From MB press release
"Ease of operation and outstanding user-friendliness are salient features of the new Montblanc Star World-Time GMT Automatic. All functions can be operated via the readily grasped - and for improved security – screwed crown in 3 positions. When the crown is in its neutral (unscrewed) position, turning it clockwise manually winds the automatic movement and turning it counter-clockwise resets the outer ring which indicates the worlds 24 time zones. When the crown has been withdrawn to its first extracted position, turning it clockwise resets the date and turning it counter-clockwise triggers the GMT hand (with the red tip) to advance in hourly increments. Finally, when the crown has been further withdrawn to its second extracted position, turning it clockwise adjusts the 12-hour and the minute-hand in the usual manner.
The 12-hour hand is permanently coupled to the movement and shows the time in the wearer’s present location. The smaller GMT hand culminating in a red tip is accompanied by a contrastingly coloured 24 hour-scale indicating whether people are momentarily at work or asleep in the distant time zone. The outer ring simultaneously indicates the corresponding time on all the global time zones when correctly adjusted with the current time and location of the GMT hand. "
But yes, you are correct. there is no obvious indication on the reference city. So in the picture above, I guess the owner is travelling in Sydney Australia and it is 10:10. The GMT hand would refer to the owners home city which has a local time of 1310.
Best, Mike
[edit sp. Australia: MTF]
This message has been edited by MTF on 2012-08-29 15:51:38