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Guide Edition 15: Nov 2017

This is the first guide in some time where by far the majority of vintage Heuers have remained at the same value. There are some red values for "going down" and a few green values (mainly on a few rare and excellent condition pieces) which means "going up". The colour (up and down) information cannot be shown on mobile devices, so users should log on from their PC/Mac to better see this crucial data.

Generally we are seeing a breather (and in some cases a softening) on the majority of watches that are either not super rare, nor in the best original condition and it would not surprise me if we see a little more red in the next guide. It's true to say we are seeing the market fragment into "Tier A" and the rest. "Tier A" stands for the best of the best, both in condition, originality and collectibility grade. The market further down the chain has generally said it is not willing to pay much more than the current level for Heuer watches, real collectors have also become better educated as to watch "details" re serial number, bezel, correct parts etc, for me this is a healthy thing, it helps to separate the "wheat from the chaff" and such incorrect watches remain hard to sell in the current market.

You could also summarise the current market by saying that the focus has clearly shifted towards the 1960s and that the 1970s watches (especially Autavia) are now less in demand than they once were (this trend has strengthened in the last 6 months). It is generally believed that the 1960s were the heyday of vintage chronograph watch design (at least to the current group of collectors of most brands) and so the focus and higher values have now fallen on the Autavia and Carrera from this period. There can be little doubt the cases were more refined and the movements (think the valjoux 72) are superior and manual wind Heuers are more desired (a sea change from 5-10 years ago). Having said that, the reality is that the focus has become even more fickle, so it is the grail watches within this output that shine by far the brightest, mostly when they are in the best original condition. As I have been saying since the inception of this price guide (now in it's 15th update) rarity and condition/correctness are paramount at this lofty level.

Whether it be on 1960s Autavia or Carrera, (Camaros remain much more niche and less in demand) Valjoux 72 versions are much more in demand and carry a large premium over the Valjoux 92 versions, and on the Carrera an all black dial carries a large premium over the silver dials (plain silver dials are static at best now whilst all black dials are rising in the current market). The 2447SN, NS, and their "scale" counterparts continue to rise, especially the true panda dial (silver with black subs). In my opinion the peak of the market will always be the 1st execution Autavia however I think they now could be fully valued and some of the rarest and most desired Carrera are currently rising and will chanllenge the second tier Autavias, at some point in the future if not quite yet. For the highest values overall condition and correctness are of the utmost many Heuers have the wrong dials for their serial number range or the wrong hands for their dials, which make them less collectible and less valuable. I have a large database of serials and descriptions on both Autavia and Carrera, so feel free to ask me for help and advice.

Anyone who is involved in buying/collecting vintage watches, should buy a UV light (cost £5 upwards) and a very good loupe. In the past we did not have such tools as UV lights but now it is far easier to see what is original and what is modern on a watch. Radium, Tritium, Luminova or modern "colour match" non glowing "lume" all have their own characteristics when viewed under the Ultra Violet lightc source and as mentioned above have a very real impact on collectibility and value. As an extreme example the difference in price between a grail watch with a modern relumed dial and hands and the original Radium version could easily be a whopping 75%. A sobering thought at the current price levels!

Last but not least, the prices here are realistic and within tolerance correct. Occasionally you will see a watch that is so beautiful or the history is so good it can be worth more and to varying degrees outperform the guide, but that is not usual. If I look around the internet I am confronted with many Heuer watches priced vastly over their true market value, or described in a way that over describes the watches rarity and importance. The price guide has a grading column and this is accurate, so use it. Some of the more outlandish "asking prices" were perhaps influenced by some misleading and spurious auction prices back in 2016 or by speculators (which now outnumber real collectors) looking to make a quick buck. An asking price is just that, and very often out of step with the real market. Such pieces, inevitably do not sell, and are intended to fool someone with low knowledge, so don't feel under pressure to buy them!

PS...Expect a report on the current November (and possibly May 2018 also) auction values in the next update.

