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December 2015

Since the last update the phrase that springs most to mind is “more of the same”! The vintage watch market continues to see more people searching for ever fewer watches and so prices have increased on the best pieces significantly in the past 6 months. 

This has to a lesser (but still significant amount) filtered "down the stream” onto many (but not all vintage Heuers). The increases in the market are not just a Heuer centric thing, but can and have been seen on many other brands, for instance Universal Geneve and Omega but also on others that are perhaps less established than Rolex. There is an element of “catch up” whereby some of these important watches were valued too lowly before but still the past 12 months has been notable. "Has the market entered a bubble" is something I get asked often and the honest answer is I have no idea. I know that no markets continue to appreciate for ever and I would say a "pause for reflection", would be healthy, however collectors (and now increasingly investors) are desperate to find what the market considers “key pieces”, because, they are not making any more of them. Whatever happens the key is to buy what you love and buy the best you can, even if that means owning fewer pieces, and pray it doesn’t all end in tears!


The references that continue to see demand are the ones you would imagine, 1st execution Autavia (even models that are not 100% correct and original have reached price levels that were reserved only for the very best 6 months ago). I would be interested to see what the very best all original examples would now be worth…2nd execution Autavia have seen major increases, mostly for 2446, but 3646 have jumped significantly too. I could go on, but suffice to say all screwback case Autavia (3rd exec inc the rare Transitional case and the uber rare 4th exec and 4th exec GMT) have moved strongly upward. The preference is always for the 2446 and the prmium rightly exists, although the 1st execution 3646 is possibly not too far from the 2446 in value now. The market has seemingly realised that the early to mid 1960s examples are very rare watches and possibly the pinnacle of Heuers output. 70s and 80s Autavia have seen increases but not to the same extent. However even a nice standard 1163V Autavia, one of the few Heuers to sell in volume (low to mid thousands) might now set you back £2000 instead of £1500. Carrera prices are also "on the march”, especially the most desired 1960s models such as the 2447 NS, SN, Skipperra (if you can find one) and any “special order” dials. Skippers have increased, although perhaps not to the same levels as the prior two model ranges. 


There are however still plenty of models that look value (especially in comparison to some of the most desired)…Monaco remains all about the PVD, Chronomatic and to lesser extent Transitional models and mint examples of these models would still be classed as strong as ever, however standard 1133B and the rest of the range 74033, 73663, 1533 are tougher of late and look great value, especially if you can find one with a clean dial (not easy of course!) 70s and 80s Carrera represent value (just look at the sea of white compared to green elsewhere on the price guide) and so do the rest of the models outside the “core three”. There is of course much less demand for these models but at some point many people won’t be able to afford or will refuse to spend the level required to buy one of the more desired references. Camaro (although they are starting to move upward already and are gaining a real following) Jarama, Monza, Montreal, Verona also fall into this “value” category. As with any market, there is always “value” to be had, you just need to look for it…


The guide reflects the current strength, and shows several more models moving up to the grail level, with prices XXXXX (when it becomes more about demand fulfilment). Prices have moved up strongly in some instances (more than ever prior) but remember the prices are aiming to reflect the “average” observed price and not the top of the market. The guide remains a guide and it is always possible to see outliers both above and below quoted levels depending on many factors. The next update will be in May 2016 and I can honestly say I have no idea or expectation what might occur between now and then. Will collectors lessen their grip on some of the “holy grails”, because up until now collectors have not been keen to let them go, knowing they may never find one again?! Only time will tell...



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