Heuer Price Guide Market Update

Condition, condition, condition

Thu, 02 Oct 2025 13:21:33 GMT

Why condition is so crucial for Vintage Watch Values?

“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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Heuer Price Guide Update - May 2025

Tue, 20 May 2025 16:18:39 GMT

A brief market update...

The market for vintage watches (and modern ones come to think of it) has experienced something of a changing of the guard in the past two years. I get the sense that collectors who are primarily investment focused have and continue to react to this change, especially if their social media content is an indicator. I don't participate much in the social media sphere these days, but every now and again it's a good confirmation of what is going on ;)

In the wider market, it appears that time only watches, such as Rolex Subs. GMTs etc are not as in demand as they once were, with the latest May auctions showing falling values. The rapid rise of "Independents", such as FPJ has also seen something of a large downward correction after the very frothy market of the past few years, which was, as ever driven as much by those whose business is in selling and/or promoting watches. This rinse and repeat process which has happened to most, if not all collectible brands (including Heuer of course) and sectors at some point, is an inevitable fact of the watch world and hopefully most collectors can spot the danger signs well before market peaks! Modern watches, which ran up most during Covid, have well and truly had the air let out of their tyres, especially the references that are still being produced today. However stability appears to have returned and I believe most of the downward falls are now factored in (give or take), especially as the prices of new watches continue to rise. Any rise in tariffs, that may or may not come into effect, will only bolster the price of used modern examples, so the time is probably right if modern is your thing.

There is definitely evidence that smaller watches are now more in vogue, with larger 42mm plus watches becoming less desirable. However, while some male "fashionistas" may pull off being able to wear a 30mm watch, and while dealers will probably try to market this as the next big thing, I don't believe it will be a widespread trend in the men's market, so buyer beware. The perfect size for a watch, if one took a wide ranging poll, would be 38mm and probably expands down to 35mm and up to 40mm. This is one of the reasons why the 1970s Autavia was overtaken by early Autavia and Carrera, and I don't think we will see that reverse any time soon.

When it comes to Heuer and the rest of the vintage chronograph world, I don't think much has materially changed in the past year. There is virtually zero supply of great examples of the most sought after pieces; most collectors don't want to sell them, auctions hardly ever have anything to get excited about, and new to market pieces come up only once in a blue moon (and I don't mean Swatch Speedmaster version). Where this leaves us is largely where we were at the last update! The very best haven't moved in price, however the one area where demand is noticeably weaker is with poor and average condition watches. Nobody really wants to spend £5000 on a poor Rindt, even if the very best examples may be four times the amount. What joy can be derived from owning such an example? How easy would it be to sell on once you realise this? It wouldn't! Consequently nobody wants to buy them, with perhaps the only exception being if a collector needed the parts for something else. The market remains one that rewards the best of the best and, as I never tire of saying, that's not going to change.

I touched on the Heuer themed auction "Champions" back in December but given the dearth of Heuer pieces for sale at auction since then allow me to revisit. It saw some interesting pieces, although none in the very best condition, and with some with "issues" which I believe stopped the results being stronger. It was excellent to see some watches with "race" history perform decently, considering they were not "front line" motorsport names, and of course the customary impressive result for one of the McQueen "Le Mans" film watches. No doubt this all leans into the new F1 sponsorship deal. The TAG Heuer / F1 partnership is interesting and, in my opinion, can only be a positive for vintage Heuer collectors, because the new F1 inspired watch range will be a gateway for younger audiences into the vintage brand. There is definitely space in the new watch market for "cool" rather than "luxury" at the moment, and that definitely aligns to a younger audience. Cool is also a word that I would align more closely with vintage Heuer in comparison to the other vintage chronograph players and nobody does motorsport like Heuer. Remember that if there is one thing in particular that TAG Heuer are experts in, that is surely marketing, and I expect the relationship to be strong for their bottom line.

Collector wise, there have been a few stand out condition "grail" pieces which I know have traded since December, a 2446 and 2447 Seafarer, 7754 Skipper, and a new old stock Rindt, all at prices at or above guide levels. This continues to be the avenue that top Heuer collectors prefer to take, one that takes out the middle man (dealer or auctioneer) who will charge both sides too much for the "privilege" and probably won't be able to target the right market either.

Guide values have remained mostly stable, with some further small adjustments to average condition values. This update also sees the inclusion for the first time of "Poor" values, for watches where all parts are heavily worn/damaged. Essentially this low value represents what is possible to be salvaged from the watch as parts because dials, cases, movements and hands that are in such condition have a very low value. In the vintage watch world, more than ever, condition is EVERYTHING.

The next update will be in December.

Top Ten Vintage Heuer Grails

Mon, 10 Feb 2025 17:59:13 GMT

I often get asked by collectors "what is my production Heuer grail"? The honest truth is there isn't one single watch that ticks all the boxes and I would find it impossible - even over time - to reduce to the point where I only had one Heuer watch left in my collection. I have owned all of the top ten, however my answer has changed over the years as my tastes have developed and one mans opinion isn't that relevant anyway! The list below details a good approximation of what the market over the past ten years has determined to be the top ten vintage Heuer grails by price point...

10 - Heuer Autavia 1163T Siffert Chronomatic

There was a time, ten to twelve years ago when the automatac chronographs would have dominated this list, but no more, and the only two entries on it are the very rare Chronomatic dial variants. The Siffert will always have a place in Heuer's history, worn by the legendary driver Jo Siffert back in 1969. He was a special driver, and with his pit lane wheeler dealing, introduced many drivers to the joys of Heuer. These were the dials that marked the launch of the first automatic "Calibre 11" movements back in 1969. Less rare than the slightly less desirable black dial variant maybe, however there are still less than twenty to have surfaced out of a potential maximum batch of 150-200.

Value in mint condition circa £37.5k+

9 - Heuer 2447 Seafarer / Mareographe

If you can't afford or frankly find a 1st execution 2446SF in a screw back case, then this is your alternative and it's a mighty fine one! In fact if you prefer the Carrera case - and many do - then you may view this watch as a relative bargain in comparison. The Seafaring and yachting themed dials are one of Heuer's strongest suits and it looks beautiful on the eggshell finish S dial. The baby blue yachting counter, tide disc and the special left hand pusher mark these out as special pieces. Combined we have seen around 40 with the Mareographe version being the rarer of the two out of a potential batch of fewer than 350.

Value in mint condition £40k+

8 - Heuer Monaco 740303N

This reference has gone through some different nicknames but the one that stuck was "The Dark Lord". Not hard to see why, with the stealthy black look and the orange hand that looks rather like a light sabre. It is referred to as a PVD although it's not actually a PVD finish, rather plasma, however it is a moniker that is still used for vintage black coated watches from this period. When these first appeared 15-20 years ago we thought they were prototypes, but we have since realised they were offered for sales in European markets. I have owned about ten with most coming directly from ex Heuer watchmakers and unused or well used from the German market. We have seen just over 40 from a potential batch of less than 400.

Value in mint condition £40k+

7 - Heuer Monaco 1133B Chronomatic

It may be the McQueen Monaco and the Dark Lord that take much of the Monaco marketing glory but the rarest and most valuable Monaco is the Chronomatic. Stunning metallic blue dials, with unusual blue lume and plain steel squared off hands complete the look. We have seen less than twenty out of a maximum batch of fewer than 200, although it has to be said that not many of them have been seen with mint dials! Having owned a handful, I have only owned two with mint dials, one now resides with a well known collector in LA for it's own safety, because the other mint one I owned was stored "inappropriately" by me and the dial sadly degraded! Any moisture and sharp temperature changes will attack the fragile beautiful metallic blue dial, which is why there are so many "Paintless Wonders" around! These still have a charm of their own, however the dials which are mint are more desirable and valuable.

Value in mint condition £50k+

6 - Heuer Autavia 3646 with 1st execution Mk1 hands

You may prefer the two sub register layout to the three, however the market has ruled over the past years that three sub registers and the Valjoux 72 trump two and the Valjoux 92. In an ideal world you would have both because both are beautiful and there is something special about the extra space on the dial and the Radium filled 6 which the 2446 version misses. The earliest examples came with these "all lume" hands and are approximately four times rarer than the later steel variants. With a maximum batch of 150 units we have seen fewer than 25 to date.

Value in mint condition £55k+

5 - Heuer Autavia 2446 1st execution GMT

Now things get tight, and frankly the top 5 could be put in any order desirability wise and it wouldn't be wrong, however past sales results puts it in fifth. This watch is generally agreed upon to be not only the rarest and most beautiful Heuer GMT but it is also perhaps in the conversation for best GMT overall with the non chronograph "Pussy Galore" 6542 Rolex. It's certainly rarer with fewer than 25 found out of a batch of 150 at most. The screw-back case is seldom seen mint and it's not a case that can ever be polished back to factory specs, but when it is in such original mint condition it is spectacular. The all lume markers - shared with the non GMT 4th execution Autavia - with the "Pepsi" bezel and arrow GMT hand add up to a very special piece.

Value in mint condition £65k+

4 - Heuer Skipper 7754

Aka Skipperera. This is often thought of as the most beautiful and charismatic watch of vintage Heuers output and could only be matched by the Heuer 2446 Seafarer above when it comes to desirability of any yachting themed production chronograph. Like the metallic blue dials on the early Monaco it was affected by moisture and temperature changes, which of course in hindsight was not ideal for where it often found itself! When the dial is mint, the combination of the colourful sub dials - a colour match to the green deck of the famous Americas Cup boat "Intrepid" - it is spectacular. Jack Heuer commissioned the Skipper after Intrepid won the Americas Cup in 1967, as a celebration and to take advantage of the following Heuer had in the community. In 1970 and in 1974 the boat came within one race of being the only boat to win the cup three times! As is often the case with vintage watches, there is some incorrect and/or out of date information on the internet when it comes to the rarity of this watch, with some claiming only 20 were made! However serial number batches point to less than 250 being made with fewer than 40 found to date.

Value in mint condition £65k+

3 - Heuer Autavia 3646S Indianapolis Motor Speedway

One of only two Heuer references to have sold for circa $200,000 back in the crazy old days of the 2016/17 peak market (Christies June 2017)! There is something special about a logo dial, but not all are created equally! Whilst there are other very cool logo dials such as the Cobra and Volvo Carrera and the Motor Age Autavia, there is no doubt that the combination of the shimmering gold "wings and wheel" logo on the only silver dial Autavia in the first series case is the pinnacle. This stunning watch was commissioned by the owner of the IMS and a batch was gifted to some lucky recipients. As with almost all vintage watches, and all the other Heuer logo dials, some have been discovered via both modern builds and complete from ex Heuer watchmaker collections, which naturally won't come with official IMS history. Under fifteen have surfaced in total with an expected batch of fewer than fifty.

Value in mint condition £75k+

2 - Heuer 2446 Seafarer

A slightly different dial finish to the 2447 version and even rarer, this is the only yachting related dial to feature in the first series screw back Autavia case. The serial database shows that there are two batches, one in the earliest 1st execution case (with small pushers) and one in the slightly later 2nd execution case, however both batches are tiny, and in total I am certain a maximum of 50 were produced. Fewer than ten have been observed with none in truly mint condition, so that's definitely something to keep an eye out for ;)

Value in mint condition £80k+

1 - Heuer Autavia 2446 1st execution Mk1 hands

If one watch tends to be highest up on most Heuer collectors lists, it is this one. When I ran the "Chronograph Cup" competition on Instagram it beat all comers, including Rolex Daytona PN's and Universal Geneve Exotics, enough said! This is Heuer's version of the Omega 2915-1 Speedmaster, the earliest Autavia and was their first named chronograph series back in 1962. Similar details to the 3646 further down the top ten, but with three oversized sub registers - AKA "Big Subs". These early Radium dials and hands often aged beautifully as the tobacco patina on this one shows, although not many were preserved as well as this one. This reference is the other example of a Heuer that once sold in the market for $200,000 and whilst the market has cooled we haven't seen a truly spectacular one come up for sale again to gauge what it might be now worth. The batch covers a maximum of 150 exam[ples in this early Mk1 hand guise with fewer than 25 found to date.

Value in mint condition £80k+

Honourable mentions:

There are of course plenty of watches that fall outside of the top ten that many may see as their personal grails and the next ten places could easily be made up of the following... Autavia 3646 Motor Age , Autavia 2446 and 3646 1st exec with Mk2 hands , Carrera 2447SN , Autavia 2446 4th Exec , Carrera 1158 S Chronomatic , Autavia 1163M Chronomatic, Carrera Cobra, Autavia 2446 tachy dial , Carrera 2447NS, Autavia 2446 2nd execution, Carrera 1158CHN snd the 2446c Mareographe.

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The Mysterious case of the early T dials

Thu, 12 Dec 2024 14:26:47 GMT

What are these early Autavia dials in later cases?

For many years collectors who spotted early 1st and 2nd execution Autavia dials appearing in the later thin bezel 3rd execution 2446 Rindt and 3646 Andretti series believed that they were wrong, and were "put together" models. However the more data I have gathered, the more I now realise that there was a pattern which can be seen in the serial numbers below.

Autavia 3646 from 842xx - 845xx
Autavia 2446 from 851xx - 854xx

These serial ranges are the beginning of the standard Rindt and Andretti models housed in the thin bezel case, and we mostly observe "standard" models in this range. However we also occasionally find some 1st and 2nd execution dials with various hand configurations, which I believe represent authentic original Heuer constructions. Many of these examples used thin later 3rd execution hands, (see pictures) but we also see some with earlier original dauphine hands (especially with the 3646 2nd execution dials). Sometimes wide new "service" dauphine hands were re-introduced to these watches recently by collectors who thought the ‘strange’ configuration was wrong and needed "correcting". These "service" hands are often noted by the tip of the hour hand being different to the original and of course because they look brand new.

Heuer, as did many watch manufacturers, occasionally used up earlier parts if they had something leftover which could be put to use whilst not sacrificing imminent service stock. The original purchasers back in the 1960/70s wouldn't have thought anything of this, after all they were not really collectors or looking at such things back then, a watch was predominantly a "tool". However this has ultimately led to collectors in today's market viewing such watches as unusual. For instance the 1960s Carrera, which started out with what we now think of as the standard case back, had a brief period using earlier poly case backs, using up left over earlier pre Carrera parts. The Carrera serials started at 537xx but from 56xxx - 58xxx we see 3647 and 2447 poly backs before reverting again to the standard case back for the rest of the run.

So why do these early Autavia dials have "T" on them? The T stands for Tritium and due to the change in safety regulations surrounding the much more dangerously radioactive Radium in some locations in 1964, there was a change in manufacturing to keep within these safety laws, so the Radium was removed from these early dials and the safer Tritium was re-applied, and a ‘T’ was added to the dials to show this change. Therefore it makes sense that all Heuer 8xxxx serial watches have Tritium dials. Of course some collectors have since removed this Tritium from early dials (which was almost always much paler than the Radium and usually aged lighter too) and reapplied faux lume to look like the earlier Radium dials, as they were trying to put the watch back into a more usual 1st/2nd execution "look", sometimes they were placed back into earlier cases with the same aim.

