With records being set by Rolex and Omega it was perhaps dissapointing to not see the very best of Heuer at the auctions, however I suspect the world record prices we saw from Heuer in 2016/2017 may have marked a short to mid term high point (ie the $200k all lume hand 2446 & 3646S Indy logo) Current market conditions have effected most model ranges to some extent, although it appears the most desirable and truly rare 1960s grail references have been much less effected. However due to the scarcity of top quality pieces this May, this remains untested at auction at this point in time. I should also mention that several other brands have seen this softening, so it is not just Heuer specific.

Hardest hit appear to be 1970s Autavia, where even 1163 Sifferts, Orange Boys and the Exotic references have fallen to more realistic levels and as more have come to market over the past 24 months, none are quite as rare as we once believed. The market focus is away from larger cased automatic watches, towards the subtler and more classic earlier decades driven by the best manual wind movements, such as the Valjoux 72. The standard 1163MH and V models have probably not been affected and as such continue to look like good value and although they are about in volume they are crucially still affordable to 99% of watch collectors. Some 1960s Autavias show modest falls also, such as the 3646 Andrettis, 2446 Rindts and the 2446c & 2446cGMT Autavia are also more readily available to buy, via Dealers, eBay and Instagram than they once were. Many are priced too high and sit unsold on websites as they will continue to, unless more realistic prices are asked, however it seems the market will not help those sellers anytime soon. Many watches were and in many cases still are described by sellers over above their true merit, some of that is to misguide, some due to lack of knowledge, however most collectors are better informed than a few years ago, so are less likely to be buyers, unless retail asking prices fall to match the quality of what is on offer. Even earlier 1st and 2nd execution models have fallen in value, mostly where condition and originality are not the best. It is no longer sufficient to have any old 1st execution, as it was when the market was on fire, but rather have the right one, so values between conditions have widened substantially. I say it all the time but I think at no time has there been a larger gap between the best condition watch and the "average" one, (let alone the poor or "wrong" one!) and I believe it will grow further still in future. 

Rare grail and great condition 1960s Carrera references have fared well, although again anything in average condition is a much tougher sell. Contrasting subs and yachting themed dials are king and plain black Carrera dials remain more in focus than silver, even if those silver watches have tachymeter or decimal scales, but the correct details are very important, not all watches I see have serial ranges or hands that match their dials, so buyer beware! It also appears that other lower value references, such as 1970s Carrera etc have maintained their level, again probably as they look good value to the majority of the market who cannot afford holy grail watches! Outside of the guide remit, 1940/1950 pump pusher gilts have also found some favour (38mm much more so than 36mm) of late. I suspect some of the asking prices are a little ambitious now though and as with all 1960s models the 3 register are much more desirable and valuable than the two. Again dial (and Radium) condition remains critical.

What does this all mean for vintage Heuer going forward? A calming of the market for a period seems likely, which as I mention above was latterly driven by a level of speculation. It is nothing unusual, indeed we have seen this happen over the years to Omega and Rolex when their markets "overheated" (it will be interesting to see where the Daytona market is 6 months on from the Daytona Ulimatum). Generally I expect to see the "wheat separated from the chaff" so condition, originality and reference remain critical for the highest values. It would be good to report at the end of 2018 that prices had stabilised on the fallers (and my hunch is they will) and that the speculators had moved off to another brand (there is always the next big thing...) However despite all of this, there is no doubt that some of the best and rarest vintage Heuer watches will continue to be significant within the wider vintage watch market, and in the best original condition will continue to be coveted by top collectors and command strong values. IF your main motivation is the watches, this "reset" is healthy and was probably overdue.

The May 2018 guide shows many static values partly because the Dec 2017 guide (post the November sales) fell and the market before those year end sales was ahead of the guide in expectation. However there are plenty of red values (down) and a scattering of green values (notably on 1960s grail Carreras). Note also that I also show an expanded 1960s Carrera valuation section to better describe the larger number of dial references in this category.