According to Bloomberg, the Patek Philippe watch in question was stolen by Ono's chauffeur, and the collector purchased it in Germany in 2014. The collector argued the watch was his because of the purchase, but the Swiss Federal Court just ruled the sale wasn't legitimate because the chauffeur wasn't the watch's actual owner.
Rolling Stone reports the watch included the inscription "(Just Like)/Starting Over/Love Yoko/ 10·9·1980/N.Y.C.," a reference to the song "(Just Like) Starting Over," from Lennon's album Double Fantasy, which he was released just a month before his death.