THE ESSENTIALS
MAKE: IWC
MODEL: 325
YEAR: 1981
BOX/PAPERS: YES/YES
CASE DIAMETER: 41.5mm
CASE MATERIAL: STAINLESS STEEL
BRACELET MATERIAL: LEATHER
MOVEMENT: MANUAL WIND
The IWC Portugieser is today one of the brand’s most iconic and successful collections, having celebrated its 85th anniversary last year. Yet its history was anything but smooth sailing. The story began in the 1930s, when two Lisbon-based wholesalers, Messrs. Rodrigues and Antonio Teixera, made an unusual request: a large men’s wristwatch with the precision of a marine chronometer. IWC responded with a 41.5 mm watch fitted with a pocket-watch movement, designated “Mod. 228” (a case number that confused even IWC themselves).
The first delivery was actually made to Ukrainian wholesaler L. Schwarcz in February 1939, and subsequently sent to Lviv, Poland (today in Ukraine). It would take another three years before the watches finally reached Portugal, now formally named reference 325. Unfortunately, the market was not ready for such a “large” wristwatch, and combined with the devastation of the Second World War, the Portugieser 325 was not a commercial success. In fact, it was so bad that IWC sales records show fewer than 250 examples delivered over the course of three decades.
In 1957, IWC received another order for the reference 325, but many were mysteriously cancelled. Out of 100 cases produced, only 16 were assembled and delivered, powered by the Caliber 98. Once again, sales were disappointing.
It was not until twenty years later that a third, small batch was produced for a handful of dealers, mostly in Germany. Just 57 examples were made, later nicknamed the “German Edition” or “Missing Link,” as they bridged the original 1930s reference 325 and the anniversary re-edition of 1993.
The watch offered here comes from that rare batch of 57—and is one of the few known to feature striking Baroque Louis XV hands. It is in exceptional condition: the silver dial is pristine, serving as a canvas for the elegant hands and IWC signature, while the case remains unpolished. Remarkably, it also retains its original strap and buckle.
The movement is performing superbly at +3 seconds per day with 300 amplitude and a 0.2 ms beat error. Accompanying the watch are its original box, booklets, guarantee papers, and archive papers. This is unquestionably one of the finest watches Fathom has ever had the privilege of handling—and we are proud to present it to the world.