Guide Edition 14: May 2017

The vintage Heuer market continues to perform strongly, although the current pricing situation is confusing and is one that any "newbie" should study carefully before entering the market. What do I mean by this? Well values for vintage watches are "all over the place", both for private sales and at auction. There are some very high prices being paid for "holy grail" watches, with which I have no problem, but as on all brands at the moment there are prices being paid for more ordinary pieces or watches that are not "correct" or may have re-lumed dials/hands which make no sense. So it has never been more important to do your due diligence (unless you have money to throw away of course ;)) "If in doubt ask" would be a good motto, especially when it comes to the correct serial ranges for particular dials, because the higher values go and the more is studied, the more critical this will become. I have lost count of the amount of watches sold with the wrong parts (mainly hands) or wrong serial numbers for their specific dial in the past 6 months...make sure you're not that buyer, unless the price is advantageous. Read as much as you can on the forums or if you have less time buy the three Heuer books (Autavia, Carrera and Monaco), they are really useful and will save much time and money in the long run...

There are some great vintage Heuers coming up for sale this June and again later in the year in November, many that have never been available to buy before in an auction. It will be interesting to see where the market is at the year end, however if the May auctions taught us anything, it is that there is a growing price differential between the very best and the rest. Average condition watches are around in greater numbers but the best can only be occasionally bought.

Generally in the market we are seeing Heuer collectors (of which there are a growing number) leading a "flight to quality", in the same way as is happening on Omega, Patek and Rolex. The very best holy grails are around in "numbers known" that are often lower than ten and each of the top collectors would love to own them, so it is not surprising that when the best come up they achieve strong money. I know that perhaps some Rolex & Patek buyers "look down upon" Heuer as being something of a "young upstart" however I would much rather pay £100k+ for the very best vintage Heuer than £3m+ for a Rolex, it is of course just a matter of opinion, there is plenty of room for all in the playground ;)

For this guide we again see prices rise or remain. The gap continues to grow between the most desirable and the less so and without doubt the price gap grows between the best condition (and all correct) examples and the rest, this is all reflected in the update. finally remember the remit of the guide, these are an amalgamation of private and retail prices, no "weight" is given to auction values.

Guide Edition 9: December 2014

The market for the most desirable and rarest vintage Heuers has been extremely strong of late and this update sees some major revisions upwards. Anything 1st execution Autavia has been heavily in demand along with other rare references, such as 2nd exeuction 2446, 2446 GMT (screw back case) and the rare 7763C and 2446C SN variants. Of course supply is minute on these watches (at best we may see a handful of "new to market" examples each year and at worst maybe less than a handful exist at all!). With this in mind it is easy to see why prices have had only one way to go, especially as the pool of Heuer collectors is growing by the day. On the above mentioned watches in reality the shown values are on the conservative side, and if the strength continues the March 2015 update will reflect this upward curve more fully. We have also seen increases in all the rarest 70s Autavia references and several prototypes have changed hands in the past 3 months with high values attached, all of this adds to the overall trend for collectors to "land the biggest fish". None of this is a suprises and the same scenario is playing out on other brands. We are also starting to see a further widening of the gap between mint condition dials and ones with issues (scratches, dirt, dents etc) which are climbing at a slower rate, again I expect this trend to continue. The rarest 60s Carreras such as 2447 SN/NS, Sailing, Seafarer, Skippererra, etc etc and the most desired Monacos are also on the move, Transitional 1133B especially, which look value compared to the PVD Monaco and the Chronomatic. As we have discussed in the past the major difference between Heuer and a brand like Rolex is the supply, whilst a Paul Newman Daytona is always available at a dealer or an auction house, the same cannot be said for the best vintage Heuers, it is "needle in a haystack" time. With December to March traditionaly a strong time for the watch market, it will be interesting to see what happens between now and March, although the traditional summer slow down may be the next time we see a "breath for air". Please note this guide sees some upward revisions to the grading column, check each guide for further details. The next update will be March 2015.

