Before the Big Bang, there was this.

An early Hublot in solid 18K yellow gold, opened to reveal the mechanics within and powered by the remarkably slim Frédéric Piguet Calibre 21. Ref. 1512.3 captures a very different chapter of Hublot: restrained, experimental and already rooted in the maison’s defining fusion of precious metal and black rubber.

Intro

There is something particularly compelling about encountering Hublot before the brand became synonymous with the monumental architecture of the Big Bang.

The Hublot most collectors recognize today is muscular, layered and extroverted. Ref. 1512.3 speaks in an earlier vocabulary. Its compact yellow-gold case, black rubber strap and exposed hand-wound movement reveal the design philosophy from which modern Hublot would ultimately evolve.

At its heart is one of the watch’s most compelling details: the Frédéric Piguet Calibre 21.

Description

Long before oversized cases and the Big Bang established Hublot’s contemporary identity, the manufacture was already exploring an unconventional idea: combine precious metal with an industrial material and allow the tension between the two to become the design itself.

The MDM Ref. 1512.3 expresses that philosophy with remarkable clarity.

Its case is crafted in 18K yellow gold, yet instead of being paired with the traditional leather strap expected of classical Swiss luxury watches, it meets a stark black rubber strap. The contrast is deliberate. Gold brings warmth, permanence and traditional value, while rubber introduces modernity, practicality and visual tension.

That juxtaposition would become one of the foundations of Hublot’s identity.

Here, however, the concept goes further.

The conventional dial has largely disappeared, replaced by an elaborate openworked composition that allows the mechanics themselves to become the visual centerpiece. Golden skeletonized structures frame exposed wheels, jewels and movement components, while a restrained Roman numeral chapter ring preserves a sense of classical order around the perimeter.

The result is beautifully contradictory: ornate yet disciplined, traditional yet experimental.

Inside is the Frédéric Piguet Calibre 21, an exceptionally slim manually wound Swiss movement operating at 21,600 vibrations per hour. Its mechanical architecture can be admired from both the dial side and through the exhibition caseback, allowing the movement to become part of the watch’s character rather than remaining hidden beneath the surface.

The proportions are notably restrained by contemporary Hublot standards.

The case measures approximately 36.6 mm across excluding the crown, approximately 34.0 mm across the case body, and only 7.1 mm in thickness. Total watch weight is approximately 67.1 g.

That slimness is central to the appeal.

Rather than dominating the wrist through scale, Ref. 1512.3 draws attention through detail, texture and mechanical intricacy.

The black Hublot rubber strap provides the visual counterweight to the yellow-gold case. Its simplicity allows the skeletonized movement and polished gold architecture to remain the focus, while the matching deployant clasp preserves the distinctive metal-and-rubber language for which Hublot became known.

Additional Hublot rubber strap sections are included, offering useful flexibility for fit and long-term ownership.

The watch has also undergone an overhaul/service, with a recorded timing measurement of approximately +10 seconds per day in the flat position at the time of testing.

For the collector, Ref. 1512.3 offers something quite different from simply acquiring another gold Swiss watch.

It is a window into early Hublot.

The essential ingredients are already present: precious metal, rubber, visible hardware, open mechanics and an eagerness to question what a luxury watch was supposed to look like.

Only the scale of the idea would change.

Highlights & Features

• Hublot MDM Skeleton Ref. 1512.3
• Solid K18 / 18K yellow-gold case
• Gold-tone openworked skeletonized display
• Frédéric Piguet Calibre 21
• Two-hand manual-winding mechanical movement
• 21,600 vibrations per hour
• Roman numeral chapter ring
• Exhibition caseback
• Original Hublot black rubber strap
• Matching deployant clasp
• Approx. 36.6 mm case width excluding crown
• Approx. 34.0 mm case dimension excluding lugs
• Approx. 7.1 mm case thickness
• Approx. 67.1 g total watch weight
• Maximum wrist size approx. 17.3 cm
• Overhauled / serviced
• Approx. +10 seconds per day recorded in flat-position testing
• Additional Hublot rubber strap sections included
• Box included
• Distinctive early Hublot precious-metal-and-rubber construction