I noted that on a recent TAG Heuer collector summit, a guest saw a 2446 1st execution dial in the later thin bezel case in their museum drawers and posted a picture on Instagram (see below). It is close to new old stock condition, and I believe this is how the watch looked when it was constructed by their watchmakers in 1966.

Whilst these watches are interesting to me I don't believe they are as collectible (rarity does not trump aesthetics in this instance) as the more beautiful earlier Radium wide lume bezel examples. However I do find them very interesting as they show the Heuer process. I would value them as a premium over the standard 3646 and 2446 3rd executions.

I already have several handfuls of serials for such watches in my extensive Autavia database, but if you have one of these watches I would love to add it, as ultimately every one helps the research and the vintage Heuer knowledge. Please get in touch...

These details and many more can be found in detail within the First Series Autavia Book (1962-68).

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Heuer Price Guide Update - December 2024

Mon, 09 Dec 2024 16:09:00 GMT

A very brief end of year update...

...It's only been four months since the last one, but here's a quick look at the market since then and some thoughts on the vintage Heuer results at the Sothebys December auction. Having had time ponder it over the weekend, and in the current climate the results were good, some very good, and on a few, some distance ahead of where I would have predicted. There was an issue with one of the watches, and a couple that had smaller issues such as modern hands, which obviously is never helpful as it muddies the water to some degree. However overall I believe the results at the very least met expectations.

The star of the show in terms of achieved price was obviously the McQueen Le Mans 1133B Monaco, and I think in the current climate the achieved price of $1.4m was a great result. I would also suggest that the 2nd exec 3646 with later bezel, McLaren 1553, Camaro Champion, Ferrari LCD, Modena and Carrera 1158 had very strong results, and on the latter the result indicates that perhaps the gold bracelet on the 1158 is now worth at least as much, or even more than the watch itself! The watches (and ephemera) with direct links and provenance to motorsport personalities generally performed well across the board, with realistic premiums over the standard models. The Skipper 7754 with modern hands, and the pair of Carrera "pandas" were perhaps a little behind predictions, and there was a reason the 2446 1st execution achieved a poor result.

Remember that these results also need to be seen in the context of a tough market, which is currently only strong for the best condition pieces of the top level grails, and the reality is that everything below that high bar (1% of the market) whether it be vintage Heuer, Rolex, Omega et al have been under pressure and have seen values fall over the past few years. It's an inescapable fact that there are far less buyers in the market now, post speculators, and although high numbers can still be achieved, the collectors that are buying are very very picky. Remember the market is full of average and even good condition watches, and the gap between those and incredible condition grail pieces and the rest continues to grow and will continue further. Finally just a thought, but despite decent results I wonder if "themed" auctions in general (whatever the brand or collector involved) have temporarily run out of steam, as many have not met with the success (often unrealistic) that some expect over the past few years? I have some ideas on this but for another day...

The other issue that is worth discussing is that buyers at auction, on top of the other issues around tax and import duty for those not in the country of sale, are faced with lumpy auction fees. When the market was going full steam ahead it was seen as a necessary evil, however at some auction houses they look to be a "bridge too far" for many when the market has run out of steam. Right now I wouldn’t think of placing any of my collection into auction and I wonder how many people with the very best vintage watches are thinking the same. I note that Sothebys has reduced their fees down to 20% which I think is admirable and should be applauded, and I wonder if that is a trend that will be followed by others next year.

Generally modern watches across the board have seen their values fall further, and even some of the independents have started gravitating down now. Have we seen the bottom of that trend? Probably not, as there are a lot of watches out there, and people have significant funds tied up in them, and are probably concerned that they may take further "paper" losses. However there is some evidence that the rise in Crypto has supported the market to some degree this year, and if there was a correction in the price of these "coins" then we may see a further leg down for the modern stuff. It's also worth noting that the availability of new modern watches at RRP has eased significantly, to the point where even I was offered a white gold Daytona after less than a year on the waiting list at my local Rolex authorised dealer. Safe to say at £29300 I declined in the current environment!

The above is why I still champion the very best vintage pieces, and why the majority of my collection remains in such pieces. The very best examples of the rarest grails I believe will continue to be sought after and with very little availability there is nothing from current pricing levels (some way below 2016/17 peak) to suspect a meaningful fall in such pieces. I believe when the market has its next leg up (and I'm not brave enough to suggest when that will be), I think such pieces are the most likely to attract significant attention.

Next update will be May 2025, until then Merry Christmas!

Heuer Price Guide Update - September 2024

Thu, 05 Sep 2024 13:28:26 GMT

Question. What if anything has changed since the last update in February? Answer. Not much!

Let's get the market for modern watches out of the way first, which on the secondary market have fallen quite sharply once more, as indeed it did for most of last year. For the likes of Rolex, Patek and a lesser extent Lange and FPJ this has meant at least another 10-20% off the market value (which is often lower than Chrono24 may suggest) For the more mainstream watchmakers such as TAG Heuer this has been repeated, with less demand and just as much supply equalling falling prices, which is a trend that may only halt when interest rates get back to wherever the new norm may be (2-3% I imagine?). Even then a new leg up on modern pieces is hard to see, because the reality is the "spike" on modern stuff was fuelled by a very rare (once in a lifetime) set of circumstances, ie Covid and historically cheap/free money. The current gulf between RRPs which have gone up significantly since pre Covid and secondary market values on mainstream watch brands will likely put off many potential new watch buyers, even with 0% offers. I observed the chatter between collectors that the new TAG Heuer "Seafarer", which would have sold out in a flash some years ago, took considerably longer in the current environment. One wonders where secondary prices will be in 12 months time for that watch, although I'm sure it will fare better than non limited editions (how limited is nearly 1000 units though)? However at least for the high end manufacturers most of their output is either close to retail price or still over, but the days of substantially over only really remain for those very limited "bragging rights" watches that Instagram users want you to know they have. I think the troubles in the new market open up an opportunity for vintage though, when you consider that many modern chronographs are now priced at £7000-£10000, within vintage Heuer there is a large amount of choice at a similar or lower price point which has already had it's price correction. Add in the fact that new watch supply will only exponentially continue into the future, vintage of course won't.

Vintage Heuer as was reported in February has seen some further small falls amongst the non grail pieces that are more common on the market, even if the condition is good. I have watched various well known sellers during this period and noticed the same pieces being reduced in price until they eventually sell, usually within Heuer Price Guide estimates. This cleansing of the market is a positive step and once completed perhaps collectors and the wider market will have a better understanding of where vintage Heuer values sit. Anything that is "wrong" or anything which is in average (worn) or poor condition is a VERY hard sell, and realistically will only sell if priced very keenly or in some cases at the sum of whatever parts can be salvaged.

Values of the best holy grails have not really changed unless the condition is average, in which case they have fallen, as the profile of buyers of these pieces is similar to those who buy the rarest modern Rolex and Patek etc. We are now far enough down the watch collecting rabbit hole that we understand the market for the very best condition grail pieces is by far the most stable, particularly as so few top condition, new to market examples appear now. To highlight this, I cannot think of one new to marker Heuer grail that has surfaced this year and there are always collectors looking for these pieces so demand still outsrips demand for such pieces. When it comes to existing examples, I am aware of a 2446 Seafarer, 3646 Indy, 2447SF and a 2446GMT which have traded at or above guide values but of course as a percentage of the overall market this data is small. I was having a discussion with a fellow collector recently who is looking to re-appraise his collection into far fewer pieces, and he is not alone. Of course the difficulty of selling more ordinary pieces right now is that it's a buyers market, so is hard work, especiaslly so if you are looking to reduce a collection substantially in volume. I would never hand out any prizes for anyone having a large volume of watches, and have always said it's far better to only own five of the best and rarest than to have 100 pieces.

It will be interesting to see on the more modern end (especially high end) what effect next year's lowering of interest rates in the UK, USA, EU and conversely Japans late to the party rising rates brings to stability or lack of it. The outcome of the USA election and if America avoids any potential recession will also have a bearing I would imagine. However the vintage Heuer market is now finally at fair value (or arguably attractively cheap) when compared to the wider market and so I expect no significant shift from the status quo in the vintage Heuer market over the next six months, and for prices to be stable.

Heuer Price Guide Update - February 2024

Thu, 08 Feb 2024 15:01:44 GMT

The past six months have seen some interesting movements in the world's collectable asset markets, with most areas coming under pressure. As has been well documented before, now that access to historically "cheap money" has been withdrawn and demand has eased with the rising cost of living, the number of flippers/investors (call them what you want) has declined; what we are mostly left with in the watch market is good old fashioned core collectors and retailers.

This has led to valuation falls across most (but not all) of the watch marketplace no matter what brand you collect, but has probably affected the modern sector most, with some quite substantial falls across Rolex, Patek and some independent brands (which had previously run up substantially). Of course, the watches that saw their prices hyped up the furthest over RRP on social media have had further to come down and, with the supply of most modern watches only increasing, it shouldn’t be a surprise that many are dropping on a weekly basis now there is inherent risk in buying them. It would be great to think that, with the likes of Rolex, we may see an easing of the preferential customer ethos. Given that the market is falling, and far fewer watches are making meaningfully over RRP on the grey market, will these buyers want to take a quantity of hard-to-shift loss-making watches just to get one or two gems in the future?

Coming back to vintage, the main issue I see is that there are now too many "general market" watches available for the number of buyers who want to add such watches to their collection. The majority of the collector market resides in this lower to middle ground, which would be the £2000 - £15000 price range for vintage Heuers. Watches in this segment, even in good condition, will only sell if priced keenly, but will never sell if they are priced at values of yesteryear!

There has definitely been a build up of inventory over the past few years at retailers, and it's only now that they have realised (perhaps slightly too late) that prices need to be dropped to where the market actually is. There is still some way to go on this though, but until they find the correct level they will not sell. The other main issue is that we should remember that back in the early to mid 2010s, when many collectors were building their collection, the prices were continually rising, giving them some protection and confidence to perhaps overindulge on the quantity side and perhaps buying some watches that if we turned back the clock we wouldn't buy again. I suspect many collectors are now realising that they have a few too many pieces and are faced with the dilemma of how to streamline/rebalance/refocus their collection. Today's market is very different to early to mid 2010s, and although the market is tougher, bargains of the best rare watches that collectors would be most keen to acquire are essentially non existent. Many collectors are caught in a no man's land: they want to thin the collection to add these ultimate grail pieces, but the watches they need to move on are hard to sell, and perhaps worth less than they paid for them some years ago.

In general, watches that may be heavily worn or have issues - perhaps a notably scratched dial, dirty sub registers, polished cases, a poor bezel, service parts etc - are almost impossible to sell unless they are priced as low as the sum of their parts, and are useful as project watches only. Now the market is mature, I don't believe we will ever see such watches be worth more than this again. The one thing collectors do not want is poor (or even average) examples.

As mentioned above the general market, or middle ground, is also hard work. This can include mint examples of watches that are not considered grails (most 1970s models, most compressor case Autavia and non grail 1960s Autavia and Carrera) and perhaps even good condition examples of grail models (some 1st execution Autavia and 2447NT, NST, SN for example). That's not to say they won't sell, but pricing is critical, and forget about prices above current guide values unless the watch is absolutely spectacular. Remember that even good condition watches essentially require close to mint dials to achieve guide values.

All of which leaves just the rarest and most coveted models. These are the watches we definitely do not see everyday, with perhaps only one or two new each year, in the very best top collector condition. Very few watches have mint dials, cases/bezels, hands and lume, which is what is required for a mint valuation (realistically less than 5% of the market). Such watches have not really moved in value over the past 6-24 months, and remain the one area of the market which is still healthy and I predict will continue to be.

The collectors of these pieces are much less affected by the accessibility of "free money" (if at all) and are only interested in the very best-of-the-best "museum pieces" to add to their collection. The profile of such a buyer is usually one who already has substantial pieces in their collection, from other brands as well as Heuer (for example Rolex, Patek, FPJ, Universal Geneve etc), and may also collect classic cars, where we see a natural crossover into the most beautiful period chronographs.

At this level, condition is everything. The tolerance for anything less than mint is not high, and the difference between mint and average is possibly even larger on this type of watch than on more run of the mill watches. Be 100% sure that the gap is widening between the top and everything else, and remember that, in another ten years' time, we may have seen only a handful more of the rarest and most desirable vintage Heuer grails come to market, but the volume of watches in the lower to middle market will be substantially larger than now.

As has been the case for the past five years or so, the market still sees the 1960s Autavia and Carrera in screw back cases as the pinnacle of Heuer collecting, and some of the 1970s Autavia grails of the past are not an easy sell today unless in great condition and priced competitively. You could say that the 1970s pieces look great value (as they have fallen the furthest from the peak) but it would also take a shift in sentiment to make these watches much more desirable again. I'm not saying that won't happen of course, as at one time the 1960s watches were less desirable than the 1970s pieces, but there is no sign of this happening right now. Other watches which are not specifically valued in the guide, such as Montreal, Monza, Silverstone etc continue to be sold on price in a similar vein, but certainly look good value in the £1500-4500 range in the very best condition, especially when modern watch inflation is taken into account! Just look how many new watches are for sale in the £6000-10000 region...For the next few years, it's hard to imagine how buoyant sales in the modern (new) sector will be, unless supported by long term 0% finance deals via manufacturers.

The guide has been adjusted to reflect the above sentiment and the next update will be in the autumn.

Heuer Price Guide Update - August 2023

Wed, 27 Sep 2023 13:21:04 GMT

Another year is on the way to passing by, quicker than ever before, but that’s more to do with me getting older than any other reason ;) In those months the market has been level, and by that I mean values by and large have remained where they were for vintage Heuers. The market for new and neo vintage on the ‘speculator" brands has continued to soften, although the recent raft of RRP increases may well put a floor on further falls on that stuff. Although values on vintage Heuer have generally been flat that isn’t to say there hasn’t been any activity, there has been some very good auction results, and interestingly the museum has been actively buying up watches for their archives, more on that later…

The guide has remained steady, with only a few alterations on values, with less than 5-10% swing on any model. There is no change to supply, which is still very weak with very few good or desirable watches coming to market and those that have, found good homes (or museum drawers) to live in. There were some very rare and desirable watches that appeared at top auctions this summer which was great to see, because the past few years of auctions since the Heuer Parade, have seen ‘slim pickings" for anyone on the hunt for the best and rarest Heuers. The results were strong and I hope auction houses will note this and get back to offering us some more interesting and important Heuer watches again, at least in an effort to dilute their frankly overbalanced line up of new, neo vintage and independent brand watches! Of this summers results... a nice original condition (but not mint) 2447 Seafarer sold for $40000+ at Christies which is notably ahead of guide values. Sothebys also had some very rare references, and I believe these two auction houses are now the most likely places to see the best Heuers in auction. Results in Sothebys May auction saw a 2447 Carrera "Yachting" achieve 41.000 CHF, a PVD Monaco achieve 63,000 CHF, a 1158CHN Carrera go for 31,000CHF which were again all ahead of guide values. This reinforces that the rarest and most desired Heuers continue to be strong and that the gap between the best and the rest continues to grow wider.

