No sorry thats incorrect  ,the BIG second sweep hand that is on 12 is the resettable sweep hand for the chronometer function of the watch. -.  IWC Portugieser Chronograph Classic IW3903-02  approx $12,000 price The actual seconds for everyday time is displayed on the lower small dial and clearly displays 40 seconds.  This verified by the Minute hand being 2/3 way between the 14th and 15th minute markers , (which would have to be exactly on the 14th marker for your statement to actually be correct) As Ive previously stated the exact time is 3:14:40