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Patek Philippe

There is a reason for this.

 

The reason this is occurring is because the case isn't solid gold. It looks to be heavily plated gold on steel. My guess would be that there was a flaw in the plating or abrasion of the finish allowing water and oxygen to attack the steel. This produced a reaction that blistered the plating underneath as can be seen on the right-hand side of the picture. A larger picture would be helpful, though.

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