Movado is a Swiss luxury watch company whose name is Esperanto for "continuous movement". Movado was founded in 1881 in La Chaux-de-Fonds, Switzerland by Achilles Ditesheim. The company was purchased by arts enthusiast Gedalio Grinberg of New York in 1983. His son, Efraim Grinberg, is the Chairman and Chief Executive Officer of Movado Group, Inc. The North American President of Movado and ESQ by Movado is Alan Chinich. Movado commissioned the design and installation of "Time Sculpture". This unique clock sculpture was designed by world renowned architect Philip Johnson. It is located outside Lincoln Center in New York City. In 2006, Movado celebrated its 125th year of watchmaking. Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel, Concord, ESQ by Movado, Coach, Hugo Boss, Lacoste, Juicy Couture and Tommy Hilfiger watches worldwide. Movado is known for its iconic Museum Watch which is defined by a single gold dot symbolizing the sun at high noon, the hands suggesting the movement of the earth. The original Museum Watch was the first wrist watch to be displayed at the Museum of Modern Art and was designed by the American designer Nathan George Horwitt in 1947, originally manufactured by Vacheron & Constantin-Le Coultre Watches, Inc., Switzerland, and was added to the permanent collection of the Museum of Modern Art in 1960. Movado had started producing an unauthorized version starting in 1948, copying Horwitt's design. Movado finally settled with Horwitt in 1975 with a payment of $29,000. Following Horwitt's death, Movado started heavy promotion of Horwitt and the design of the Museum Watch. Edward Steichen, the renowned photographer and director of the photography department at New York's Museum of Modern Art, proclaimed Horwitt's design "the only truly original and beautiful one for such an object".