Guide Edition 8: September 2014

The September 2014 guide update sees many upward revisions (highlighted in green), although the largest increases are again on mint condition top line pieces. Again I bring your attention to the prices quoted being for watch head only, original bands and bracelets are “extras” and on Autavia models bezels must be in very good order to achieve mint values. To this end I have also updated the accessories page. The next update (nine) will now be in March 2015 at the end of the traditionally stronger part of the year. I expect this to show values on the “usual suspects” continuing to grow, as collectors/investors return from their summer break and continue their search for quality.

During 2014 the supply of the most desirable vintage Heuer has been very low (arguably at its lowest ever) and values have continued to see appreciation since the last guide update. The run of the mill or fair condition pieces are not seeing the same level of demand or price increases, and this is no real surprise because it seems to be true on most (if not all) vintage watch brands. Whether it is watches, classic cars, art, people will always gravitate to the most desired items in the best condition available. It could be argued that low interest rates to some degree help fuel the valuation rise in classic vintage objects over the past decade, however the volume of collectors now involved and the fact that the internet fuels this collecting habit by allowing us all to pour over the details and pictures of our obsession, every hour of the day has added to the mix. I also seem to see vintage watches in virtually every men’s magazine or newspaper that I pick up, for example Hodinkee now has a column in a major UK national broadsheet newspaper (The Telegraph). There seems little doubt that the desire to own a vintage watch has almost become “mainstream” and is no longer seen as a niche “anorak” hobby that it might have done 10 years ago. Whilst vintage Heuer may never reach the lofty valuation levels of the rarest vintage Rolex or Patek Philippe, (hundreds of thousands or millions of £) they have their own unique DNA and are the very epitome of 60s and 70s design, with a unique motorsport history attached to them. This along with their rarity (often much harder to track down than the grail Rolex Paul Newman Daytona for example) continues to see new recruits to the vintage Heuer “collector club” each month.

I often get asked what would I see as the very best vintage Heuer pieces to collect, and below is an “ultimate” wish list. Should finances allow and you be lucky enough to have the opportunity to find them this “Top 20” would make an “ultimate” collection. They are not necessarily all my favourite pieces, as aesthetically I’d rather have a 1533G or a 1133G than the std production 1133B Monaco, but in order of collectability I think the list is about right but it is my opinion and no doubt others will have their own lists… I would add as above that condition is paramount, unpolished mint watches are now seldom found and are preferable to polished, but also dial and lume condition are also key to finding the perfect watch. On all vintage brands a 100% unmarked dial is quite rare (just think how many times it might have been removed for service and then easily marked over a 50 year period) and this is especially the case on dials like the 1163 Siffert where the dial seems to be powder coated white paint. These white dials mark very easily and unmarked dials, with a nice patina lume that is original and matches the hands are worth much more than average to good dials and relumed ones. Personally I would always recommend that you had one amazing example of each watch than three to four average examples, and it is true that for every one of those amazing examples there are probably at least 20 average to good examples in the market. The TOP 20 list concentrates on the three main Heuer classic models, Autavia, Carrera and Monaco and is the very cream of the crop featuring A+++ to A collectability grade watches only. Note it does not include rare prototypes, test dials or special edition rare marketing dials (such as Carrera Indy, Cobra etc). Needless to say there are still another 10-20 other top line desirable models that could be added, like the Blue Silverstone, Autavia 1163 Orange Boy, other variants of the 18CT gold Carrera, 1960s Carrera Dato etc etc, but I have confined myself to a “Top 20” to keep it manageable!

The Heuer Top 25 "Most Desirable Vintage Chronographs" list.

Note that list is NOT ranked in order of most significance.

