“Location, location, location” may define the property market, but with vintage watches it’s very much “condition, condition, condition”. While there is undoubtedly a price differential for a house (or vintage car for that matter) in good condition versus one that needs renovation, it is nothing like the level of value difference seen in the vintage watch world. But why is that?

Obviously, other factors come into play – such as originality, rarity and desirability – just as they do with houses. A beautiful listed Georgian house with its original features intact is clearly more valuable in great condition than the same house needing an extensive refurbishment. Such a house is probably equivalent to a Heuer 2446 Autavia 1st execution with mk1 hands. So, let's explore what makes the vintage watch value so much more dependent on condition.

Condition Factors Influencing Vintage Watch Value

The all lume 2446 Autavia in today's market could be worth anywhere between £10,000 and £65,000+. It’s hard to think of any other collectible where the market sees such a huge swing based on condition. A vintage car or a period house can be refurbished and see its value close to, or even higher, than the non-restored example in mint condition. So why is a watch subject to such great discrepancies on a percentage basis and why is refurbishment not as applicable?

I suspect a large part of what has made watches so popular can be attributed to the rise of social media, where collectors show their watches off. with the ability to invite people to zoom in to see details in high resolution condition has become paramount. This detail of "zooming" would never happen in quite the same way with houses, and even cars would not be subject to the same level of scrutiny. Add to the mix a plethora of websites, books and forums, with huge levels of detail about the specifics of the original examples and I think we can start to see that the watch collector may be a slightly different "beast" to all others! With watches we can minutely judge to an insane level the dial paint finish and the script on the dial, the sharpness of the lugs and the engraving on the movement bridge both for consistency and condition. I am yet to see someone take out a loupe when buying a house or car! The reality is that a high resolution picture posted online with the added ability of your phone to zoom in equates to even more detail than taking your loupe out and looking through it in person! 

While these parts on a vintage watch can be restored, it will never be possible to restore them to original spec to match the details accurately under magnification. Once the dial is damaged a huge amount of value is lost and is easily spotted when restored, which is just not relevant with cars, an original cliche would be needed to print the Heuer Autavia text and to reprint the sub registers would be impossible due to the concentric rings and manner of text print. Because such small batches of these rarest variants were produced there is very little room for deviation as we wouldn't have even seen any parts evolution, so only one batch of dials/parts.

Although some watch cases can be very successfully refinished (Rolex Submariner and Daytona, Patek Nautilus, 1970s Heuer Autavia and Carrera for example) the cases of the screw back case Autavia and the 1960s Carrera can't be, and I am yet to see one that has the original finish when refurbished, as the polished lugs lose their sharp edges and other intricate details. Badly rusted movements and harshly worn bezels similarly cannot be refinished accurately and even if you find an original movement or bezel it may not have the correct “early details”. All of which helps explain where the value difference lies.

Rarity of Mint Condition Original Parts for Vintage Watches

Of course you could find some mint original parts, but the chances of finding original parts for a rare 1960s watch like the earliest 2446 1st are slim and, if you find them, very expensive. Some service parts are available from manufacturers, but they are not the same as original parts in their details and make the watch much less collectible and therefore much less valuable to a collector. Below are some indicative prices of original parts for this watch should they ever be found in mint condition - however while you may be lucky enough to find some of these parts, sourcing all of them would be nigh on impossible. 

Autavia 2446 1st execution case with correct serial (spanning approx 150 serials): £10k+
Autavia 2446 1st execution wide bezel with original Radium piece: £10k+
Autavia 2446 1st execution dial: £7.5k+
Valjoux 72 with Ed Heuer bridge, MN Heuer code 72 (R) stamped with correct range movement number: £2.5k
Autavia 2446 1st execution all lume Radium hands: £2.5k
Total: £35k

This starts to give an appreciation of the specific issues that mark the vintage watch world as unusual, and possibly unique, in the collectibles world. Certainly, the modern watch world is totally different with manufacturers (due to the quantities of watches being produced today) having a much larger stock level of original parts than ever before. They also benefit from production processes that equal consistency so replicating parts is easy even if stock is diminished.

Understanding Vintage Watch Condition and Value

Additionally if we then think about who is buying these watches, this also adds to the value discrepancy. The most discerning collectors in the world are only interested in owning the best examples, and would rather pay to own them. When you hold and wear one of these watches, a small percentage may claim they love a battered example because they can smell (maybe literally!) who wore the watch in the 1960s, but personally I get very little from a watch in such condition, which is why I’ve never collected anything other than mint watches. When you strap a mint condition watch from this period to your wrist it truly sings and you are instantly transported back in time to when the owner first strapped it on.

So when using the Heuer Price Guide be clear which condition you’re buying, as I have seen many sellers use inappropriate grading when selling their watches. One man's ‘mint condition’ is another man’s ‘good’ and the difference between an average watch and a good one is huge too. A mint watch should have all original parts, be unpolished, and have only a very small amount of marks on the case and bezel, with a near flawless dial and lume and a similar condition movement. 

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