This model is actually a Hartland model, but shown here for reference. Alabaster or ‘Cream Puff’ color. Dark brown cinch with saddle (buckle, instead of snap) and O-Link reins. Victor has diamond shaped conchas on the bridle and at the top of the breast collar. The mane and tail have more wavy strands, and the hooves are straighter.
The basic theory is... when Hartland could no longer supply horses for the Mastercrafter clocks, Breyer stepped in. They had to create a model that fit over the clock, and basically look like the Victor model, so advertising didn't have to be changed. This spurred Breyer into making model horses as toys and collectibles.