Monaco 1133B Chronomatic
Monaco 74033N PVD
Monaco 1133B Transitional
Monaco 1133B Std Production
Autavia 2446 1st execution
Autavia 2446 1st Seafarer (screw back case)
Autavia 3646 1st execution
Autavia 3646 3rd execution "Indy"
Autavia 2446 2nd execution
Autavia 2446 3rd exec transitional & Rindt
Autavia 2446 4th execution
Autavia 2446 GMT (early screw-back case)
Autavia 2446 tachy dial
Autavia 2446C SN
Autavia 2446C Mareographe
Autavia 1163T “Siffert” Chronomatic
Autavia 1163MH Chronomatic
Autavia 1163V Cal15 “Exotic”
Carrera 2447SN
Carrera 2447NS
Carrera 2447 Yachting
Carrera 7754 Skipperera
Carrera 2447 Seafarer
Carrera 1153 Chronomatic
Carrera 1158CHN

Guide Edition 7: March 2014

It will come as no surprise that values on vintage Heuer watches continue to increase, and this update sees values rise broadly on over 60% of the guide. A well-worn phrase it may be, but a rising tide lifts all boats and this is what has happened so far in 2014. Of course the focus of many collectors is on the best of the best, and many of the top collectors have been pursuing the best pieces to add to their collection with a great vigour! However there continues to be more focus on Heuer as a brand in general (particularly the watches that fall between the golden years of 1962-85) and new collectors have been buying up watches further down the “food chain” to start collections as many of these watches still look value. It is worth noting that the market is dry of quality pieces, certainly the once reliable output of eBay has dried up compared to even a year ago, with very few “collector grade” watches coming up for sale. But also a general search of the internet vintage watch retailers often shows little reward, with what does appear often selling quickly and strongly.

Of the top pieces that seem to continue to gather momentum, early Autavia are being sought, and interestingly this has started to filter down to 2nd and 3rd execution dials now (all screwback case). Anything with the words Chronomatic and the likes of Monaco 1133b Transitional and the 74033N PVD (so the rarest of the rare), especially mint examples are red hot but good luck trying to find one! As usual there is high demand for the cal15 Exotic model and “Orange Boys” (yes, I’ve finally succumbed/conformed to calling it that). However remember the “OB” moniker refers to one black dial (with white subs) and one white dial (with black subs) 1163 model only and not just any old 11630, 1563, 73463 etc etc that happens to have some orange highlights on the dial. As far as 1960s Carrera is concerned the 2447SN, 2447 “Sailing” and the 7753 “Skipperra” are being hunted and of the 1970s variety, the 18 CT Gold 1158 models remain hot property. However, more so than ever condition remains paramount, on all but the rarest and most prized examples (where beggars cannot be choosers!), and on Autavia, mint original bezels are highly prized and assumed for strong values.

This guide sees no downward revisions, which amply highlights the strength of the market in general and I see no sign of weakness in the vintage Heuer brand on the horizon.

Guide Edition 6: December 2013

This guide update sees a continuation of the flight to quality, desirability (not just rarity, as some rare watches are not desired) and condition within the vintage Heuer collecting community. Many watches stood still in price, however the cream of the crop rose, some significantly. It will be no surprise that the 1st execution Autavia climbed strongly, and I'm quite sure there is some distance to go with this reference (and early Autavia in general). The Antiquorum auction result of the 3646 was worth noting ($25,000) but the best/rarest of any brand tend to over achieve under such circumstances. However I think in several years such a price will not be unusual for the very best/rarest early 2446/3646 Autavia and many other rare and desired vintage Heuers, in general. Other Autavia highlights include, GMT's of most variations, Tachy dial 3646/2446, Orange Boy 1163, Exotic 1163V, 73663 Bund, to name a few. Highlights from other ranges include 2447 Carreras (SN, Sailing, Skipperera) and Monaco 1133B. The only downward revision were Silverstones, which seem to be out of fashion at the moment, however the best appear good value right now. The next guide update will be in March 2014.