This year is the 60th anniversary of the Carrera and there have already been some events held and watches launched by the manufacturer to celebrate this. Apparently the latest release is to be the final re edition in the oft used case and so it may well have been a case of ‘save the best for last’ with the 2447SN ‘Panda’. Credit where credit is due (as I have not often been impressed with their re-editions) the dial on this one is very nice. The 2nd execution style markers and hands really works, although there are always things a hard core vintage collectors think could be handled better. Sure the case could be a touch thinner, and sharper, they could have thinner sub dial hands and a shorter tail to the sweep hand and there is something not quite right about the "glass-box’ but that’s getting picky. It’s definitely a nice looking watch, and has rightly been well received in the market, let's hope it's a sign of things to come...

As mentioned in the intro, the heritage department has been active in the private collector market and interestingly paying well over ‘market’ for some pieces, although in my opinion these should be (and have been) treated as outliers. I have witnessed several rounds of this over the past fifteen years, most notably in the mid 2010’s when some average watches achieved unfathomable prices at auction which left the collector community rather puzzled and somewhat amused. Was this supposed to influence the market at the time? I’m not sure but if so it failed as the watches involved and values achieved made no rational sense and if anything it made the market suspicious of manipulation. This recent round of purchases is obviously not trying to influence the market, because at the end of the day, there has been rightly very little visibility of it, apart from the usual core collector chatter, but either way there are some collectors and retailers who have been delighted to see some good fortune come their way, and who would begrudge that in these ‘cost of living’ days!

As a parting shot I often have emails that ask me about predictions for Heuer watch values as an investment, and mostly I try and avoid answering directly because your first priority as a watch collector should always be the passion for the watches and the rest follows. However I have been giving this some thought recently and due to a certain set of circumstances I believe now is a great time to add grail vintage Heuers into a collection. This current period has seen prices that have been largely stable over a few years coincide with a time when money in the bank is often devaluing due to higher inflation, which means that there hasn't been a better time to add such grail pieces since the start of the prior upward curve (2010-2017). Add into the mix that modern watch brands have been putting up prices quickly over the past two years only makes the stable vintage watch values of the past few years look particularly attractive. Given that the market goes in phases (and has been demonstrably so over the past 30 years) it would not surprise me if the next phase of appreciation is not that far away. Unless collecting vintage sport chronographs goes out of fashion there seems little doubt to me that prices of the best examples will be notably higher by the end of the decade.

The next guide update will be either at the end of 2023 or at the beginning of 2024, until then happy Heuering!

Heuer Price Guide Update - Dec 2022

Wed, 14 Dec 2022 15:02:32 GMT

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.

The Real Heuer Autavia Orange Boy

Wed, 14 Dec 2022 10:27:49 GMT

Will the real Orange Boy please stand up?! Although nicknames can be confusing and whilst there are many Autavia dial variations in the 1970s, there are actually only two 1163 dial variations known to vintage Heuer collectors as the Orange Boy...

Let's get one thing clear, not every Autavia dial that has some orange accents on the dial is an Orange Boy, although if you look at examples for sale they will often be mislabelled as such. If I had a pound for every time a Heuer Autavia is incorrectly called Orange Boy, well I'd probably have enough to buy one! Looking at Chrono24 will almost always show you over twenty watches categorised as such with another bunch on eBay and on dealers websites. Generally only 10% of these watches are the "real thing"!

What makes an Orange Boy? Whilst it is true that the name does reference the orange accents on the dial hour markers, sub register and hands, it applies only to the two contrasting dials. The two watches pictured below are the only real Orange Boys, being the black with white subs and white with black subs Autavia 1163 models.

Now we have that out of the way, let's talk a little more specifically about this pair of 1970s chronographs. They came to market in the early 1970s and ran for a year or two, although due to the large quantity of dial variations Heuer threw at the market, they remain thin on the ground. They went through two variations, featuring the same dial but with two hour and minute hand executions. The first featuring the same "stripe" style of hands seen on the later execution Heuer Autavia "Siffert", but with orange in stead of a blue stripe. The later hand version features hands with the outer edge being orange, of which less are observed. The Orange Boy utilises the 1163 Autavia case featuring the sharp edged step plexi glass, fitted with the Tachymeter or MH bezels attached, and are normally powered by the Calibre 12 movement (occasionally a Cal 11i).

Serial ranges are not easy to be definitive on due to the mix of dials on the 1970s series, and the fact that many dials have been added later to upgrade 1163V and MH Autavias. During my research over the years, and contrary to popular belief, it does appear that Heuer often used batches of serials for certain dials (for example the 1163GMTs executions conform to batches as do the entire 1960s Autavia range), and the majority of Orange Boys appear in the 241xxx and 243xxx range and that is where I'd be most comfortable attributing this reference to. However my database also shows serials between 223xxx and 247xxx and as late as 260xxx, so some tolerance should always be allowed. I have also noted some Orange Boys with serials in the 204xxx range, however I think there is some doubt as to whether the Orange Boy was released at this early point, with serials that are lower than the 1st execution 1163GMT.

Rarity wise, I have noted fewer than 90 Autavia Orange Boys in total to date, to include both dial colours, with about 65% being the black variant. I would suggest production would have been fewer than 600 for the black Orange boy and perhaps half of that for the white version. So whilst not the very rarest of Heuers, they are not that easy to find either, especially in the best of conditions to satisfy a top collector. Value wise in the current market, prices range from around £6000 for an entry level black dial example to perhaps £15000 head only for the very best, of the rarer white dial, which has a premium of roughly 25% above the black dial.

To read more about the vintage Heuer Autavia chronographs click on the link below to preview the Heuer Autavia 1962-85 book, which is filled with beautiful photographs and important collector info.

Note: Please do not reproduce these images without permission.

Heuer Price Guide Update - May 2022

Tue, 14 Jun 2022 13:25:59 GMT

2022 has seen a world dominated by some major events, as we (mostly) came out of lockdown for (hopefully) the last time. A devastating war in Ukraine, severe supply chain issues and rampant inflation have caused world markets and interest rates to react to the distinct possibility of a recession in many regions.

Given all of the above, what has happened to the watch market in the last 6 months? Well not that much! Perhaps the most notable change in the overall watch market in this period has come in the "new" market for watches such as Patek and Rolex. Because this area of the market is heavily speculator led, the current world issues have affected them more than traditional vintage watch collectors, and so prices have fallen up to 25% in some instances. What is in favour of the vintage pieces in comparison is the market has been constrained for some years with a lack of quality "new to market" pieces, the very opposite of the new market, which sees further supply coming each and every year even if you can't necessarily yet walk into a dealership to a Rolex or Patek! Anyway, enough of that, let's concentrate on vintage Heuer.

This latest auction season has given some indication that there is nothing wrong with the vintage Heuer market, albeit the auction market is not the best or most realistic way to value vintage Heuer and really never has been. You need a constant supply of watches for the values at auction to be meaningful and this has never happened with Heuer in the same way as it does with Rolex, Patek, Omega etc. It's a shame for the brand, because it limits visibility and consistency but the reality is that for every one stunning condition 1960s Heuer Carrera or Autavia, there are probably fifty times the Omega and Rolex watches for the auction houses to sell. The results therefore are always something of a mixed bag, from the ludicrous highs of an honest condition PVD Monaco selling for circa £90,000 (including fees) when the private market would not value it at more than £30,000 gives a good indication. Also at the same auction (Phillips) a Chronomatic 1163MH Autavia sold for £35000 which was down notably on the very same watch being sold a few years ago at Christies, although that fall probably has more to do with the automatic Heuers having fallen a little out of favour compared to the 1960s models. Christies themselves had a mint Skipper 7754 which performed as well as expected for such a grail piece and the "Jim Rockford" Carrera which was purchased for the TAG Heuer museum. There was also an early all lume hand 3646 Autavia at Phillips, however the hands and bezel let this lot down considerably and so it performed reasonably at best (I would expect the very best to be far higher). The above (albeit small selection) tells us several things about the auction market. There are people buying at the top auctions who do not know the market (and are not Heuer collectors per se) and also there are machinations involved, perhaps a brand themselves paying over the odds for a watch because it is an inexpensive way of marketing. Of course the most obvious takeaway from the top auction scene is that condition and/or "beautiful" patina and provenance usually matters the most for watch values.

Generally in the open market (internet auction sites, Chrono24, dealers and collector to collector) values for vintage Heuers have been static, and the guide has not moved meaningfully over the past months. The 1970s Autavia remain perhaps harder to sell than 1960s models, with some values coming down (even the very best such as the ex Pawn Stars decimal Siffert and and Exotic 1163v have struggled) and overall the gap between the best condition and the worst is growing further on all Heuer watches. However these trends have been well documented for some time and will come as no surprise to anyone who collects vintage Heuer. I see no new trends at present, only the now well established ones, where the best condition and rarest 1960s Autavia and Carrera generally dominate the Heuer market. The appetite for the best and rarest 1960s pieces remains strong between collectors (both old and new) and several grail 3646, 2446 and 2447 pieces have changed hands this year at guide or above.

What does the short term future hold? I suspect there may be more pressure on those new Rolex and Patek (some of which are bound up in stock market/crypto/trading success and grey market financing) than vintage pieces, mainly because they were speculator led. I view current vintage Heuer values as fair or even undervalued against the rest of the vintage market and because of this I don't see values coming down meaningfully anytime soon. Indeed much of the vintage Heuer catalogue seems very good value, especially watches that are not necessarily covered in the price guide. 1970s Carrera, Montreal, Silverstone and the non McQueen Monaco's look value against the ever inflating price of a new watch but so too do the 1960s Camaro and non grail Carrera and Autavia from the 1960s. Supply remains very tight and during the last 12 months I have been offered fewer nice pieces than at any time in the last 14 years and I have only been able to add one Heuer to my collection. With the world markets entering a more difficult period I suspect that we will see the very best physical assets continue to do well, even in times that may be tough for the general population, because the people who have done very well investing during the past decade will be wanting to hedge their risk away from those markets which are much more volatile now.

However when all is said and done, and even though this is a price guide and everyone wants their watches to rise in value, I prefer to think that buyers of vintage Heuers buy them because they are amongst the most beautiful and rarest chronographs ever made, with some of the best back history. I also hope that current collectors who have been involved for a while enjoy the fact that although their watches are much more valuable than a decade ago, the prices in comparison to some other brands still allow for new additions. Heuer may not be the flavour of the month like back in 2016/17 but there's a lot to like about being a little more under the radar than some of those other brands, and being able to wear them in public without the constant fear of being mugged ;)

The next guide update will be the end of the year (Nov/Dec)

Heuer 2446 A&F Seafarer

Tue, 15 Feb 2022 15:33:48 GMT

Heuer is well known for their beautiful yachting themed vintage chronographs. Here we take a look at the rarest and most desired of all of them, the 2446 Seafarer for Abercrombie & Fitch.

To a Heuer collector the Abercrombie & Fitch signed dials are in many ways our equivalent of a Rolex "Tiffany" signed dial. Abercrombie was founded in 1892 selling hunting and fishing equipment but it wasn't until the early 1900s that it became "& Fitch" after Ezra Fitch bought into the company. At various points it was proclaimed to be the greatest sporting goods shop in the world and was frequented by presidents and the glitterati of their day. President Theodore Roosevelt, John F. Kennedy, Charles Lindbergh, Amelia Earhart, and Ernest Hemmingway were all fitted out and frequented the stores, the latter was even said to have bought the gun that ended his own life from A&F. After several cycles of success, it fell upon hard times (just like the watch industry) in the 1970s and closed its doors at the end of that decade. However, the brand was resilient and it was reborn, becoming the trendy fashion retailer we know today in the 1990s. This special chronograph very much harks back to those "classier" glory days when life was simpler!

Heuer’s special relationship with Abercrombie & Fitch goes back to the 1940s the Seafarer was conceived to appeal to the man at sea, whether that be a fisherman, a yachtsman or just an all round adventurer. It allowed the owner to not just tell the time and to time things on a traditional chronograph, but it also had a regatta timer and the magical "tide disc". It was this tide disc which was the chronograph’s point of differentiation and, once set, it effectively tells you the two high and low tides for each day on an ongoing basis.

The 2446 Seafarer in the 39mm screw back case with bezel is a watch that is very seldom seen, compared to the 2446c Seafarer in the compressor case, the 2447 Seafarer in the Carrera case and the 2444 version from the 1950s it is substantially rarer. To date we have found only a handful of examples, so far all of which appear in a very small range. It's one of the few vintage watches that is almost impossible to correctly construct from left over parts, so specific are the details, which means the "numbers known" count is unlikely to be diluted too much in the future. Essentially you had a small time window to buy one of these from new in 1963, and from only one retailer (Heuer did not retail them). Blink and you'll have missed them as they came and went and next time we see the Seafarer it was housed in the 35.5mm Carrera 2447 case (itself rare, with only around 150-200 being produced).

So what are those specific watch details? The most obvious is that the case is a Seafarer case, meaning there is an extra button on the left hand side to set the "tide" disc, so not any old Autavia case can be used. It also uses a bespoke blank case back which isn't engraved on the outside (because it's an A&F retailed watch and not a Heuer signed dial), and this case back also has a unique engraving style on the inside not seen in any other early Autavia. Lastly it uses an Abercrombie & Fitch signed bridge (with the AXF stamp on the balance) which is unique to the series. Earlier watches (2444) use a similar bridge but with movement numbers on and the later 2446c and the 2447 Seafarer revert to using a Heuer Leonidas bridge. There are some other "tells" but perhaps they are too subtle to go into here.

The Heuer Seafarers have always been sought after watches, especially so in the Autavia and Carrera cases from the 1960/70s. The combination of silver dials with the baby blue highlights adds up to a beautiful aesthetic and there is of course some romance to the idea that these "tool" watches were often put to use on the high seas by yachting enthusiasts back in the day. Today the values of such hard to find and special vintage watches are hard to predict as they seldom come up at auction. One was sold in a low key french auction in 2016 for 52000 Euro and recently a beautiful example (albeit with heavy patina on the dial) sold for $94500 by Sothebys and I would suggest that's a good barometer, with the very best being worth more in todays market. However many examples are not found in the best condition, due in part no doubt to the environment they may have been used in (damp, humid, salty not being words that are kind to watch dials!) and as condition plays such a massive part of a collectible vintage watch value, one in poor condition is worth substantially less.

To read about the 2446 Seafarer for Abercombie & Fitch and the vintage Autavia models between 1962-85 click on the link below to preview the Heuer Autavia book, which is filled with beautiful hi resolution photographs and all pertinent collector information.

Note: Please do not reproduce these images without permission.

