This is a 'custom' Amy Rose watch. When Sonic Adventure 1 first arrived on the scene, Sega celebrated by releasing watches you could customize via option selection on a website. YOU got to choose the character art, background color, number color, and likely the hands as well. Once you were done customizing, you could see a photo of the watch, and if you liked it, order it for $20.00.
Notice the "Sonic" logo and Sega copyright on the bezel! There are tons of fake watches out there using similar stock art. Most fakers cannot copy frosting on metal or metal cut-ins such as these. ALSO notice that no part of the art is cut off, and numbers are not printed on the character's face or body parts. Fakers do not care about the final quality of an item, they'll just scrawl all over stock art if it doesn't fit, or slice pieces off to get it to fit in the watch. Always look for Sega copyrights, fake watches are VERY tricky! (and very worthless)