Guide Edition 5: September 2013

The market for vintage Heuer over the past 6 months has been polarized, with the strong demand continuing on the important rare grail references against a lower demand level for the more commom pieces. It would be fair to say that truly mint pieces or new old stock watches have also seen more interest than average condition watches and collectors are becoming fussier with regards to details and condition, which is both welcome and inevitable. It makes sense when your "commitment" goes up, that you take more time to research and consider exactly what it is you are buying.

As the past market updates will attest, the world economy has been in a period of turmoil, and whilst the most damaging events might now be behind us, there seems a distinct possibility that historically low base bank rates will be with us for at least another 2-3 years. I would suggest this means the current trend for vintage watch collecting (and indeed classic cars and the art) will continue for the foreseeable future, as many will choose not to leave to leave their money in the bank. I have also from time to time heard comments that watches might fall out of fashion, and become less collectible going forward. There is no sign that this is the case and I personally doubt this as the very best and most desired watches are now considered wearable "art". Additionally I occasionally hear comments that younger generations may not collect in the future, I see no valid reason this will be the case, like all generations they will be attracted to beautiful things, whatever they may be and collecting and investing. That you could tell the time on your phone also seems something of a red herring when debating if vintage watches will remain collectible, being able to see pictures on your phone hasn't had much impact on the market for paintings! The number of serious collectors (certainly on Heuer) appears to be increasing, and most of these will cite vintage Heuer' close ties with Formula 1 and motorsport in general. As we have said before If the market does show signs of cooling, or pausing for breath then Heuer is better placed than most, because the supply is so low, especially so on the most desirable pieces. Values for this guide remain mostly static with adjustments upwards on some models, representing a pause for breath during the slow summer season and no bad thing.

So what watches have been in demand over the past 6 months? Perhaps easier to start with what has not, and predictably it is the more common references or the average condition pieces which by and large have remained static. Monacos have remained reasonably flat, with the exception of metallic blue dialed 1133B Transitional models which have seen quite a sharp jump and minor increases on the std 1133B. At least five examples of the rare transitional reference changed hands in this period, compared to barely any in the prior year and most well over old guide values. If you can find a PVD Monaco in correct order, then buy it, many top collectors desire them but new discoveries are becoming rarer and rarer.

There is no doubt that most focus has been on the Autavia, which now seems to be vying with the Monaco as the most desired and collected Heuer model, it certainly offers the most diverse range in the Heuer product portfolio. Focus here has been quite wide, and the first execution "Big Subs" watches are heavily in demand, although there remains an imbalance of supply and demand. The other variant that has seen rises is the 1163GMT variant, with collectors continuing to see this reference as the most collectible of all the 70s/80s GMT models that Heuer offered to market. The "thin case" is certainly more wearable than the later "thick case" 11630 and 11063 references and it is worth noting that tropical chocolate brown models are fetching healthy premiums to standard black variants, mirroring other brands in this regard. The 1163V exotic Autavia, 73663 Bund, "Shaunatavia", the true 1163 "Orange Boys" and several other "grail" references would all be snapped up quickly if any became available. There have been many approaches to collectors on such watches but most have chosen to keep them, because they fear replacing a good one, might be too much of a long term commitment, especially in a rising market. It is interesting to note that the old favourites, 1163T Autavia "Siffert" and the Std production 1133B "McQueen" whilst still being desirable, have seen slightly less demand of late. It is true to say that many other references (like the ones mentioned 5-6 lines above) are now being viewed with equal importance in the eyes of the serious collector.

Of the other models, the 18CT gold Carrera 1158CHN with its direct ties to F1 and Ferrari, the Dato Carreras and the SN model are the standout pieces along with the Blue Silverstone, which continues to see a healthy premium over the Fume and Bordeaux variants. Mareographs of all ages have also been the focus of some attention, whether they be Carerra or Autavia based. It also goes without saying that anything with the magic words "Heuer Chronomatic" upon the dial is gold dust (see notes for PVD Monaco above)!