Heuer Price Guide Update - December 2021

Tue, 14 Dec 2021 17:49:47 GMT

2021 will be remembered for many things, not least the continued fight against Covid19. But in the vintage watch world it has been a year when the best and most collectible watches saw their values increase.

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. W hilst 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.

Heuer Autavia 2446 1st Execution

Wed, 24 Nov 2021 09:54:00 GMT

The 60th anniversary of Heuer's first named chronograph series is fast approaching! So this seems an opportune time to look into the very special 1st execution 2446 Autavia with all lume hands which launched back in 1962...

The big subs, all lume hands, smaller Mk1 pushers, domed crown and the Ed Heuer signed Valjoux 72 (with individual movement number) are the details that make the earliest Autavia very special chronographs. In much the same way as the Omega Speedmaster 2915-1 is the origin of the Speedmaster series and the pinnacle of Omega collecting, these very early Autavias are considered by most vintage Heuer collectors to be the most desirable Heuer and as such this reference holds the dealer record for a collectible Heuer when a beautiful example was sold in Germany for €190,000 in January 2017. Fast forward to 2021 and Phillips New York are auctioning a beautiful example on December 11th which I can only assume will sail past their conservative $30-60,000 estimate! There is little doubt in my mind that Heuer nailed the design of the early Autavia and it looks as beautiful today as it must have done in 1962. Whilst there is no doubt that early Speedmasters are great chronographs, I personally feel the contrasting oversized sub registers and lume plots elevate these early Autavias to even greater heights, although I appreciate that beauty is in the eye of the beholder!

The Autavia name was first used by Heuer back in 1933 when they introduced a dashboard timer, the name being an amalgamation of the words AUT omobile and AVIA tion. Whilst history tells us that Heuer’s first patent for a chronograph was in 1882, and their first wrist chronograph appeared in time for the outbreak of the first world war in 1914, Heuer’s first named wrist chronograph series did not appear until 1962 and it was also called the Autavia. The watch was advertised with the slogan " those for whom life and a taste for adventure are one and the same " and was designed to be read easily by "pilots" of planes and cars when in the heat of the moment.

The beginning of this series consisted of the 2446, driven by Valjoux 72, and priced at $119.50, and the 3646 driven by the Valjoux 92 which was $99.50. They both came with in standard guise with hours or minutes bezels (decimal was a special order), married to the beautifully balanced 39mm screw-back polished steel case finished with bevelled lugs. The turning bezels were wide Radium filled examples which tied in with the "all lume" hands and large sub registers that were oversized for clarity, often referred to now as "big subs".

As mentioned above these very early "all lume hand" examples should have very specific criteria to be correct. This earliest case used smaller pushers and had unsigned domed crowns, with the Valjoux 72 Ed Heuer signed bridge which had individual movement numbers on them. You should note that on originally born examples these movement numbers (456xxx) are specific to this batch and within 150 of each other just like the serials. However I have known some movement number bridges to have been transplanted from elsewhere on "spare part constructions" and it should be noted that earlier movement numbers than this are from pre Autavia/Carrera Valjoux 72 movements and later numbers (457xxx) were born on steel dauphine hand Autavias. Case serial number ranges for the 2446 version are 4915-4930x and anything materially after this and you can be fairly sure the hands were originally steel dauphine and the all lume hands added later.

I would estimate that at most 150 of the 2446 were produced in this special early guise, with only around 15 being found and noted so far in collectors hands. That compares to a production of around 800 for the later steel hand 1st execution 2446 which makes these earliest examples around five times rarer. The value of this watch in todays market is hard to nail down, perhaps the Phillips New York sale will help to guide us as so few exceptional examples have been sold at top auctions over the past decade. However I would expect the very best examples of this reference (and condition is so important at this end of the market) to be worth circa £100,000+.

If you wish to learn more about the beautiful 1st execution 2446 Autavia and indeed vintage Autavias in general then click on the buttons below to buy the only book dedicated to the vintage Autavia, the Heuer Autavia Chronographs 1962-85 book. It contains beautiful hi-res pictures and important detailed collector info, updated in November 2021, and now additionally contains many of the Skipper references. Additionally the Heuer Superstars book has been updated into a deluxe "open and lay flat" style and covers some of the best examples of the holy grails from vintage Autavia, Carrera and Monaco.

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The 7754 Heuer Skipper

Sat, 13 Nov 2021 12:05:13 GMT

The story of the model begins in 1967 with the American skipper Emil Mosbacher winning the 20th America’s Cup on “The Intrepid” with Heuer chronographs on board. To celebrate this victory, Jack Heuer commissioned the Heuer Carrera Skipper 7754.

Nicknamed “Skipperera” because it combines SKIPPER and ERA from the end of the word Carrera it is the only Skipper model that appears in the original 35 mm vintage Carrera case. The most striking design elements of ref. 7754 are the colours, taken from the vivid colours of The Intrepid: a metallic blue dial, mint green subsidiary seconds and the distinctive tri-colour mint green, green and orange 15 minutes count-down register, ensuring optimal legibility and precision necessary for a regatta timer. It mirrors the start of a regatta, when four shots are fired at fifteen minutes intervals. The first three shots are warnings, representing respectively 15, 10 and 5 minutes to the start, the final one indicates the beginning of the race. When the chronograph is activated at the first shot, this subsidiary dial indicates to the crew the exact time left before the beginning of the race. The hand advances with 30 seconds increments, for a more accurate reading.

An important factor for the success of a regatta is the timing and position in relation to competitors when crossing the starting line. To count down the start of a race a series of horns and colourful flags is used in five-minute intervals. The skipper needs a tactical plan and reliable timing instruments to reach the starting line at the precise moment when the horn sounds to start the race. Boats crossing the line too early will be penalised, those crossing it too late begin with a disadvantage.

The case used on these models are actually the same 7753 engraved case as used in the standard Carrera two register models that ran concurrently but the documented reference is 7754 as 54 was the two number code for all Skipper references. The metallic dial on this reference is very prone to decay, and due to the environment this watch was often used in (salt water and moisture in general is not ideal for metallic dials from this period) the dial often has some missing paint. Rather like the PVD Dark Lord Monaco we tend to see degraded dials or mint ones which were often more latterly built from left over parts. The serial numbers for this reference are all found within the 105-109xxx range and originally born examples tend to be in two distinct batches. Note that although the pictures below show the Skipper 7754 with a white chrono hand it is more usually orange.

The 7754 Skipper remains one of the top 10 vintage Heuer grails and values range between £15000 for a poor example with badly degraded dial and as much as £60000+ for an exceptional example.

The watch is still very relevant today as the 7754 served as inspiration for the limited edition 2017 TAG Heuer Carrera Skipper, co-designed by HODINKEE and TAG Heuer to commemorate the 50th anniversary of Emil Mosbacher’s victory at America’s Cup. The modern Skipper was produced as a limited edition of 125 units in comparison the original vintage Heuer 7754 Skipper which had an estimated production of circa 300 units of which around 35 original examples have so far been found and documented.

To read more about the vintage Heuer Skipper chronograph click on the link below to preview the Heuer Carrera 1963-85 book, which is filled with beautiful photographs and important collector info.

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The PVD Monaco

Thu, 04 Nov 2021 15:30:03 GMT

The 740303N Monaco possibly looks as modern today as it did in the late 1970s when it was produced!

Such a cool watch and although originally dubbed "Black Beauty" by a collector back in the early days of Heuer collecting, the "Dark Lord" moniker better gets across just how stealthy this watch really looks.

We don't know exactly when the "PVD" Monaco launched into the market, as it never made it onto an official price list or brochure. However the timeline is likely to be during the late 70s, at a time when Heuer and all the Swiss watchmakers were struggling against the onslaught of the digital and quartz watch revolution. During the mid to late 1970s it is well known that Heuer were thinking of new sales ideas rapidly, especially anything utilising their old and existing stock of parts, and I think under this environment the 740303N was born. I believe that it was introduced into the German (and possibly Swiss) markets only, and although we often find original examples as far away as Japan and South America, I suspect it was only ever retailed within Europe.

740303N Monacos tend to come in two condition gradings, very well worn and in what collectors may call "new old stock" condition, but not very often in-between. The case and dial design, whilst striking is not ideally suited for every day wear. The black finish can wear easily revealing glimpses of the steel case below and the long hour lume markers, whilst visually appealing break very easily and are definitely not shock resistant! As mentioned above the market was tough in this timeframe and many Heuers remained unsold either at dealers or as old stock at distributors and ex Heuer watchmakers, and it is mostly those examples that have filtered into the market over the years as "new old stock" examples.

What should you look out for when buying a "PVD" Monaco? Like all vintage Heuer Monacos the seal was and still is prone to melting, so dial edges can be tarnished by this rubber fatigue. This is such an issue that I know some collectors take their seals out whilst they are storing them! Also note that the serial numbers are especially hard to read on mint examples. Essentially Heuer was using up remaining cases from the steel 740303B and G versions. They were then treated to the coating process on top which meant the original serial numbers are beneath this coating. Mint original examples require bright light a strong loupe to read, but the serial numbers are more easily read on cases where the coating has become thinner due to wear. There are some modern Re PVD cases out there, the modern process for which is sandblasting the original case to allow the black coating to adhere, this blasts away the original serials. The modern finish is different to the original, in thickness, texture and look, but it can be subtle to the untrained eye so if in doubt ask an expert!

How many were made? My extensive research of Autavia, Carrera and Monaco serial numbers, reveals that the serial allocation span for the 740303N Monacos is less than 500 units. Whilst not all will have been produced the majority of areas within the serial range is populated and so 300-400 seems reasonable. They tend to range in the 2560xx - 2565xx serial range, but I have noted several outliers earlier than this. Interestingly there were roughly the same number of 740303 B and G Monaco variants produced (a blue dial and grey dial respectively) so although those references are nowhere near as desirable, they are just as rare.

How much is the Dark Lord "PVD" Monaco worth? It is one of those watches where "new to market" watches have been regularly found each and every year since I started collecting Heuer in 2008, so it is perhaps not quite as rare as we thought when one sold for £48,000 back in 2010 at the Bonhams sale. Back then it was described as "one of only a handful" but I have now noted around 40 serials for this reference in collectors hands and there will inevitably be some I have not captured. I would suggest the valuation range today (based on recent past auctions and several collector to collector sales) is between £15000 for an entry condition example, showing wear to the case and dial to perhaps as much as £45000 for one in truly mint condition.

If you wish to learn more about the 740303N "PVD" Heuer Monaco and indeed the vintage Monacos in general then click the button below to buy the only book on the vintage Monaco, the Heuer Monaco Design Classic book. It contains beautiful hi-res pictures and important collector data on all original Heuer production examples.

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The Heuer Autavia 2446 Transitional

Fri, 29 Oct 2021 11:51:52 GMT

What's a Rindt, but isn't a Rindt, but is sometimes called a Rindt? The 2446 Transitional Autavia of course!

What marks the Transitional Autavia 2446 out from the earlier 2nd execution and the subsequent 3rd execution "Rindt"? Well, the Transitional features a similarly wide bezel to the 2nd execution but now without the lume triangle at 12 o'clock, which would later transition into the thin bezel on the later 2446 Rindt. The case is unusual and unique to this model as it is the only screw back case Autavia to feature non bevelled lugs. I have seen some examples where the watch polisher who was unaware of this fact (or perhaps thought the bevel had worn away) tried to polish a bevel into the case to match the standard Rindt! The repercussions of that are serious, both aesthetically and financially! The hands on this model transition for the first time into the thin plain steel versions which were used for the remainder of the Autavia screw back series and the dial is exactly the same dial as used in the later 3rd execution Rindt.

See the table below for a simple breakdown of the case/bezel/serial allocation differences of the std screw back case 2446 Autavia series.

2446 1st Mk1 hands Bevelled lugs Wide/lume bezel < 150 serials

2446 1st Mk2 hands Bevelled lugs Wide/lume bezel < 800 serials

2446 2nd Bevelled lugs Wide/lume bezel < 1000 serials

2446 Transitional Straight lugs Wide bezel < 600 serials

2446 3rd Rindt Bevelled lugs Thin bezel < 3000 serials

2446 4th Bevelled lugs Thin bezel < 200 serials

The life cycle of this transitional watch was very short, even by Heuer standards! The watch was only in the market in 1965, by 1966 the 3rd execution arrived. Serial allocation for the 2446 Transitional reference is very narrow and they all fall between 8299x and 834xx, meaning serial allocation was maximum 500 (but undoubtably fewer were produced). Compare this to the standard Rindt where the maximum serial allocation is circa 2500-3000. Apart from the specific details mentioned above, collectors should note that the inside of the case back was unique to the Transitional variant, showing a Heuer Leonidas engraving style and inside back case finish that does not appear on the later Rindt version. Also, the crown would be unsigned like the 2nd execution and the very first of the 3rd execution Rindt.

The fat lugs and wide bezel gives the Transitional 2446 an appreciably different look when compared to the later Rindt, making the watch visually wear slightly larger even though the bezel is still 39mm wide. Some even say it is better looking watch than the standard 2446 Rindt, although if that is the case (and it is very much personal preference) it relies on the condition of the case and bezel being good, most are not.

Values? Well, this is another one of those vintage Heuers that is rarely found in mint condition. To date I have noted fewer than 40 Transitional 2446 in total and have seen only a handful in mint condition. Interestingly, values are similar to the 3rd execution Rindt, currently perhaps only 10% higher despite the fact it is five or six times rarer than the much more common Rindt. They range in value from approximately £7500 to circa £20000+ for the very best examples, making this watch relatively good value, especially considering its comparative rarity against the standard Rindt.

To read more about the vintage Heuer Autavia chronographs click on the link below to preview the Heuer Autavia 1962-85 book, which is filled with beautiful photographs and important collector info.

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Photo credit for case back: Matt Bain

The 2446c Heuer Mareographe

Sat, 29 May 2021 10:06:36 GMT

The 2446c Heuer Mareographe. Possibly the best looking Heuer signed dial ever made?

The 2446c series was introduced in late 1968 when the earlier screw back case Autavias were phased out. It utilised a compressor "snap back" case which is larger than the earlier screw back case by 1mm, although it actually wears larger than that difference may suggest due to the depth of the case and width of the lugs.

The yachting themed dial that was used for this special series was specific to this case, and so whilst the silver and blue dials used in the 2444/2446/2447 Mareographe and Seafarer versions are almost (but not quite) identical, the 2446c uses a bespoke and spectacular gun metal grey dial. Combined with contrasting white sub registers with flashes of "yachting" blue, it is exceptionally beautiful - undoubtedly one of the most beautiful produced for Heuer. The Mareographe, like the Seafarer was conceived to appeal to the man at sea, whether that be a fisherman, a yachtsman or just an all round adventurer. Not only did it allow the owner to tell the time and to time via a traditional chronograph, but it also had a regatta timer and the magical "tide disc". It was this tide disc which was the chronograph’s real point of differentiation and, once set, it effectively tells you the two high and low tides for each day on an ongoing basis. There were two distinct Mareographe, Seafarer and Solunagraph batches: the 1st execution which had plain steel hands and the one colour mk1 tide disc; and the 2nd execution pictured here with white bund style hands with mk2 tide disc which features two shades of blue.

