 and MN 82 – Centre of case back

While these engravings provide strong evidence of Marine Nationale provenance, collectors should always be mindful of originality. Over the decades, some watches have had their engravings polished off or case backs swapped during service. As always with military watches, careful research and authentication remain key.

The Modern Evolution: The Pelagos FXD

In May 2021, Tudor reaffirmed its historical connection with the Marine Nationale, announcing an official partnership with the French Navy. While the brand had long celebrated its military heritage, most notably with the Black Bay Fifty-Eight, the launch of the Pelagos FXD marked a significant return to true military collaboration. Unlike previous releases that paid homage to the past, the FXD was designed specifically for modern Marine Nationale divers, tailored to the operational needs of Commando Hubert, the elite combat swimmer unit of the French Navy.

The standard production civilian Pelagos FXD with four-line dial (Image: Tudor Watch)

Whilst the FXD is very much a watch designed with the Marine Nationale, the actual watches delivered to the Commando Hubert divers differ from those sold by official Tudor retailers. The most obvious difference is the dial. Devoid of any mention of chronometer certification, the issued watches display a stripped-back aesthetic, featuring only PELAGOS and 200m, not even the imperial 600ft depth rating. This no-nonsense approach to the dial design reinforces the FXD’s role as a purpose-built military tool.

The case back is also significantly different. One of the most distinctive elements of the retail FXD is the engraved MN case back, a direct nod to the hallmark case back engravings found on vintage Marine Nationale Tudors from the 1970s and 1980s. These historical engravings consisted of MN followed by a short-form year, such as MN74 for 1974 or MN76 for 1976. (A small but interesting detail—only in 1975 did Tudor engrave the full year, marking watches as MN 1975.) The retail FXDs continue this tradition, with watches produced in 2021 engraved MN21, followed by MN22 in 2022, and so on. However, the actual issued watches used by Commando Hubert divers feature a much more stripped-back case back, engraved with only the year and a small issue number, reinforcing their utilitarian nature.

Finally, the reference number of the issued watches is ‘25797’ where the civilian reference is ‘25707’.

A Command Hubert delivered Pelagos FXD. Note the two-line dial. (Image: Monaco Legend Group)

The FXD retains the core characteristics that made Marine Nationale Tudors iconic: a robust, functional design, lightweight materials, and fixed strap bars for added durability. With its 42mm titanium case, ultra-legible dial, and bi-directional countdown bezel—specifically designed for underwater navigation—it is a modern-day MilSub, not just a marketing exercise. It embodies Tudor’s historical relationship with the Marine Nationale while proving that the collaboration remains as functional today as it was in the 1950s.

For collectors and enthusiasts, Marine Nationale Tudors remain among the most desirable tool watches on the market. Whether it’s the patinated charm of an original “M.N.”-engraved 7016 or the cutting-edge engineering of the Pelagos FXD, these watches embody the perfect balance of heritage, functionality, and military precision.

A Command Hubert delivered Pelagos FXD with accessories (Image: Monaco Legend Group)

By Ross Povey for Daniel Bourn. 

Ross Povey is a journalist, editor and founder of tudorcollector.com. He is internationally recognised as the leading authority on vintage Tudor watches and a key figure in the Tudor collecting community.

© Copyright Daniel Bourn www.danielbourn.com

If you would like to discuss, learn, or SELL your vintage military-issued Rolex, Tudor, Omega, or Blancpain timepiece, please don’t hesitate to contact us:

info@danielbourn.com
+44 7977 469 568
@daniel.bourn

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