Omega · Constellation · Co-Axial 38mm · Ref 123.50.38.21.02.001 · new on Amazon
Solid gold, top to clasp.
A 38mm case in 18k red gold with the Constellation claws and a Roman-numeral bezel, a silver sunburst dial, Omega’s Co-Axial calibre 8501 behind a sapphire back, and a bracelet in the same gold. There is no steel anywhere on it. New from an independent dealer through Amazon, with Amazon’s return window.

Case
38mm, 18k red gold
Movement
Co-Axial Calibre 8501, automatic
Power reserve
60 hours
Water resistance
100m (10 ATM)
Bracelet
18k red gold, deployment clasp
Caseback
Sapphire, exhibition
The claws
The Constellation has carried its four claws since 1982; they started as functional clamps that held the crystal against the case and stayed as the signature after the case no longer needed them. The 2009 generation, which this reference belongs to, kept the claws and the Roman numerals on the bezel and moved the star to the dial at six.
Inside is calibre 8501, the version of Omega’s Co-Axial 8500 with a gold rotor and gold balance bridge, visible through the sapphire back. Co-Axial means George Daniels’ escapement, which needs less lubrication than a Swiss lever and holds its rate longer between services. The silicon balance spring shrugs off magnets.

Why a gold bracelet changes the price
Most of the money in this watch is the bracelet. A steel Constellation 38 with the same movement costs a fraction; the solid gold links, clasp, case and bezel are what put this one in the top band on this site, and they are also why it weighs what it weighs. Try to handle one before buying if you have never worn a full gold bracelet.
Every figure here comes from the Amazon spec table and Omega’s published specification for the reference, not from handling the watch. The Amazon table lists it as a chronograph; it is not. The dial says Co-Axial Chronometer, and that is what it is.

Buying it new on Amazon
This unit is listed new by an independent dealer through Amazon, with Amazon’s 30-day return window on top of the dealer’s warranty; read the warranty line on the listing, because Omega’s own warranty runs from an authorised sale.
Gold Omegas resell below their retail price on the secondary market, which is exactly why dealer stock like this sits on Amazon below boutique retail. Buy it to wear it. Nothing here is investment advice.

Specs
- Reference
- 123.50.38.21.02.001
- Case size
- 38mm
- Case material
- 18k red gold
- Movement
- Automatic, Omega Co-Axial Calibre 8501
- Caliber type
- Omega 8501, Co-Axial escapement, silicon balance spring, chronometer-certified
- Crystal
- Sapphire Crystal, sapphire exhibition caseback
- Water resistance
- 100m (10 ATM)
- Power reserve
- 60 hours
- Complications
- Date at 3 o'clock
- Origin
- Swiss Made
Specifications as published by Omega. We research from manufacturer documentation and published sources rather than hands-on testing. Researched 2026-09-12.
Verdict
An all-gold 38mm Constellation with the Co-Axial 8501 and a solid gold bracelet, new from a dealer, for someone who wants the weight.
Strengths
- Solid 18k red gold case, bezel and bracelet
- Co-Axial 8501 with a silicon balance spring, 60-hour reserve
- 100m and a sapphire back on a dress watch
- New, with Amazon’s return window
Trade-offs
- Gold Omegas resell below retail
- A heavy watch; the gold bracelet is most of the weight and the price
- Dealer warranty, not Omega’s from purchase
- The Amazon table mislabels it a chronograph; match the reference
Buy it if
Someone who wants a full gold dress watch on a bracelet from a brand with a real movement inside.
Skip it if
You want resale value, a lighter watch, or the same calibre in steel for far less.
FAQ
No. It is a Co-Axial Chronometer with time and date. The Amazon spec table says chronograph; that is a listing error.
Sources
- Omega Constellation, official collection page
- Amazon marketplace listing (new, independent dealer), read 2026-09-12
Researched and last updated 2026-09-12. We do not test watches in hand; every figure above is traceable to the manufacturer or the sources listed here.
Omega Constellation Co-Axial 38mm (18k red gold)
Reference 123.50.38.21.02.001 · $25,000+
Prices and availability change; the band above is a research figure, so check the current listing.
Affiliate Disclosure
The Horologist is reader-supported. When you buy through links on our site, we may earn a commission at no extra cost to you. This never influences our editorial recommendations — every timepiece is selected on merit alone.
Complete the look
A fresh strap changes the whole watch.
Not ready today? Adding it to your cart keeps your pick saved.
Compared Against