The batches have distinct serial numbers, with the 1st execution being seen in between the standard 2446c batches in the 110xxx - 19xxxx serial range, and the rarer 2nd execution all being in the 324xxx serial range. Earlier examples featured plain pushers whereas later examples used fluted pushers which was the standard for Heuer in the 1970s. It is hard to pin down accurate production numbers, but I would estimate a maximum serial allocation of 1000 for both executions to include all three dial variations, with the Heuer signed version being the less observed of the threeWhilst the A&F Seafarers are more observed and perhaps the most discussed, given a choice as personally as a Heuer collector the Heuer shield always trumps the A&F and Orvis signed dials. Heuer mostly made the Seafarer series as bespoke orders for Abercrombie and Fitch, and latterly a batch of Solunagraph for Orvis, so finding Heuer signed dials is statistically rarer. In fact, I suspect the Heuer signed dials were mostly factory orders, using left over dials from the commissioned watches as Heuer always had an eye on utilising all that was available to them.

So what should you note as a collector? Well, The compressor case bezel is thinner, wider and lighter than the screw back case series as it is made from aluminium and it suffers damage more easily as a result, especially because the bezel edge has "teeth" which were extremely susceptible to scuffing. The case is very difficult to polish, the thin original lug bevels get worn easily and once polished never have the crispness that mint unpolished cases have. In fact it might be the single most difficult Heuer case to do justice to when it comes to being refurbished, therefore, it is critical that the case is in good condition.

Much of the value is tied into the gunmetal grey dial which often degrades as metallic dials from this period did not take kindly to water or humidity, both conditions likely to be associated with the use of such a watch. The paint is often degraded to some degree, and the difference in value between a salty sea dog and a perfect dial is vast. Values on the Heuer signed 2446c Mareographe might be expected to range between £12500 and £30000+ for the very best. The A&F I would estimate is worth perhaps 10% less with the Orvis more like 25%+ behind a Heuer example.

Click the link below to preview and/or buy one of the two Heuer collector reference watch books to feature the 2446c Mareographe, the Autavia Chronographs 1962-85 or the "Best of" Heuer holy grail book "Superstars".

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Heuer Price Guide May 2021 Update

Sat, 22 May 2021 10:54:54 GMT

There are encouraging signs the Vintage Heuer tide has turned...

I remember thinking that after the crazy market of 2016 had passed and values fell back down to more realistic and sustainable levels, that the next cycle for Heuer may take five years to arrive and it seems as if that may well prove to be the case. If you look back at the vintage watch market over the past 20 years, it ebbs and flows and goes through phases whether this is for Heuer, Rolex, Omega or any other brand. I remember back in 2015 when a 6239/6241 "Paul Newman" Daytona was £80,000 for a top (watch only) example, compared to perhaps £180,000-200,000 today. At that time many Rolex values had been stable for a number of years, after gradually picking up from the decline they had seen during the financial crisis in 2008. In 2015 Heuer was approaching the peak of that cycle (late 2016) and it could be said that vintage Heuer was making vintage Rolex look good value back then! However, between 2016 and now, with vintage Heuer declining and with vintage Rolex values having advanced significantly, we have reached the point where many of the rare and desirable vintage Heuers again look comparably good value. I suspect we are at the start of another phase, and anecdotally I have never been asked to sell some of my core collection as much as I have in the past six months, which is always a fairly good barometer of the market outlook! Whether the new phase resembles the last one or follows a much more orderly and sustainable path is hard to say but I hope for the latter. Certainly many of the speculators have moved on to relatively modern watches, paying hefty sums to own watches from the constrained market that is modern Patek, Rolex etc etc...

Now that balance has been found and the vintage Heuer market has stabilised, prices are rising once more and it appears that a growing number of collectors have started buying back into the brand again, although this time perhaps being led by UK/EU collectors rather than USA and Asia of the last phase, although this might be partly currency related at the moment with the relatively weak US$. Echoing the entire vintage watch market, the pieces that are most in demand are the holy grails: you could say that everything contained in the Heuer Superstars book - which highlights the top 30+ vintage Heuer Autavia, Carrera and Monaco grails - are on the top of collectors' check lists (See the link at the bottom of the page to read about the book). However, more good news for vintage Heuer is that it continues to attract a new young group of collectors, with my "heuervintage" Instagram account showing a 30% age range split for 25-34 yr olds and 35% for 35–44-year-olds, both higher than the older age range I find myself in! This is good news and many of these younger people have come into the vintage arena from buying, selling and owning TAG Heuers. Initially they may not be able to afford the grails but, when their disposable income changes, we all know the watch collection has a habit of changing to reflect this.

Heuer Price Guide users should note that the values shown are in £GB and are now updated continually rather than twice a year. They have been rising steadily since the beginning of 2021 and much of this has been informed by collector-to-collector data, with barely any truly top level Heuer grails making it into auction, apart from the beautiful 2446SF that Sotheby's New York had back in February. I believe had that been a "normal" pre Covid sale with people able to handle the watch and bid "live" we would have seen an even higher price, and I know several collectors tried to bid in the final minutes and had connection issues. However the $94500 achieved was an excellent result for a watch that so few people know about and one that had a heavy dial patina. The May auctions also contained a few some interesting pieces, although it shows some care should be taken when selecting your auction house to sell with, Phillips seeing results far in advance of market rates for their Heuer selection. There have also been some large prices paid via various EU dealers for grail Heuers in top condition since the turn of the year, although precise verifiable numbers are not always easy to discern. However, it is clear that the very best condition watches, which perhaps accounts for less than 5% of the available market, is what the top collectors all fight for. The premium for truly mint or "new old stock" seems to be at an all-time high, but remember that true new old stock pricing is not reflected in the guide and is always at a premium over and above mint. New old stock means 99% original condition but can be confused by some sellers to mean a watch which just has the original case bevels in place ;) Mint condition does allow for some minor level of case marks, new old stock does not.

Of course, the largest demand - and therefore largest price increases - continues to be for the "crown jewels" especially the 1960s Autavia and the Carrera, with rarity and condition of most importance. There is no doubt that the 1960s output continues to trump the 1970s and 80s in the eye of the wider market, and I expect that to continue. But as someone once said "A rising tide lifts all boats" so the majority of values have risen to a degree, although fair condition watches have mostly remained where they were, highlighting again the importance of condition, especially in regards to the dial. The average guide movement upwards is between 5-10%. Also note that the guide now includes a valuation condition that reads "Poor - Values lower for notably damaged dials" which tells you that even fair condition watches require the dial to be in at least "decent" condition. It goes without saying that all the values assume original parts and so again I draw attention to TAG Heuer service bezels; the numbers of these in the market continue to grow but these bezels do not have quite the same finish, have flat/thin numerals and have non serif script compared to the originals. I see many of these originating via the EU (and not only via TAG Heuer) into the hands of world-wide owners who do not know what they have and values for such service bezels (as would be the case on any vintage brand) are much lower.

To sum up, most values have gone up to some degree at the "mint" and "good" level, but collectors should note that the gap between the bottom and top levels continues to widen, and I see no end in sight for this trend. The next market update will be in November...

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The Carrera 2447N - Not a standard Carrera

Sat, 15 May 2021 14:51:58 GMT

It is not always appreciated by collectors that in Heuer Carrera terminology whilst the N stands for noire, the S stands for standard and not silver, even if it refers to silver or white paint by default.

The fact that the "all silver" Carrera dials are "standard" and black is not can also be borne out by going on to Chrono24 or looking around the vintage Carrera examples for sale in the market. What you will see is that the vast majority of 2447 for sale, or 3647 for that matter, are the silver dials and the black dials are very thin on the gorund.

Introduced in 1963, the 2447N ran until the end of the Carrera line in 1969/70 and basically only had two executions. Unlike the silver dials that had three "scale" dials - namely tachymeter, decimal and pulsation - the black dials came with only one "scale" - the tachymeter - which is a very scarce dial to find. As an example of the rarity of the noire, my database shows that during the entirety of the 1st execution run the "all black" 2447 N and NT are over 50% rarer than the silver dials.

You will notice from the pictures below that one of the strengths of early 1960s dial design was minimalism. As the years wore on, manufacturers wanted you to know what type of movement was inside or its accuracy, and so words like "El Primero', "Automatic Chronograph", "Chronometer", Professional" etc etc appeared on chronograph dials, in some ways cluttering up the purity and distracting from the design. As someone who appreciates the less is more mantra this lack of complication appeals to me, as all I need to know is that it's a Heuer and a Carrera!

Walking through the chronology of the Carrera 2447N, the 1st execution was launched in 1963. The initial dials were the 2447N and the 2447S "eggshell", the latter being extremely rare as it ran only a short time before the dial became metallic silver. The 1st executions ran until 1968, when the 2nd execution came in, but essentially there were only two dial batches: one with silver dial printing and one with white (with the very latest data showing neither being noticeably rarer than the other). The 1st executions can always be told apart by the hour markers and hands - both were plain steel - whereas the 2nd executions had shorter and wider painted hour markers and black stripe hands. There is also a clear cut off with serial numbers, with the 1st executions running until 93xxx where they cross over with the beginning of the 2nd execution, which start to appear in the 91xxx range. You would always expect the earliest Carrera (just like the early Autavia) to have unsigned crowns, however you start to see Heuer signed crowns arrive midway through the run.

The very earliest Carrera would also see the movement bridge and back case signed Ed Heuer & Co but during the 2447 poly-back case run (56xxx - 57xxx) and to coincide with the merger in 1964 you start to see the first Heuer Leonidas signed bridges. Thereafter both the bridge and case back would be Heuer Leonidas signed. As with all the Heuers using the Valjoux movements the base plate would only feature the movement number (say 72) and the letter (R) which is the code for Valjoux designated via the La Federation Horlogere Suisse. On earlier V72s from this period there would be no other text but on later examples you would find the two letter brand identifiers. For example on Heuer this code was MN, on Universal it was TJ and on Enicar AR. One other way of identifying a movement which is not what it seems is that they would not repeat words. If the bridge is Swiss signed then the left hand side of the movement would not be, if the bridge isn't Swiss signed then the left hand side would be, and the same for the phrase "17 Jewels Unadjusted".

Values-wise the 1st execution 2447N are currently worth between £5500 and £12500 (head only) condition dependent with the 2nd execution worth between 10-20% less. Apart from the above, additional things to look out for are "service" hour and minute hands on 2nd executions, where the black stripe runs to the tip and has a longer lume section and service chronograph sweep hands, which are fatter at the dial centre, as finding originals are like trying to hunt for needles in haystacks.

To read more about the vintage Heuer Carrera, click on the button below to check out the Heuer Carrera 1963-85 chronograph book.

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Heuer Autavia Serial Numbers 1962-68

Fri, 07 May 2021 17:58:03 GMT

Serial numbers are one of the most important details to consider when collecting vintage watches. The importance of the dial/hands/movement correctly correlating with the serial number are crucial for the correctness and value of your vintage Heuer watch.

Collecting watches is not just about owning the watches but also about the research behind this. For over 12 years I have been collecting and collating data for the vintage Heuer Autavia, Carrera and Monaco references for the four Heuer books and now have several thousand full serial numbers for the above references.

Noting dating features such as dials, cases, hands and movements is critical when researching vintage watches as, although some claim to the contrary, there was often plenty of method employed by Heuer when producing their watches. Perhaps on the vintage Heuer Carrera, where there were so many different dials used, or on some of the 1163 Autavia variants there are not always "tight" serial batches for each and every dial but even then there are still hard and fast rules. However, on the 1960s screw back case Autavia the information points to a very strict production run of models that can be treated as more or less "gospel".

As you can see in the table below, the various executions have their own tight batches of serial numbers starting with the earliest found 3646 to date (48653) and ending with the last noted 2446 GMT serial 100129. At no point in this series should you expect to find random dials added to random cases, in fact it all makes complete sense and there was even a coherent evolution of hands, pushers, crowns and movements during the lifecycle of this series which can be found detailed in the relevant reference Heuer collector books (see the link at the bottom of the article) .

Vintage HEUER AUTAVIA 1962-68

Serial Case Numbers

Intro Serial

Reference

Batch

-1st Execution-

1962 4865x - 488xx

3646 1st execution all lume hands

Batch 1

1962 4885x - 493xx

2446 1st execution all lume hands

Batch 1

1962 (0) 488xx - 489xx

3646 1st execution steel hands (red)

Batch 2

1962 488xx - 491xx

3646 1st execution steel hands

B atch 2

1962 492xx - 495xx

2446 1st execution steel hands

Batch 2

1963 522xx - 526xx

3646 1st execution steel hands

Batch 3

1963 527xx - 532xx

2446 1st execution steel hands

Batch 3

1963 5289x - 5291x

2446 Seafarer Abercrombie & Fitch

Batch 1

1966 (1) 84xxx

3646 1st execution Tritium

Batch 4

1966 (1) 85xxx

2446 1st execution Tritium

Batch 4

-2nd Execution-

1963 523xx - 527xx

3646 2nd execution steel hands

Batch 1

1963 528xx - 534xx

2446 2nd execution steel hands

Batch 1

1964 591xx - 594xx

3646 2nd execution steel hands

Batch 2

1964 594xx - 599xx

2446 2nd execution steel hands

Batch 2

1966 (1) 84xxx

3646 2nd execution Tritium

Batch 3

1966 (1) 85xxx

2446 2nd execution Tritium

Batch 3

-Transitional-

1965 825xx - 829xx

3646 Transitional

Batch 1

1965 829xx - 834xx

2446 Transitional

Batch 1

-3rd Execution-

1966 (2) 841xx - 847xx

3646 3rd execution Andretti

Batch 1

1966 See (2) 84/88-9

3646 Indianapolis Motor Speedway

Batch 1/2

1966 See (2) & (3)

3646 Tachy dial - short hands

Batch 1

1966 (3) 851xx - 860xx

2446 3rd execution Rindt

Batch 1

1966 See (2) & (3) & (3.5)

2446 Tachy dial - short hands

Batch 1

1966 (3) 868xx - 873xx

2446 3rd execution Rindt

Batch 1.5

1967 (2) 880xx - 890xx

3646 3rd execution Andretti

Batch 2

1967 (3.5) 890xx - 90xxx

2446 3rd execution Rindt

Batch 2

1968 (3.5) 950xx - 961xx

2446 3rd execution Rindt

Batch 3

1968 (3) 961xx - 971xx

3646 3rd execution Andretti

Batch 3

-4th Execution-

1968 See (3.5)

2446 4th execution All Lume

Batch 1

1968 999xx - 101xx

2446 4th execution GMT

Batch 1

Things to note:

A. There is some overlap of hands in batch 1 of the 1st execution but you will not find all lume hands past this point, just that you may find steel hands earlier in the batch 1. Batch 2 used a variety of steel dauphine hands, with differing lume widths.