Going forward, I expect the market activity to pick up throughout the next 6 months, traditionally the most active period of the year and it is likely that the above trends will be replicated. The next update will be in December 2013.

Guide Edition 4: March 2013

The market for vintage Heuers continues to be strong, with prices mainly static or moving north again on the rarest most desired Autavias. Supply, as is usually the case on Heuer, remains low and demand is increasing with still further movement into the “Heuer world” from collectors of other brands, especially Rolex. One reason is the strong connection with motorsport, with Autavia and Carrera in particular (and of course the McQueen legend on Monacos) being worn by many GP legends of the 60s/70s. When this is combined with the quality of build and design and the sheer rarity of many of the watches it is easy to see why the vintage Heuer fan club grows more popular each year.

Not much has changed with the worldwide economic picture in the past 6 months and there is no doubt that at least some of the increase in values is down to “investors” seeking places for their money. For as long as the macroeconomic picture remains the same (and the consensus appears that the pattern of the past 5 years is unlikely to change significantly in the next 5) then I believe values on the best condition and most desired variants will continue to rise. Happily when the change does come, the very low supply on vintage Heuers will be a welcome stabilizer.

As far as values go the Autavia market continues to be the strongest. With so many low dial production runs during the 70s, and arguably with the origin of the species 1962-64 early execution Autavias being the most beautiful vintage Heuer (well it is to my eyes!) it is easy to see why the focus is here. They are also in the sweet spot when it comes to size, 38-42 mm depending on which decade the watch hails from is right in the “ideal size” for today’s watch buyers, which can only add to the wide appeal. Prices on some of the rarest and most desired Autavias have increased between 10-15%, with some smaller increases on other model ranges (notably 2447 SN/NS). The focus more so now than ever is upon condition, with mint prices rising further than the rest, it is fair to say that the condition of the bezel remains paramount for top values, because sourcing mint condition or new old stock bezels is nigh on impossible. It is also key to check the serial numbers match the “expected” range that collector research has indicated should be the norm, because it is all too easy to buy an example that does not, and such watches will always be far less attractive to the seasoned collector and worth less. Better to seek some advice before buying than finding out after the purchase that the "details" are incorrect.

For the first time since inception the guide also sees some minor price falls, some of the less well known/collected models (under the “notable others” price guide tab) have slipped back such as the Fume and Bordeaux Silverstones. No doubt this is because collectors have focused elsewhere and this has led to some easing, whilst this rebalancing goes on. The 1133b Transitional and 74033b have also eased back, both much rarer than the std production 1133b (matt dial), but unless the dial is mint on the Transitional, demand is lower than the matt dial.

The next vintage Heuer price guide update will be September. If the seasonal norms are repeated, this will reflect a strong Spring and the usual Summer lull regards to activity. As for model specifics it would not be a surprise for the trends of the past 6 months to be repeated

Guide Edition 3 – September 2012

This update sees price increases for most mint condition values, albeit by mostly small increments, to reflect the continued flight to quality amongst vintage Heuer collectors. It is becoming increasingly clear that Heuer is attracting more interest within the collecting community and both the new collectors and established ones are seeking both mint and rare pieces. I suspect this trend is likely to continue and prices for the best examples look set to fare better in the future. However there were also some general upward movements for some of the Autavias, most notably the early big sub register 1960s Autavia 2446/3646 and the early GMT which shares the screw back case. The 1163 Siffert also has shown another increase, these aforementioned pieces (along with another mover the Blue Silverstone) are becoming firm favourites with all watch collectors and are well on their way in my opinion, to reaching the upper echelons of Heuer collecting, alongside the 1133b Monaco. 70s/80s Autavia continues to see much focus especially the hot trio of 73663 "Arabic" dial, 1563V "Exotic prototype" and the Orange boy white dial, which have now made it up to £4000 at retail for mint pieces, i see future rises for all of the above watches as the desire to own one of the few known examples grows. It should also be noted that collectors are also starting to differentiate between 1st execution Siffert dials and later ones and like 1st execution “all lume” 2446 Autavia sword hands, they will pay a premium for these often rarer details. These fine details are the cornerstone of collecting, and I believe we will see even more of this in the future…

