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These watches had a moving "moire" pattern for the seconds hand. Very classy, high quality watch. I think they made these Cocktail Watches in the late 30's through the early 50's, but I'm not sure. The company survived the "quartz crisis", and is still in business:
http://www.ernestborel.ch/en/index.php
This particular watch was my grandfathers. He and my grandmother had matching Ernest Borel Cocktail watches... I also have my grandmother's, but the a lug is broken off of the case. I restored his watch, and will figure out a way to fix the lug, and restore hers.