B. I estimate that fewer than 150 all lume hands exist for each ref.

C. (0) A small batch of 3646 1st executions with red chrono hands.

D. The 2446 A&F Seafarer is possibly the rarest production Heuer with all five examples being within 17 serials of each other and a maximum batch of "fewer than 30".

E. in 1965 there was a very short run of Transitional Autavia, featuring a bespoke "no lume" wide bezel and a thick lug case (with no bevelled edges).

F. (1) In 1966 left over 1st and 2nd execution dials were placed into the thin bezel case in 84/85xxx ranges for both the 3646 and 2446 reference. These dials had the Radium removed and replaced by Tritium and were then normally signed "Swiss T". A variety of hands were used but never the wide dauphine or all lume hand style. Values of such watches are more closely aligned to the 3rd execution rather than the 1st execution, albeit at a premium.

G. (2) The 3646 Indianapolis Motor Speedway dials appear to be in two batches, 84xxx and 88/89xxx but it is too soon to be definitive.

H. (2) & ( 3) & (3.5) It is also too soon to be definitive about the tachy dial 3646 and 2446 although they tend to appear in the Andretti and Rindt cases and should have hands that stop before the scale begins.

I. (3.5) The 4th execution 2446 as the final execution would be expected to appear in the final batch 89xxx - 961xx.

Note: Please do not reproduce the images and data without permission.

To read more about the most special vintage Heuer grail chronographs from the 1960s click on the link below to preview the Heuer Superstars book , filled with beautiful photographs and important collector info on the best of the best.

The Autavia 2446 2nd Execution

Sat, 01 May 2021 10:18:10 GMT

Each of the screw back case Autavia executions from the 1960s has its own identity and this is one of my favourites...

The 2nd execution 2446 Autavia is sometimes forgotten. It was neither the first of the species, nor worn by a motor racing great like the 3rd execution "Jochen Rindt". However, the dial design is beautiful and, combined with the perfectly proportioned dauphine hands (which were narrower than the 1st execution), it makes for a stunning watch. The sub registers are smaller than the "Big Subs" before it, although still large per se by sub register standards from this period. The markers became metal, instead of the lume applied batons of the 1st execution and are shorter with dial lume plots applied in parallel which, when combined with the alternate hash marks of the outer minute ring, make for a very harmonious design. The bezel still featured the wide lume triangle version, and bezels without the lume piece would be from the Transitional 2446 that followed and fitted later. The Valjoux 72 initially used the same Ed Heuer signed bridge and case back as the 1st execution but, later in the run, we see Heuer Leonidas bridges and Ed Heuer case backs as the norm until the end of the execution.

This execution ran for a short period - introduced at some point during 1963 and running until early 1965 when the first examples of the Transitional 2446 came to market, I would imagine it was perhaps 18 months at most. There were two subtle dial batches: the most observed carried the "Swiss" marking in the bottom sub and the much rarer "Low Swiss" version with "Swiss" at the bottom of the dial, which account for only circa 15% of the observed total. The "Low Swiss" tends to be found in the early examples within the 52xxx-53xxx serial range. The serial allocation for this execution is fewer than 1000 units, so the 2nd execution is around three times rarer than the later 3rd execution Rindt and produced in similar numbers to the steel dauphine hand 1st execution (the all lume hand 1st execution is much rarer however). Additionally, Heuer used up a small batch of remaining dials later in 1966 in the 85xxx serial range. Such watches would appear in the thin bezel 3rd execution Rindt case, with a variety of hands. This batch had the Radium removed and Tritium applied and were signed "Swiss T" and are considered less desirable/collectible; the overall design doesn't work as well without the earlier features.

Values for this version of the Autavia have been very stable over the past five years, although it is one of those watches that is seldom seen, let alone in the very best condition. Autavias by and large were worn as serious tool watches in much the same way as the Omega Speedmaster, in contrast to watches like the Rolex Daytona that were much more likely to be reserved as "dress" watches or kept in the safe ;). As a result of this wear, mint condition 2nd executions are extremely thin on the ground and the difference in values between the best and an example that has led a hard life is significant. They range between £10000 for a poor example to £30000+, with values for the Tritium thin bezel batch worth notably less.

To read more about the most Heuer Autavia 1962-85 chronographs click on the link below to preview the Heuer Autavia book, filled with beautiful photographs and important detailed collector info .

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The Tropical Carrera 2447SNT

Sat, 24 Apr 2021 09:12:28 GMT

The difference time and environment can make to a vintage watch always intrigues me...

Tropical is a word you will hear often in the vintage watch world. It is a term used to describe the pure beauty of a dial or bezel that has aged and faded, normally on the dial from black to brown, however it can be used by some chancers to describe an ugly watch that has seen damage. The latter misuse of the term "tropical" is often covering up for a watch that has seen the dial discoloured due to some kind of water damage, which does not belong in the same category but of course some sellers think this is a way of increasing the price of a watch that may otherwise be almost impossible to sell! This blog refers to a watch that, due to atmospheric conditions (sun, humidity etc), has seen the dial age to a markedly different colour to the original, such as here with this Carrera 2447SNT where you can see that the original black sub registers have faded to a milk chocolate brown. It has been assumed for some time that the process was aided by certain paint batches having failed, however the effect can be seen on such a wide range of dials and over such a wide period of time (30 years plus) that I wonder if almost all vintage black dials had the capability to change under the "right" conditions..?

We tend to see most tropical dials on Heuer in the 1970s timeframe and normally on the 1163 variants such as the GMTs, but there are very isolated instances of such dials across most references. If we think about the 1960s Autavia and Carrera I can think of only a few watches where this tropical effect has occurred. The pictured tropical Carrera 2447SNT is one such watch where we have seen a handful of examples over the years. This example shows matching patina on the metallic paint, white outer scale and on the dial lume for a consistent look.

Now a little background on the rare Heuer Carrera 2447SN range. They appeared towards the end of the 1960s Carrera production, at the end of 1968 and ran until 1969/1970 when they were replaced by the newly launched automatic Carreras. The most observed of this special series were the plain SN dials without timing scales. The pictured 2447SNT (T for Tachymeter) and the 2447SND (D for Decimal) are less observed in the market, with fewer than 20 of each known, compared to 40+ of the SN. A realistic production estimate for the SND and SNT is likely 200-300 max, with perhaps a little more for the SN. Just for clarity the SN stands for standard noire, standard in Heuer terms actually meant silver or white. Therefore when looking at the black dials, NS stands for noire/standard. Values on this series of watches tend to range between say £10000 for one with significant dial damage and perhaps up to £30,000 for the very best condition non tropical example. At present there is no significant premium for the much rarer scale versions, although that is at odds to the market in general so may not always be the case.

Values of tropical watches are perhaps best described as "fluid"! Each watch needs to be considered in isolation, for a watch that is only seen with a very dark brown shade in direct sunlight and with the help of an Instagram filter is in my opinion not really worth any more than a standard dial. However, once the dial can be obviously seen to be brown (and not just in sunlight), then value depends on just how brown and how pleasing this colour is to the eye. So, giving any hard and fast guidance is difficult because it is subjective. I would estimate that the premium on Heuer for the very best tropical dials might be in the range of 25%+ over the standard dial. Of course, one man's meat is another man's poison, and there will always be people who prefer the original black dial and the lower price. However, demand for tropical dials is at an all-time high; collectors like to have something different and perhaps the fact that each one is unique, compared to the consistency of the dial with the original black paint, adds a little "je ne sais quoi" that collectors are always looking for!

To read more about the vintage Heuer Carrera, click on the link below to view the book, which covers almost all vintage Heuer Carrera between 1963-85.

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The 4th Execution Autavias

Sat, 17 Apr 2021 11:02:10 GMT

Right at the end of the 1960s screw back case Autavia came the very special and rare 4th executions...

It may have been the final throw of the dice for the screw back case Autavia before the compressor case took over but the final executions were very special watches. Unlike the earlier dials, which were made with two and three sub registers, the 4th executions were only produced with three sub registers for the Valjoux 72/724 movements. The dials differed from the 3rd execution Rindts most notably by replacing the steel hour markers with lume applied batons, which is why they are sometimes referred to as "all lume" 2446. The difference to the look of the dial is actually significant and the lume batons really stand out against the black dial, giving a more vibrant look. However, there are some other subtle differences to note about the 4th execution. The black dial paint is much more "matte" than the 3rd execution and therefore appears "blacker" as a consequence and the printing on the sub registers is slightly lighter. The dial was made as a "standard" and GMT variant, the latter being the smallest production GMT from Heuer. It is worth noting that this GMT uses a bespoke GMT hand which is subtly different to the later compressor case version and of course comes with a bespoke "Pepsi" GMT bezel. Note that the GMT has been seen with two subtle dial variations - the production one with "Swiss T" in the bottom sub register and one without "Swiss T" in the sub. The latter version also has more of a gap between the applied lume strips and the sub registers at 3/6/9 and less pronounced serifs on the "Heuer Autavia GMT" text. This is the version that TAG Heuer Switzerland have within their service department.

You would expect to find these final 4th execution dials towards the end of the screw back case production run and whilst the GMT had a very tight and specific serial range which spanned 9999x - 100200, there seems to be no exact serial range for the non-GMT dial. However, it should fall into the later 2446 serial batch 89xxx - 96xxx. Whilst the 2446GMT version is documented on the price list in 1968 and pictured on a pilot's wrist in the advert below, there is no mention or picture of the "standard" dial anywhere, meaning it is entirely possible that the non-GMT version was never officially released to retailers. Both versions are incredibly rare and I would estimate that fewer than 200 of each were made, and likely even fewer for the standard dial. So far, I have noted full serials for 19 GMTs and 14 of the non-GMT versions, making them one of the hardest Autavia for a collector to track down!

Values wise the 4th execution Autavias range between perhaps £15000 for an entry level example to perhaps £45000 depending on the overall condition (the GMT worth towards the top end of this compared to the standard dial). As always, the highest values are reserved for watches with crisp cases, clean dials with attractive lume and the very best condition bezels. For more info on values check out the Heuer Price Guide which covers almost all Autavia, Carrera and Monacos from 1962-85. It is now continually updated when new data allows.

Click the link below to preview and/or buy one of the two Heuer collector reference watch books to feature the 2446 4th execution, the Autavia Chronographs 1962-85 or the "Best of" Heuer holy grail book "Superstars".

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Vintage Heuer Test Dials...

Sat, 10 Apr 2021 10:14:34 GMT

So what exactly is a "test" or "prototype" dial?

I am not entirely sure if it happens in exactly the same way in these days of in-house design but, back in the day, watchmakers such as Heuer were very reliant on the makers of their parts to come up with designs. Whether that was a new case style from Piquerez to allow a new square waterproof watch (the Monaco) or a dial design from Singer that would sit inside the new automatic chronographs in 1969.

These ateliers were very active within Switzerland and their salesmen would often be found doing the rounds with their wares. When a specific design request came in, a dial maker such as Singer would produce a variety of design options for each planned model, to see which struck a chord with the brand in question. During the late 1970s, due to the poor market conditions, Heuer was very keen to try all sorts of variations of movements and dial designs to try and find a winner and it is from this period that we see most test dials today. The Singer salesperson would present a variety of options and, after several department meetings, some would be selected by Heuer and some would not. It is interesting to note that although you see clear separation when it comes to the case designs for brands, you will sometimes see dial designs that Singer made for Rolex, UG, Heuer etc that share similar ideas, although this always stops short of replication as the brands all sought their own identity.

A test dial is just that - a dial that was offered for consideration but ultimately was not put into production. The story goes that these dials would remain in the watch department and some would filter back into individual watchmakers' boxes and be made into watches in the 1970s for their own amusement, while some remained as loose novelties until they were uncovered in the recent past and then made into a watch. It is hard to be precise about numbers, but it was usual for a handful of dials to be made and, if a dial design made it further down the line towards production, there may have been a few more made so that a variety of people could give their feedback. Most test dials (if not all) that are seen today are loose dials added to watches within the last 20 or so years and below are a selection of pictures of some original test dials for the Autavia 1163, Carrera 1153 and Monaco 1133.

Of course, there are some dials that are claimed to be test dials that are in fact just original dials repainted/restored due to prior dial damage. Fortunately, these are very easy to spot. The giveaway on dials is always the quality of the paint work and, most important of all, the precise style of the text printing. Singer, for example, had a very consistent script style for their Heuer printing and the same cliches that were used to print a production dial were also used to print the test dials. As the same equipment was used, you will see consistency for the "Automatic Chronograph" text and the sub register numerals for example. There may be some small areas of the dial that would not pass muster on a production run, because they were never intended to reach customers. Of course provenance is always the first step, with all of the ones pictured here, one way or another being from an ex Heuer 1970s watchmaker source based in Switzerland.

How do you value such items? Well, this is an interesting topic. Ultimately, the value for these dials differs massively depending on the brand and the beauty of the dial. For instance, a Rolex Daytona 6239 Paul Newman "Yacht Master" test dial would be worth a huge amount mounted into a correct period Daytona - certainly a massive premium over a standard Paul Newman! I would also wager that a test dial Omega Speedmaster would be something that many top collectors, and even Omega themselves, would compete to buy. However, sometimes there can be a perception that test dials are somehow dirty words, which perhaps says more about some parts of the collecting community and the fact the Heuer market remains under developed in comparison to the highly organised Rolex and Omega markets, than anything else! Personally I view them as something very cool and special and my take is that they should always be worth a healthy premium over the standard production models, with a further uplift depending on how successful the dial design is, because the overall success of a design is a key driver of watch values.

Whatever your opinion on these test dials, if they are original (as the Singer examples pictured below are), they represent a very interesting and important piece of Heuer history and give collectors a chance to own something that is seldom seen.

Click the link below to preview and/or buy one of the four Heuer collector reference watch books on the Autavia, Carrera and Monaco models or the "Best Of" Heuer holy grail book "Superstars".

Note: Please do not reproduce these images without permission.

The Heuer Carrera 2447P for Pulsation

Sat, 27 Mar 2021 10:47:28 GMT

Both rare and beautiful the vintage Heuer Carrera 2447 Pulsation...

If you search for and read about the Rolex Daytona 6239 "Doctor" on the internet you will find out two things. First, there are similarities between the 2447P Carrera and the Daytona with regards to dial printing, unsurprising as both dials were made by Singer. Second, they are both seriously rare watches, with fewer than ten of each reference observed in the market over the past 10-15 years.

The facts on the Pulsation Carrera 2447 are thin on the ground and the truth is that we do not know much about it, but we do know it was by far the rarest scale dial offered in the 1960s Carrera range. Whilst the plain, tachymeter and decimal dials are very well observed and fairly common, the pulsation dial for measuring heart rate doesn't seem to be an option that made it onto the price lists, and certainly never appeared in a catalogue. This leads us to the conclusion that it was a special order aimed at the medical profession (like the 2447 Yachting dial for the yachting community).