The summer months have seen the usual slowdown in pieces being offered to the market, average & poor condition pieces have struggled and have mostly sold for the sum of their parts. After the “buzz” of the world record Heuer price for another Le Mans film set Monaco 1133b, Monacos have had some attention lavished upon them, this has led to some modest increases for best condition pieces. However there are little good/mint condition pieces in circulation, as one collector mentioned to me recently “they have all but dried up”. Certainly the amount of emails I receive each month from collectors searching for Monaco dials (please note I have none!), would indicate that most Monacos are dial damaged and this is in my opinion the best reason to not think of buying a Monaco on the cheap, the DIAL is invariably everything for collectors, and on Monaco more so than anything else, the ethos should be to buy only watches with mint dials. This scenario is evident on most vintage Heuer pieces, it is best to “walk on by” a watch that seems cheap because it has the wrong dial/bezel for the case execution, or the incorrect hand set, as finding these parts is nigh on impossible, and so often to buy cheap is to buy twice (in other words you get what you pay for!).

The global economic situation continues to look grim, with a potential weakening of growth in the Far East likely to concern some that the western world is some way away from coming through this period of gloom. It is likely that investing in art/collectibles will continue for many to be a safe haven and I see no signs of anything other than positivity towards vintage watch collecting in general. Of course as with any recession some collectors may well lighten their collections to free up some cash, however there are more Heuer collectors than ever before ready, waiting and eager to buy these pieces. This lack of availability puts Heuer in a better position than most brands to weather any potential future storm, now more than ever before demand outstrips supply. This scenario can be seen playing out with collectors from Rolex (to name but one brand) continuing to see both opportunity and appreciation for the unique Heuer pieces. The lack of availability on the truly rare Heuer pieces (such as Chronomatics) continues to amaze some collectors who have been happy to part with £50000-100000 on supposedly super rare "exotic" Paul Newman Rolex Daytona variants…which one can buy these most days of the week. However there are countless desired vintage Heuer pieces, where less than 5 examples at most are seen for sale in a calendar year and many where less than 10-20 that are known to exist overall. Now that is what I call scarce!

Going forward I expect the market to see more activity as would normally be the case going into the 4th quarter of each year. The trends which are already evident are likely to continue, come March we will see if this has indeed been the case.

Please note that the guide will now be updated twice a year, in March and September, a combination of market timing and the workload dictates that 4 updates a year is not necessary. I’m confident twice a year is more than ample to keep track of the trends and general value movements, so until March, happy Heuer collecting!

Guide Edition 2: June 2012

The market for Heuers continues to be a strong one, most notably for the “grail” models, although there are some signs that the market is going through its usual summer stagnation and I expect prices to level out now until autumn. The volume of watches being offered for sale is low at the moment, again expected for the time of year, but there are still many emails being sent back and forth between collectors in the hope of sourcing particular watches. This is often the best way to find a watch, better than waiting in vain for an EBay search to come to fruition, especially as you still run the risk on EBay of missing out to a buyer who is quicker to the “button” than you. EBay sales can still offer up a bargain though, several 1163 Sifferts, GMTs and early Autavias sold in the past quarter (none in mint conditions) at the mid to lower end of guide levels, but this should be the case to reflect the level of risk often involved, with regards to both the sellers reputation and level of accuracy (or not) of the goods for sale. Private sales have seen most of the action, as mentioned above, with collectors keen to source particular models from trusted sources. Retail sales have been few and far between as only a handful of dealers source good quality Heuers. What there has been though has seen prices moving up, Worldoftime for example seems to sell good condition Autavia GMT and Siffert variants within a day of them being listed and at very strong money.