Item Details

Brand: Hublot
Collection: MDM
Model: Skeleton
Reference: 1512.3
Case Material: K18 / 18K Yellow Gold
Display: Gold-Tone Skeletonized Openworked Display
Hour Markers: Roman Numerals
Movement: Mechanical, Manual Winding
Calibre: Frédéric Piguet Cal. 21
Functions: Hours, Minutes
Frequency: 21,600 vph
Case Width: Approx. 36.6 mm excluding crown
Case Dimension: Approx. 34.0 mm excluding lugs
Thickness: Approx. 7.1 mm
Total Watch Weight: Approx. 67.1 g
Maximum Wrist Size: Approx. 17.3 cm
Strap: Original Hublot Black Rubber Strap
Clasp: Deployant / Folding Clasp
Caseback: Exhibition Caseback
Service: Overhauled / Serviced
Timing: Approx. +10 sec/day in flat-position testing
Accessories: Box and Additional Rubber Strap Sections
Country of Manufacture: Switzerland
Condition: Very Good Vintage / Pre-Owned Condition

Condition Report

Case

The 18K yellow-gold case presents attractively with light surface hairlines, fine scratches and handling marks consistent with careful previous ownership.

The broad bezel, curved case profile and distinctive strap interfaces remain well defined, preserving the elegant proportions and character of the original design.

Skeleton Display

The openworked display presents beautifully, with golden decorative structures, exposed wheels, jewels and contrasting metallic components creating substantial depth beneath the Roman numeral chapter ring.

The combination of skeletonization and classical detailing gives the watch an unusually refined mechanical presence.

Crystal

The crystal remains clear and provides an unobstructed view of the openworked movement.

Light surface wear may be present consistent with age and use.

Movement

The Frédéric Piguet Calibre 21 has undergone an overhaul/service and operates at 21,600 vibrations per hour.

A timing measurement of approximately +10 seconds per day in the flat position was recorded at the time of testing.

Strap & Clasp

The original black Hublot rubber strap complements the yellow-gold case beautifully and remains central to the visual identity of the watch.

Additional Hublot rubber strap sections are included.

The matching deployant clasp completes the original metal-and-rubber aesthetic.

Overall Condition

Very Good Vintage / Pre-Owned Condition

The watch shows light signs of age and previous enjoyment while retaining an exceptionally strong overall presentation, attractive gold surfaces and a striking openworked mechanical display.

Why Collectors Want This Piece

The fascination of Ref. 1512.3 lies partly in hindsight.

Modern Hublot is inseparable from the idea of fusion, but this early MDM reference shows that the concept was already deeply embedded in the house’s design language long before the Big Bang transformed the brand’s global profile.

A solid yellow-gold case paired with black rubber still creates a compelling visual tension. Add an intricately openworked display and the exceptionally slim Frédéric Piguet Calibre 21, and the result becomes far more unusual than a conventional vintage gold watch.

The Calibre 21 connection is especially appealing to mechanically minded collectors. Rather than hiding the movement beneath a traditional dial, Ref. 1512.3 makes its mechanics the visual protagonist.

Its compact proportions also give it a very different presence from later Hublot watches. The design rewards close inspection rather than sheer scale, revealing a chapter of Hublot history defined by experimentation, restraint and mechanical detail.

For collectors interested in the origins of Hublot’s fusion philosophy, the MDM Skeleton represents an especially compelling intersection of early brand identity, precious-metal watchmaking and open mechanical architecture.

Brand Heritage

Hublot was founded in Switzerland in 1980 and distinguished itself almost immediately through an unconventional design proposition: pairing traditional precious-metal watch cases with black rubber straps.

At a time when luxury watchmaking remained strongly tied to classical materials and established conventions, the combination was strikingly modern.

That philosophy became the foundation of what Hublot would later describe as the Art of Fusion.

The MDM era belongs to this formative chapter. References such as the 1512.3 reveal many of the ideas that would eventually become central to the brand: precious metals juxtaposed with contemporary materials, visible construction, strong case architecture and an instinct to challenge the traditional boundaries of Swiss luxury watchmaking.

Seen today, the Ref. 1512.3 is not merely an early Hublot.

It is an elegant glimpse of the design philosophy that would eventually reshape the entire maison.