When in use, the owner would start the chronograph function on the first heartbeat, and stop it based on the number of heartbeats counted as indicated on the scale, in this particular example 15 (hence base 15). The stopped chronograph hand would then indicate the exact number of heart beats per minute. Like all the scale dial Carrera, the hour and minute hands should be the shorter versions, therefore falling short of the scale (although inevitably some may have been changed at service). When you see the standard longer hands mounted with scale dials, you can immediately see that this compromises the design and was not meant to be. Although the Carrera is not a contrasting dial like the Daytona, it actually hangs together better as a design in my opinion. Certainly when compared to the Rolex version that sold with the red Daytona text (opposed to the version without the Daytona text) on the dial which doesn't visually hang together so well. Also the dial printing appears stronger on the Carrera and that allows the beautiful blue print to really "pop" and stand out more on the dial.

When we come to values for this watch it is a very hard thing to predict because the few exceptional examples we have seen have only ever traded between collectors. For comparisons sake the Rolex Daytona versions have sold in the past few years for between 700,000 - 1,000,000CHF, which is a multiple of at least 10-15 times a standard 6239 variant. The reality is that we will likely have to wait for an example to come up for sale at a top auction to find out exactly what one may be worth, given the wider audience that entails, but I imagine the very best could be circa £20k+.

Talking of auctions, they have been pretty barren places of late to search for the very best vintage Heuers, (apart from the odd gem like the Sothebys 2446 A&F Seafarer this month) with often average, doctored and/or incorrect pieces being sold. The top collectors are keeping hold of their best examples, rather than take a chance on the block. They know how rare some of our grails are and how few have been found, therefore realise that once gone, you need more than money to buy some of them back. I continue to believe that the Heuer collector market, especially for the rarest and best examples is still in its infancy, and could perhaps be described as a little "green" especially so when compared to the likes of Omega and the highly "organised" Rolex market! Of course only time will tell...

To read more about the vintage Heuer Carrera, click on the button below to check out the Heuer Carrera 1963-85 chronograph book.

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My Top 5 Vintage Heuers

Sat, 20 Mar 2021 12:22:30 GMT

Coming up with my Top 5 vintage Heuer list is not an easy task and can be something of a moving target, but the following are my current favourite vintage Heuers...

I have a very narrow radar for vintage watches: my prerequisite is that the design of the case, dial and hands be perfect (to my eye). Whilst I have "test driven" many vintage watches over the years, the ones I have in my collection all fall into this category. Others, for one reason or another, haven't bonded with my eyes and/or wrist. I personally think the Heuer Autavia and Carrera, the Universal Geneve "Ten", Rolex Daytona and the Zenith A386 - all from the 1960s - represent the pinnacle of watch production. I do not particularly gravitate to watches from the 1940/50s, nor the larger and more colourful 1970/80s years, although I can see some design details that I love , but I appreciate that one man's meat is another man's poison and all that. Narrowing down any "favourites" list to five is not easy, and it can change subtly from year to year. But my tastes have not changed much since I stopped wearing and collecting larger watches (anything over 40mm) or GMTs around five years ago. From the list below you will see what I perso nally consider to be the best vintage watch series, and whilst my top ten might feature other models from Heuers output (including some Carrera cased models like the Skipper 7754 and 2447SN), the Heuer Autavia screw back case series from the 1960s remains number one to me, due to the perfect balance of case, dial, size and overall design.

Number 5 - 3646 Autavia 1st Execution All Lume Hands

The two sub register version of the 1st execution Autavia is a stunning watch and there is no doubt the 3646 has a look all of its own. My nickname for this version is "The Owl" as the dial gives the impression it is "staring you out"! The extra space the dial gains from not having a third sub register allows for the lume filled number "6" to match the "12" and many collectors appreciate this design detail. These early dials and hands should be Radium, and the small batch with Mk1 hands (circa 150 units) would appear in a case with small pushers and an unsigned domed crown. This "first batch" of 3646 was given the lowest Autavia serial numbers, with the one pictured above currently being the lowest known example. It is hard to believe that the very first named Heuer chronographs will celebrate their 60th anniversary in 2022, but in my opinion they look as relevant today as they did then, and such classic well proportioned design, will never grow old.

Number 4 - 2446 Autavia 2nd Execution

The 2nd execution Autavia is somewhat forgotten. It was neither the first, nor worn by a motor racing great like the 3rd execution "Jochen Rindt". However, the dial design is beautiful and, combined with the perfectly proportioned dauphine hands (which were narrower than the 1st executions), it makes for a stunning watch. The sub registers are smaller than the "Big Subs" before it, although still large per se by sub register standards from this period. The markers become metal, instead of the lume applied 1st executions, and are shorter with dial lume plots applied in parallel which, when combined with the alternate hash marks of the minute ring, make for a harmonious design. The serial allocation for this execution is fewer than 1000 units, so the 2nd Execution is around three times rarer than the later 3rd Execution Rindt and produced in similar numbers to the steel dauphine hand 1st execution.

Number 3 - 3646 Autavia Indianapolis Motor Speedway

Such a spectacular watch. It is the only silver dial "Autavia" to appear in the special 1960s screw back case...and what a dial it is! Not only is the dial a nice break from the black and white theme of the Autavia in this period, but it also features the metallic gold "Wings & Wheel" logo for the Indianapolis Motor Speedway. As a rule, I prefer the three register Autavia, but I can make an exception for this watch. Besides, if there was an extra sub register where would the stunning oversized logo go?! The Valjoux 92 driven Autavias sit ever so slightly lower on the wrist (the movement is thinner and therefore so is the case) than the Valjoux 72 versions and so they wear (if it were possible) even better, another reason why this one gets so much wrist-time during the year.

Number 2 - 2446 Autavia 1st Execution All Lume Hands

Choosing between the next two watches is so difficult that they effectively are equal first. But, by the tightest of margins, my number two watch is the "Big Subs" 2446 Autavia with Mk1 hands. Whilst most dials from this period share some design details, these earliest of Autavias have some details that separate them from the rest. The large sub registers, large lume hour markers and "12" plus the all lume sword hands really make the "Origin of the Species" stand out from the crowd. It is very hard to resist this watch in this guise; it has something of the DNA of the Autavia/Super Autavia dash timers about it and it is easy to see how it was aimed at the air and road pilots of their day. My research suggests that only circa 150 were produced, so they remain a much rarer sight (five to six times) than the Mk2 steel hand 1st execution version that quickly followed. These hands (so long as they are in the correct small pusher case and serial range) make a massive difference to desirability in much the same way as the Broad Arrow hands do on the Omega Speedmaster.

Number 1 - 2446 Seafarer for Abercrombie & Fitch

The dictionary definition of rare should have details of this watch next to it! A tiny span of serials contain the 2446SF that Heuer made for Abercrombie & Fitch in 1963 and only five have been discovered over the past two decades. These five examples are all within 17 serials of each other, and it would appear the batch size was less than 35 units, making it unbelievably rare. It utilises the same case as the early Autavias, 38mm with a 39mm bezel, with the addition of the tide disc button at 9 o'clock and is powered by the A&F signed Valjoux 721, a modified V72. The silver Seafarer dial (also utilised in the 2444 run), when combined with this case and bezel design, adds up to a watch that is even better to look at and wear when compared to the rest of the Seafarer series. With so many bespoke details it's also not a watch that can just have a dial swap to "upgrade" it like so many rare chronographs and, with so few made it will always remain a special piece of Heuer's horological history. My number one...

To read more about the most special vintage Heuer grail chronographs from the 1960s click on the link below to preview the Heuer Superstars book, filled with beautiful photographs and important collector info on the best of the best.

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The Flat and Thin V Autavia Siffert 1163T

Sat, 13 Mar 2021 10:50:43 GMT

Flat or thin V? The subtle variations of the text style on the 2nd execution Autavia "Siffert"...

Collecting watches can be a funny old game and although I don't think of myself as an "anorak", I must be due to the crazy amount of details I have stored in my brain about the small bits of stainless steel we strap to our wrists. Ask my wife and there seems to be no room for anything else, certainly trying not to spill tea when I make a cuppa seems to be totally beyond me! To be fair to us "anoraks", to be a successful collector you do need to invest a considerable amount of time to make sure you know what you're buying and so the fine details really matter. One of those details you will hear mentioned when collecting the Autavia Siffert are flat and thin Vs, specific to the 2nd execution 1163 models, so known because it follows the "Chronomatic" Autavia 1163T, also known as the "1st execution".

Interestingly, although you often hear collectors mention the 'flat V' as a desirable buying feature when talking about the 2nd execution Siffert Autavia, it is in actual fact the most commonly observed dial variation of the two - it would be rarer to have the 'thin V'! Ongoing research means that what we now know about Heuer has evolved over the past decade and some of the information collectors have in their heads is out of date. It turns out that some things are less rare than we originally thought, while others are rarer. The 2nd execution Siffert is observed in the same serial run as the black dial 1163MH which spanned circa 2500 serials, and the allocation seems to be reasonably evenly split. Interestingly if you look at the serials on the database the rarest Siffert (apart from the Chronomatic), although the least discussed is the 3rd execution version, with black stripe steel hands and later markers.

As you can see by looking at the pictures of both dials below, the difference between the flat V and the thin is self-explanatory. Essentially, they are just two different dial batches. The main differences to note on these two dial batches, are that the text is printed heavier on the flat V and with less serifs and the "Automatic Chronograph" and "Swiss" text sits lower on the dial. These position changes in dial text are similar to those found on the multiple changes of the standard production Monaco 1133B dials. We are unsure whether that was at the behest of Heuer or the dial maker Singer (much more likely) but there tended to be a change to some of the details with every new dial batch. Sometimes these changes were obvious and can be used as dating features, such as a major change to text, for example when "Chronomatic" changed to "Automatic Chronograph", or a change in marker style. However, it was often a subtle text change as we observe here. Similar changes to text are often echoed on other models and brands and tend to have a timeline. The vogue in the 1960s was for text with a more pronounced serif style, but the pronounced serif flourishes get diluted throughout the 1970 and 80s and today it has largely disappeared unless someone is trying to hark back to those days using a period style. You can also view below the original artwork made for Heuer (dated 1969), showing the rarer thin V variant.

Personally, when it comes to valuing the two different 2nd execution Siffert dials, I would not say one is more valuable than the other and, if I were valuing them, I would be led purely by the condition and originality of the watch, along with the overall feel of the patina. In this instance I prefer the warm patina on the thin V so would pay more for that and be happy that although people don't mention the thin V as much it is actually rarer ;) Values for this reference vary between as little as £5000 for a poor example and as much as three times that if you had a perfect example on a GF.

If you would like to learn more about vintage Heuer chronographs from this period (specifically the Autavia, Carrera and Monaco) then click the link below to read about the various Heuer collector reference books.

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The Carrera 2447SN "Panda"

Sat, 06 Mar 2021 12:42:08 GMT

Small perhaps but perfe ctly formed, the 2447SN is possibly one of the best looking chronographs ever made.

The 2nd execution Carreras of the 1960s were introduced in the latter half of 1968 - some five years after the Carrera was launched - and it was the first time we saw contrasting silver dials being sold on a named Heuer chronograph. Just before this, in early 1968, a batch of test silver and black "Panda" SN dials for the Autavia 2446c and 7763c had been produced but these never made it into production. The story of those Autavia dials was told to me by a Heuer watchmaker from Switzerland who was on sabbatical for Heuer in New York during 1968. He spotted these Autavia Panda dials and was intrigued enough to be allowed to take one back to Switzerland. He had never seen such a silver and black dial at Heuer Switzerland and so he converted the 2446cSN Autavia dial into his favourite Carrera 2447 case via some nifty work on his lathe. In reality, by the end of the year his effort had been wasted as Heuer had introduced the SN dial into the Carrera range!

Back to the Carrera and the introduction of the 2nd execution Carrera 2447 saw some of the finer details of the 1st execution change. Shorter, thicker painted hour markers on the dial along with matching black stripe hands for example, instead of thin markers and plain hands of the 1st execution, all in the aid of legibility. However, the biggest change was the introduction of several contrasting dials. There were five in total: the 2447SN, SNT, SND and the 2447 NS, and NST. Although the 2447SN is not the rarest, it is considered the best looking and it could be described as the most desired of the range. It is sometimes referred to as "Big Eyes" because the 2447SN and NS have slightly larger sub registers than their tachymeter and decimal scale cousins, and, without the scales on the dial edge, there was more room available.

Production numbers on individual references within the 1960s Carrera range are notoriously difficult to gauge with accuracy. When you crunch the serial ranges, the numbers of dial variations and the overall rarity/numbers known, I would estimate that fewer than 400 of the 2447SN were produced, whilst there would appear to be even fewer 2447SNT and SND made if the numbers known are factored in. The Carrera 2447NST appears to have been the biggest seller of the contrasting dials. To date I have only noted fewer than 40 Carrera 2447SN, so it is yet another rare Heuer and values tend to range between less than £10000 for a "not so good one" to perhaps £25000+ for the very best.

Things to look out for on the 1960s Carrera are serial numbers that match the execution and have not been re-engraved (I have noted modern re-machined cases in the wild), and dials that have the correct length hour and minute hands (scale dials have shorter hands that finish before the timing scale). Also note that Heuer used some service hands on Carrera, and these can be identified by having black stripes that run to the tip of the hand, as opposed to the original hands that have black stripes up to the lume area (but not after). Finally, check the movements have not been fiddled with. The Valjoux 72 movements subtly changed during their lifecycle in the Carrera so bridges, two letter base plate codes, and Swiss signings can all reveal different eras within that run. As always on rare and desirable vintage watches it pays to do your research - or ask someone who knows - as getting it wrong can prove costly.

On that note, click the link to preview and read about the detailed collector reference book, Heuer Carrera Chronographs 1962-85 it might just end up "saving you a bob or two" ;)

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The Heuer Autavia 2446 Rindt

Sat, 27 Feb 2021 15:54:16 GMT

I would imagine every serious watch collector has heard of the Rindt Autavia, and it is certainly one of Heuers most famous vintage chronographs.

The 1960s screw back case Autavia made its debut back in 1962 with the 1st execution Autavia, but by 1965/66 the features had morphed into the watch pictured here, technically known as the 3rd execution. This is the same dial that was used in the rarer transitional version, which bridged the gap between the 2nd execution and this, but the watch above is the first time we see the use of the thinner bezel, which then ran until the end of the series.

These screw back case Autavias feature one of the best executed chronograph cases of the period. The size (39mm), weight, the bevelled lugs, and plexiglass are all "spot on", especially so when paired with the Heuer GF bracelet. When all the details are considered and compared I believe it is one of the most quintessential chronographs from the period from any watchmaker. This dial execution utilises longer steel markers compared to the 2nd execution and, for the first time, slimmer plain steel hands and a slimmer bezel were used, which allows the dial to take centre stage. Like the rest of the 2446 series, it remains powered by the legendary and trusty Valjoux 72, now signed Heuer Leonidas, as was the inside case back.

