Since the update in May it has been a case of more of the same when it comes to the headlines around the world. Ukraine, inflation, interest rate increases and political uncertainty (the latter especially relevant in the UK's revolving PM doors). The same can also be said for modern watch prices, with the lack of "free" money causing a significant re-evaluation of many watches from Rolex, Patek and all of the brands that were bid up by those lovely watch market speculators!

In the more general world of vintage watches there has been some re-evaluation also (although nothing like the fall in some of the "must have" modern watches which have dropped 25-35% this past year), but interestingly nothing of note for vintage Heuer. I think we have the fact that prices were already notably down from their 2016/17 peak to thank for this stability and the undeniable fact that the supply of desirable, original examples in great condition is at an all time low and they look good value in comparison to others. Another season of top auctions has passed us by with a very low number of "meaningful" vintage Heuers making an appearance, and what little we saw achieved values in line with guide pricing. This "in line with guide" performance was also borne out today at the 14th December Bonhams auction where a collection of Heuers from a "Gentleman of Motorsports" (whatever that is) effectively sold with buyers premium included at or close to the Heuer price guide values.

Generally when considering other brands, this year saw less vintage watches at auction and performances were generally less spectacular, save for some of the "Independent" brands which appear to be having their own "moment" right now, instead the lots were rammed full of new and neo vintage watches. As an aside I wonder if the market has started to consider the 25-30% buyers fee may well be a step too far and that this may impact the hammer price auctions can achieve in comparison to selling privately?

With pricing on Heuer stable and with some other brands still being hard to afford (if the rarest and best references are what you want to collect) I have seen a rise in collectors asking advice on what they should collect. The issue remains that selecting the watches to seek and add to your collection is far easier than actually finding them and then being able to buy them at realistic prices. When compared to Rolex and Omega (the two vintage sports brands "above" Heuer in the pecking order) the volumes produced for each reference and the selection available to purchase now remains much lower. Therefore it is imperative to be patient to avoid paying too much for a watch that is not worthy of adding to a serious collection. It is easy to be impatient but it almost always ends in buying the wrong watch and then spending time and (losing) money on replacing it with a better example. There continues to be a massive difference between an "all correct" unpolished watch with a sharp case, with fantastic lume and no dial marks and an average example, and rightly so, and it's often worth remembering this to avoid watches that may appear "good value" but ultimately are not.

Considering all of the above I suspect this is a good time to be actively seeking vintage Heuers, whether you are "into" the 60s or the 70s pieces, because the stability in prices in an economically unstable period is a good indicator of a robust market. As has been evident for the past 20 years, the market ebbs and flows, moves in waves and tends to go with the currents. I suspect this is a period of stability and consolidation before the next phase for vintage Heuer. The new watch / neo vintage phase has passed and will settle and then consolidate, the Independent brand phase is in full swing (you could say it is at or near its peak) but will no doubt go through the same process, because markets always do. As ever it's interesting to sit back and watch and note!

Back to the guide, it has only seen minor adjustments over the past six months (remember values are adjusted on an "as and when" basis throughout the year now) and although the cost of living will bite harder during the winter and into Spring I don't envisage any real change for vintage Heuer values in 2023 either.