In this case, old watches became tiny motorcycles. (Is like the "Transformers" for grown ups!)
I found these two different artists are showcased in Taringa.net. I believe one is Brazilian and the other one Argentinian but I am not 100% sure. Each one has its own style, but both have extremely nice final designs.
These little motorcycles are pieces of jewelry by themselves.
You can see more pictures here and here.
UPDATE: they are all from the same artist, that is a Brazilian Advertising Exectuive from Santa Catarina, Jose Geraldo Pfau Kings . Via Boing Boing