Squale machined dive-watch cases for Blancpain in the 1950s and 60s, and has now dug sixty unused ones back out. The Milbino puts a modern ETA movement and a 200m rating inside a New Old Stock Bathyscaphe case still signed “Rayville SA” inside the caseback. Above six o’clock sits a working moisture indicator — a paper disc that changes colour the moment water gets in. €3,890, sixty pieces, one per customer, on sale today at noon CEST.