Small Watches Seize the Limelight

In early December, Nicolò Villa, a jeweler from Milan, was in Manhattan for a trunk show when he spotted a pre-owned Rolex Lady-Datejust with a blue-green opal dial in a shop on West 47th Street. At 26 millimeters in diameter, the watch’s two-tone case was only slightly larger than a 25-cent piece. Mr. Villa bought…

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