To be honest either one will do, I think the biggest thing will be just down to personal styling tastes and preferences. I just sold my OWC a few days ago but am actually wearing my Squale right now. I only sold the OWC because I'm always changing watches and wanted to move it on, not because the Squale was superior or anything. They both have a different look so it's up to whatever you like best. If your dream is a Submariner and you start off with the OWC in the interim then you may find you replace one watch with a similar watch whereas if you get a 50 Atmos then you'll have a much bigger contrast when you change.
Personally I think the OWC quality control is better. My Squale bezel pip does not line up at 12 0'clock despite me including a note with my order asking if this could be checked before the watch was shipped out. The action also has more play in it and it turns a bit easily for my preference. The OWC lined up perfectly and once settled into the groove there was just the tiniest of movement in the bezel, really not worth talking about - and I'm being picky. Both have 60 clicks.
The OWC has a ceramic bezel insert versus the Squale's aluminium one. Dan at OWC will also sell you a spare insert for the OWC bezel should you damage the ceramic. Squale will only supply an entire bezel with insert - but at least both companies will supply parts should you damage these. Both watches have 4 screws that let you easily remove the bezel.
There's a long wait for an OWC should you want to but new, a Squale can be had strait away.
I have 6.5" wrists and both watches wear well on skinner arms while at the same time equally suit larger wrists due to they way their lugs drop and curve with the wrist.
The OWC had superior lume to the Squale, despite both being C3.
Just for reference - the Squale blasted finish is far more of a satin sheen in real life, in photo's it looks more matt.
The Squale has more finishing options - polished, PVD, bead blasted cases, domed or flat glass, coloured dials. If you buy new from OWC you can get a custom watch from the standard parts however - I got the Snowflake face with the full 60 minute Milsub bezel insert as a custom order. Dan is really obliging to deal with.
The OWC bracelet is really good quality and the endlinks fit the case perfectly. There's also no springbars to break as the watch uses screwed lug bars. The Squale comes with a choice of straps, the rubber supplied is good quality and supple, they're Bonetto Cinturini straps and can be bought elsewhere cheaper than from Squale, the only difference is the original Squale gets a better Squale signed buckle. Likewise the Squale mesh bracelet - it's bought in by Squale and can be bought aftermarket for less, the only difference being you don't get Squale written on the clasp.
Personal choice with the cases, both a great quality, well made and finished. The Squale case is probably the more unique due to the number of Rolex homages out there. The OWC is lovely though and has it's own style and curves much more than a Rolex case - more organic.
It's a toss up between the movements too in my opinion - Soprod A-10 and ETA 2824-2. Both of the watches I had worked well and both watches had very little variance between timekeeping regardless of storing them face up, crown up, etc. Both watches arrived running a touch slow. I opened them up and adjusted them myself, having the greatest success with the ETA movement. Currently, when worn all the time on my wrist the Squale is only gaining 1.0 seconds per day approx. which I find amazing. If you open the case backs up and peer inside you'll be happier with the OWC - the A-10 movement is more decorated and fancy whereas the ETA is just "Plain Jane" to look at (but how many people do this anyway). It's a tie between the watches as far as I'm concerned.
I don't think either watch will disappoint. Having had both at the same time I can't pick a winner. Possibly the OWC as it's much rarer, you deal with the company owner directly and the overall quality is above the Squale.
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