The 2nd guide edition sees increases in the most desired watches, mostly in the 5-10% region, however the majority of models remained at previous guide levels. The "green" highlighted values (with a + sign on the right hand side) indicate values that have increased, red would indicate falls (however there are none for the 2nd edition). Autavias have seen most movement with 1163 GMT & Siffert models, 2446 and 3646 1st execution (big subs, dauphine hands) and manual wind Siffert coloured executions (such as 73633) going up in value. There are also continue to be serious top level collectors looking for Monaco and Siffert Chronomatics, but only very isolated cases of actual transactions taking place. It is safe to say prices on these models continue to gather momentum as they are now some of the most desired vintage watches (regardless of brand) on the market. Generally within the Carrera, Monaco and the "notable others" price guides, values have remained as they were, only the odd model has seen uplift.

There is also evidence of people seeking out rare and prototype dials, whatever model range they may belong to. So think along the lines of the Autavia 1163V Exotic dial "prototype", Carrera 2447 “sailing special order", 73633 variant with Arabic bund dial or manual wind Siffert colours, these are clearly watches collectors are now hunting down as desired pieces for collections. Also the very rare (only a handful seen so far) 11630 / 1163 white dial ie "white boy" is being sought. The jury is out on if this was originally only a 11630 variant, but several have been seen in the correct serial range cases as 1163 "white boys", either way it is another very rare Heuer execution and bidding has been strong to own one of the few currently in the market. The more collectors who “switch on” to vintage Heuer collecting the more that these rare models will become important and sought out, and as few collectors are parting with these pieces, prices look set to rise further. One of the most attractive traits of collecting vintage Heuer, was the sheer number of model and dial variations made. Heuer certainly chopped and change in search of a sales “bulls-eye” and this often made for small dial runs, with many of the less successful (at the time) variants likely to have been made in batches of 500-1000 or even less. Of course what remains today might well be a fraction of those original dial production runs and when we look at the "prototype" dials, far less still.

In a future update i will touch more upon the rarity of Heuers and the rarest and most desirable variants. Suffice to say there are many vintage Heuers of which we know of only a handful of examples to be in collectors hands. Also as mentioned below, even some of the more known variants are often only seen perhaps 10-20 times in a calendar year, it is what makes owning some of these pieces even more rewarding.

In this past quarter there was a sale of a small Heuer collection via Bonhams, pieces were of variable quality (condition and correctness were not comparable to the AMH TAG Heuer sponsored Bonhams auction) and prices achieved were largely as expected, within the “good” to “average” price ranges. Condition & correctness remains the mantra of a serious collector and this will always be worth paying more for in the long run!


Autavia 3646/2446 1st Execution - These watches represent fantastic value for money in my opinion. Driven by the same movement as the Rolex Daytonas, they are valued at approx. 20-25% of the Rolex’s value. With the big sub registers and beautiful dauphine sword hands they look spectacular, and in my opinion are still undervalued. Demand is increasing, but with a supply that is tiny (we may be lucky to see 5 of these come up for sale each year), there is an imbalance and prices look set to continue to rise.

Autavia Siffert 1163 – This variant is one of the more attainable Heuer holy grails. Whilst it is hardly plentiful in the market (perhaps we see 15-20 a year) it is not quite like looking for a “needle in a haystack” like some other Heuer grails. The white dial is unusual and whilst there are many white dial vintage watches, most do not look as “right” as this model. Add in the connection with Jo Siffert the GP racing legend and it is a watch that is now close to the level of desirability and value as a 1133b Monaco McQueen. For me the smart money is on the 1st execution, but there is also plenty of demand for the blue stripe hands, especially with nicely patina’d original hands (and not new service type).

Poor condition and incorrect parts bin watches. Collectors are getting fussier, especially with prices rising and with original parts so difficult to track down. Cases with serials that do not match the dial, hands that are plain wrong, bezels that are from another model (or brand!), these watches are forever seen on 30 day cycles on Ebay, they need to be priced as the sum of their parts or are likely to never sell.

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