Low interest rates, the rise of social media which - especially during Covid times - has fuelled interest still further, and the fact that they aren't making any more of these vintage watches has added up to an increase in demand. Additionally, the fact that stock markets (especially in America) could be seen as over-valued has meant there are inevitably investors coming back into the market as a "hedge" on other investments. This is true for most collectible vintage watch brands, as well as for modern brands where the supply/demand equation is tight such as Patek Philippe and Rolex. When compared to some of the prices currently being paid for these modern watches, some of the vintage watches look like remarkable value.

In any market the best of the best always appeals to the collectors with the deepest pockets. The rise in value of the best condition, all original grail pieces is therefore something of a self-fulfilling prophecy! Certainly, the gap between the most desirable references and a more normal watch continues to expand. But also the gap created by condition grows wider too and this is a trend that I suspect will only continue to play out in the future. Indeed, my advice to most new collectors who contact me is to buy one watch a year that is special, instead of buying 5-10 average watches. You could argue that it is never too late to switch to this practice, and I know more experienced collectors who have changed to this approach over the past two to three years. Whilst the increase in interest and values has not been seen across the board, it has certainly been evident in the most desirable 1960s Heuers, especially the Autavia in the screw back case and, to a slightly lesser extent, the 1960s Carrera. Both of these references are more or less back to where they were at the "realistic" market peak at the end of 2016, beginning of 2017, excluding the outliers back then.

Notable auction results this year include the Seafarer 2446 that Sotheby's New York sold for $94500 including fees. Given the rarity (five known), the overall condition and desirability of such yachting chronographs, I actually think this was something of a bargain. I suspect it may have gone higher had the metallic silver dial been less "tarnished" but, as always, beauty is in the eye of the beholder when it comes to patina and there is no doubt it was a great example. The second notable sale was the Mk1 hand 2446 1st execution Autavia which sold this month at Phillips New York, and hammered at $163800 inc fees. This reference with the "all lume" hands is accepted by most collectors as the number one holy grail Heuer and is another incredibly rare watch (I have noted circa 15 correct original examples) and this one was in great original condition. The same reference was apparently sold by a German dealer back in early 2017 for €190000, although there is no real transparency on such a sale, so to some degree it is perhaps best not taken as concrete data. 

There were some other strong Heuer results this year, but these two in particular confirm that the screw back case 1960s Autavia case watches are the king of the jungle. More generally the conclusion is that great condition grail pieces, co- signed dials, and yachting themed Heuers from the 1960s are now what the market considers to be the best and most desirable of Heuer's output. After seeing so few top level Heuers at auction over the past four years (apart from a growing selection of 7754 Skippers) it was refreshing to see some real gems come up and be properly appreciated by the market. Well done to Phillips and Sotheby's for separating the "wheat from the chaff" because we've sadly seen less of the former and much more of the latter in the past few years at auction!

The 1970s Heuers have stayed fairly static in the past 12 months, although I have noted interest picking up since summer. Whilst the 1970s Autavia may have been the kings of Heuer a decade or more ago, they have since been eclipsed by some margin in the minds of many collectors, and most definitely by the market, when compared to the 1960s Autavia and Carrera. However, if your preference is for larger, bolder and more colourful watches then it is not too hard to argue that the 1970s output in general represent great value for money, they certainly look cheap when compared to inferior (in my opinion) modern offerings sold in their hundreds and thousands. In my opinion the Autavia 73663 series are worth noting, especially because apart from the Siffert colours version most of them were produced in the 300-400 range (Siffert colours was double this). The three sub versions will always be more visually appealing than the two sub register versions and in my opinion have the added bonus of the Valjoux 7736 movement which is more reliable than the automatic versions. Outside of Autavia, pretty much the entire 1970s catalogue has only appreciated gently (if at all) over the past period, leaving Montreals, barrel case and cushion case Carrera in particular looking like bargains. Lastly Silverstone seems to be creeping back up in value, after many years flat-lining, especially the Bordeaux variant, perhaps because TAG Heuer did not re-issue the red version.

Note that the guide is updated constantly as and when new data allows, no longer just when the market updates are written twice a year. The next market update will be in May 2022.