
1999 IWC Portugieser
A Portugieser with a stunning Calatrava-esque black dial, a compact case, and the IWC 891/2 automatic movement.
Overview
In the late 1930s, a Portuguese wholesaler from Lisbon approached IWC about developing a men’s wristwatch that could match the precision of marine chronometers. That request would lead to the creation of the Portuguese line of watches, starting with the now iconic reference 325. At 41.5mm in diameter the 325 was a rather large watch for the times, and for various reasons actual sale numbers ran low through the 70s and into the quartz crisis.
Fast forward to the 1990s and the largely forgotten reference was re-discovered by the famous IWC watchmaker Kurt Klaus, who created an inspired version for the brand’s 125th anniversary–the reference 5441 Jubilee Portugieser. This triggered a series of subsequent releases including a minute repeater, a rattrapante, and an automatic chronograph that re-ignited public interest in the line. Lost in the buzz of these other watches, IWC also created a small automatic version of the Portugieser–the reference 3531.
At 35mm in diameter, the 3531 had more classical dimensions than the typical Portugieser. Only a small number were made and in 3 different configurations–a steel encased white dial, a rose gold encased white dial, and a steel encased black dial. The latter seems to have been particularly rare with an estimated supply in the low hundreds. As such, these watches are scarcely seen on the market and have become highly collectible amongst the smaller audience that knows about them.
Specifications
Brand:
IWC
Model:
IWC Portugieser
Reference:
IW3531-05
Year:
1999
Case Number:
2738162
Case Material:
Stainless steel
Diameter:
35 mm
Lug Width:
18 mm
Thickness:
8.0 mm
Lug-to-Lug:
42.6 mm
Dial:
Black
Lume:
None
Crystal:
Sapphire
Movement:
Automatic
Caliber:
IWC 891/2
Bracelet/Strap:
IWC black alligator strap with tang buckle
Max Wrist Size:
Hand model has a wrist size of 6.1 in
Condition
Case: The case shows minimal signs of wear with a few hairlines throughout and one micro nick on the lug at 1:30. All of the lugs are thick and sharp with excellent definition between polished and brushed surfaces. The case back has some hairlines and a few small scuffs, and the backs of the lugs show minor signs of strap removal. The serial number engraving remains deep and sharp.
Dial, Hands, & Crystal: The black dial and polished hands are in mint condition. The brushed numerals show no signs of deterioration and offer excellent legibility. The sapphire crystal is clean and scratch-free.
Bracelet/Strap: The IWC alligator strap shows light signs of use with some wear around the strap holes. There is a small scuff near the lugs at 6 o’ clock where some of the alligator skin has been removed.
Performance
Functions: All functions including the crown-winding and time-setting are working as expected.
Service History: Unknown.
What’s Included

What’s Included
Watch
IWC Portugieser on a black alligator strap.
Box/Papers
Boxes, booklet, and guarantee dated December 1999.
Extras
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Authenticity Guarantee
Each watch is thoroughly evaluated and guaranteed to be authentic unless explicitly stated otherwise. Prior to any sale, we are happy to provide additional photos or videos of the watch, movement, and accessories at your request. Once you receive the watch, we allow a 72-hour inspection period during which you may return the watch for a full refund if it is misrepresented.
We spend a considerable amount of time researching any watch we plan to source. This includes cross-checking the visual details, case numbers, and movements using examples sold by other reputable dealers and buying guides published by subject matter experts. We set very high standards and will not consider any watch with questionable parts or inconsistencies that cannot be verified elsewhere.
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Condition Grades
We use the following rubric to assign each watch a condition grade that best represents its external appearance.
Timegrapher Readings
These readings were taken on a Weishi No. 1000 timegrapher approximately one hour after fully winding the watch.

























