Set of 3 watches produced around the time of Sonic and Knuckles & Sonic 2. These are believed to have been mail order-available, at the time, through some offer, possibly in a magazine or maybe a Sega catalog. They have metal frames, and supposedly the back bezel is marked SEGA in etching. The first has the S&K symbol, next is Sonic standing next to Tails and the last one is a Sonic face with the classic logo. The last one's band has the Sega logo on it as well.
Isn't this photo really small. It's also very old.