Those are the "anorak" details but the fact that this watch also comes with perhaps the best motorsport pedigree of any chronograph is just as important. There are many watches that purport to be "racing" watches, but that is often only by name or clever marketing: this watch (and the 3646 Andretti) is the real deal. Here is a watch that isn't just featured in a film but was worn on the wrists of Formula One greats, including the only F1 driver to posthumously win the world title, Jochen Rindt. He (and other drivers) were often photographed in their cars, strolling around the pit lane, covered in sweat and oil, with their Autavias strapped on. Rindt was known for his out and out speed and bravery but sadly, in September 1970, he passed away when qualifying for the Italian grand prix in his Lotus. A crash barrier and his seat belt were ultimately held responsible for his demise, which today (as we saw in Bahrain with Romain Grosjean in 2020) would be highly unlikely to occur. Sadly so many lives were taken too early back then.

Important details for collectors to note are that there have been TAG Heuer service bezels in circulation since 2017, which always makes the watch less valuable and collectible. They have less obvious serifs on the text and a slightly different finish when put next to the originals. There are also "service" (or just incorrect) white chronograph sweep hands in circulation; refer to the pictures below for how the original should look at the centre of the dial end. There are also two types of dial, the one featured on the watch pictured and a batch where the numerals are more rounded (which is actually much rarer although perhaps not as attractive). The rarer dial can be seen on the original advertising artwork below, which might suggest it appeared on the early dials post the transitional version as this is where they mostly seem to be observed. The Rindt is driven by the Valjoux 72 movement, which can come with some small variations, with Swiss on the bridge or not (but the movement will always be Swiss signed somewhere) and it normally appears with the chunkier bridge style (the thinner banana style might only appear very late in the serial run circa 95-96xxx). Lastly, most are to be observed with the hours or minutes style bezels, with the tachymeter rarer than both. However, the 24hr bezel (13-24) is much the rarest iteration, unless you have seen the decimal bezel of course ;)

The 2446 Rindt was allocated a (large for Heuer) serial run of up to 3000 serials during its 3-4 years of production. That is a maximum limit, and there was a batch within that allocation where Heuer used up 1st/2nd execution dials, so some adjustment downward is necessary to work out how many were produced. It remains Heuer's most successful reference of this period, along with the 3646 Andretti which had a similar serial allocation. But whilst it may not be the rarest Heuer chronograph, the real trick to buying a Rindt is finding one in exceptional condition, which is not an easy task as unlike watches like the Rolex Daytona they were used as a proper tool watch. It is only when the dial sub registers are mint, and the lug bevels are crisp and sharp (see the below pictures) that this watch truly sings! Values range between about £6000-7000 for an entry level example, to circa £17500+ that a truly mint one might cost in 2021.

If you would like to find out more information about the Heuer Autavia chronographs between 1962-85, or the Carrera and Monaco then click on the button below to read about the Heuer collector books.

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The 1158 CHN Heuer Carrera "Ferrari"

Sat, 13 Feb 2021 11:16:21 GMT

This cool watch, that typifies the 1970s so perfectly, was seen up and down the Formula One pit lane back in the 1970s. Only a prancing horse on the dial could have made it any cooler...

It is widely recognised that Heuer ruled the Formula One motor racing environment in the 1960s and 70s. Heuer advertising was to be seen everywhere from the tracks, with their decals on the cars and drivers, to the pit lane with their timing devices and stickers! Jack Heuer was a master of marketing and had realised early on that product placement was a clever (and back then economical) way to get your product noticed. Jack signed a multi-year partnership agreement with Ferrari in 1971, which is why their cars and drivers had the famous Heuer shield on their helmets and bodywork. As an additional part of this agreement, Heuer supplied the Ferrari team with their own personal 18CT gold Carrera 1158CHN, each personalised and engraved on the back case from Jack Heuer.

Whilst many vintage Heuers can claim to be true "motorsport" watches worn by motorsport greats, it is the Autavia 2446 Rindt and the Carrera 1158 that perhaps have the highest profile in today's collector market. Today's blog is on the latter, which was worn by most Ferrari drivers and a whole host of Heuer "ambassadors" during that period. The list is impressive: Niki Lauda, Mario Andretti, Jacky Ickx, Clay Regazzonia, Ronnie Peterson, Emerson Fittipaldi, Mike Hailwood, Arturo Merzario, Jo Siffert and more.

The Carrera 1158 launched in 1969 with the very rare Chronomatic signed 1158S version and after this came in three distinct flavours, all constructed with 18CT gold. The S version had an all silver dial, the CH had an all gold dial and the CHN, pictured here, had a gold dial with black sub registers. The 1158CHN came with a silver or black date window, and could have been either on a black Corfam band or a very valuable and highly prized 18CT gold GF bracelet. The latter is much rarer because it cost a considerable amount as an option, up to twice the price of the watch itself, so was a statement piece indeed! There have been various estimates about production numbers in the past, but I think more units were produced than some imagine. I have full serials for around 70 Carrera 1158 on my database and the majority are the 1158CHN. The serials appear in several blocks but there is one large run of serials in a block of 500 that is exclusively held and widely populated for the 1158. With the data available I would estimate the serial allocation of all 1158 versions to be "up to" 1000. Whilst that is an outer limit for production I still think a minimum of 500-600 were produced.

Things you should look out for when adding one of these watches to your collection are over polished cases, the unpolished originals should have a nice brushed finish. Cases that have been refurbished can be spotted by looking for the gold hallmarks, which should be clear, crisp and deep on the side of the case and inside the back case. The serial and model reference numbers are on the thin lip of the lugs and, as this wasn't an ideal placement for them, they can be worn or polished away, which does affect collectability and value to some degree. Depending on age they could have the Calibre 11 or 12 movement, the earlier serials would have the 11 unless it had been changed at service which, given some of the early issues with the Calibre 11, is always possible.

Although the 1158CHN is the most common of the three dial variants (well over 50% of the noted 1158 are the CHN version) it is considered the most beautiful and desirable. Values vary considerably depending on condition within a range of £7500 to £17500 depending on condition "head only" but, of course, examples that can be tied back to their Ferrari owners could be worth considerably more!

To read more about the Carrera from the 1960s and 70s click the link below to view the Heuer Carrera 1963-85 Chronograph book.

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The Autavia 73663 Bund

Sat, 30 Jan 2021 11:58:32 GMT

The 73663 Autavia is my favourite reference from the myriad of watches Heuer made in the Autavia cushion case from 1969 onwards and of those the Bund is my favourite dial variation.

The 73663 Autavia remains a little under the radar, but because they are rarer than almost all of the automatic 1163 Autavia, have three sub registers, sit slightly lower on the wrist, are manual wind and have some very cool dials, they represent much better bang for your buck in my opinion. Perhaps a decade ago, the manual wind variants were out of favour as everyone wanted an automatic movement with a date window. However, I'm not sure that really applies any longer and for the above reasons and the overall reliability of the Valjoux movement, I'd choose the 73663 over the 1163 variant every time.

The 73663 was first introduced in 1972, although the Bund version only appears in one catalogue (German) and is thought to have come to market a little later in 1974. They were advertised in the catalogue as having a "Military Look" and were priced at 395DM. The use of the Valjoux 7736 allows not only for the three sub register layout, which is so loved by collectors, but it also allows for a shallower case because the Calibre 11/12/14/15 automatic movements were deeper to allow for their automatic complexity. They also have the crown on the "right" side (right both in terms of left/right and right as in correct because most people find left-sided crowns unwieldy). These small things matter and help make a difference to the overall balance, because the watches from this period represented a sea change in style and weight being much larger (measuring 42.5mm) than their 1960s cousins.

Obviously, the dial was designed with military use in mind and some have been observed with military markings (although most are civilian). I would surmise a small batch was made for the military and Heuer was never wasteful so using the remainder for public retail would have been the obvious course to take. The all-black dial with contrasting green numerals is striking and contrasts well with the cream lume in the hands and the applied lume dots at 3,6,9. I think it is one of the most beautiful of all the 1970s Autavias - this dial really pops! Occasionally this reference is seen with green lume in the hour and minute hands, but this is aftermarket work to match the numerals, not how they were originally born. Lastly, note that this is one of only two Autavias to feature the bund chronograph sweep hand, the Diver 100 being the other variant.

The serials for all of the 73663 Autavia form a block that spans 1996xx - 2025xx and from this we can deduce that Heuer allocated serials for circa 3000 units. Of course, not all may have been produced but this gives us the maximum possible which is a good starting point. By far the most common of the Autavia 73663 variants is the "Siffert colours" variant, with approximately 50% of this dial being documented of the observed market. I would therefore suggest that fewer than 300 of the remaining dial options were produced, which actually makes these watches much rarer than might be thought and, as I said before, a little below the radar. Values wise the 73663 Bund might range between £4000 for an entry level example to £10000 for the very best, although they seldom come to market.

If you would like to learn more about the myriad of Heuer Autavia chronographs between 1962-85 then click on the link below to preview and order the collector reference book.

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The Chronomatic 1133B Monaco

Sat, 23 Jan 2021 10:58:49 GMT

Never mind what someone may pay for one of the Monacos worn or gifted via the Le Mans film set, in my opinion they have little to do with the collector market. I believe it is the Chronomatic 1133B which is the Holy Grail of all the Monacos...

Back in 1969 Heuer launched some of the world's first automatic chronographs after their Project 99 came to fruition. The era of the automatic Autavia, Carrera and Monaco started here and these watches were initially dubbed "Chronomatic" by Heuer and this name featured prominently on these earliest of dials. The term was an amalgamation of the words chrono graph and auto matic , a tactic which Heuer successfully used when naming the Autavia back in 1962. However, feedback came to Jack Heuer that their most important market (USA) did not really understand the name and so, after the initial batch of watches, the name was gifted to Breitling and this is the reason these dials are so elusive today. Subsequent automatic Heuers displayed the more usual (and easily understood by the Americans) phrase "Automatic Chronograph".

I have been lucky enough to find a handful of Chronomatic Monacos over the years; one that was truly mint and then four with varying dial conditions, including one "Paintless Wonder" which came from Mexico and had no metallic blue paint left on the dial whatsoever. The metallic blue paint on these early Monacos (that includes the transitional version too) was not effective at dealing with humidity and temperature changes/extremes, which is no doubt why Heuer adopted a matt paint finish on the standard production 1133B later. I actually owned one near mint Chronomatic 1133B Monaco that degraded during my ownership (as did the value!), so if you're one of the few lucky owners to have a mint one, be careful where you store it, perhaps even wrap it in "cotton wool"! As an aside, it is interesting to note that when the metallic paint disappears the white text print remains, and this can make for some cool looking dials.

There are some interesting and specific things to note about these watches, for instance the positioning of the dial text was different to the subsequent editions with Chronomatic appearing above the Heuer shield, and Monaco dropping to above the date window. Also the lume was blue on both the dial and in the squared off plain steel hands which made for a very unique look! Although I found one Transitional Monaco with blue lume some years ago, cream lume was the norm after the Chronomatic 1133B, I assume because it was more legible. Also the very earliest cases appeared with unsigned backs, with no "Heuer Tool No33" engravings on them. The first four serials on my database (pre 157220) share this oddity, such examples are very much the first of the first!

I have seen various estimates over the years about production volume and from an initial "guess" of 50 for each dial a decade or so ago, today my estimate would be "fewer than 250 of each". This maximum estimate is arrived at by looking at the serial ranges involved, numbers known (fewer than 20) and my gut feel for these things. There is a mixture of Chronomatic and Transitional Monacos between 157189 (the earliest Monaco I have recorded) and 157589 but most appear pre 157400. I believe it is better to slightly over estimate than under, but my feeling is that 150-200 is a likely number. This compares to my production estimates of fewer than 700 for the 1133B Transitional and fewer than 2500 for the standard production 1133B "McQueen". The latter is actually quite a high number for Heuer production, showing that the Le Mans campaign and the transatlantic dash to deliver the watches to the film set was worth the effort.

The market for these Chronomatic variants is strong, with fewer than 20 of the Monaco known and fewer than 30 of the remainder (Autavia and Carrera) having been discovered and documented over the past 12 years that I have been collecting and researching Heuer. Of course, the dial is the most important item on a vintage watch and so its condition is critical for the top "mint" valuation band on the Heuer Price Guide. The very best could be worth up to £60,000, conversely one with major dial degradation would be worth considerably less, the attractiveness of the patina affecting value to some degree.

To find out more preview the Heuer Monaco Design Classic book - via the button below - available to order via Blurb. A wealth of knowledge and hi-res photos on all of the vintage production Monacos from 1969 to the end of the 1970s.

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The Carrera 2447 Eggshell 1st Execution

Sat, 16 Jan 2021 12:58:29 GMT

1963 - The beginning of the Heuer Carrera

After the Autavia was launched in 1962 Jack Heuer turned his focus onto the Carrera. This was a totally different design ethos, using a smaller case (35.5mm compared to the largest diameter of the Autavia at 39mm), simpler design without bezels, and more elegant compared to the Autavia which was very much the sporty/tool watch option. Jacks idea was to create a watch that was easily legible and unobtrusive on the wrist, and one that was equally at home on the wrist of a rally driver in the heat of action or in the boardroom.

The Carrera was named after the La Carrera Panamericana road race that took place in Mexico. The race was infamous for its fatalities and even in an era that valued life less preciously than today it was cancelled in 1954 due to excessive loss of life. The race was a nine stage, six day race across the country and although it was organised as a "tourist attraction" by the government, after five short years and 27 fatalities it was deemed that enough was enough. Heuer had initially commemorated the race in 1953 with a Ref 3336 chronograph, but it was not until 1963 that Heuer was finally able to bring the Carrera named series to market. The final piece of the jigsaw was the newly designed crystal tension ring, allowing the minute divisions inside the crystal, but crucially not on the dial, to achieve the simpler dial design, Jack Heuer was after.

The very first of these new Carreras were the 2447 and 3647 variants, priced at $89 and $69 respectively, and although a myriad of dial designs followed (including a variety of scales such as tachymeter, decimal and pulsation) the initial batch of serials were the purest plain dials, the 2447N & S models. What makes the plain eggshell dials so special for Carrera collectors is that they were only in these early batches (unlike the black dials which ran throughout the Carrera timeline), so as a consequence they are much rarer. They were phased out and replaced by the metallic silver dials during the poly-back run and the last eggshells are observed in the early 6xxxx serial range. The plain eggshell dial is also much harder to find in near mint condition, the dial seemed to suffer from degradation (unlike the black dials) one of the reasons why it was soon replaced by the metallic dials. I have observed around 30 of the 2447 eggshell dials in total (to include both Swiss only and Swiss T) , with an estimated production of less than 300.

Collectors looking for originality should note that the very earliest 2447S eggshell came with a thinner minute hand compared to later Carreras, unsigned crowns, were only Swiss signed (no T) and would be double signed Ed Heuer & Co (case back and movement bridge). Later half-way during the poly-back run we start to see the introduction of Heuer Leonidas bridges to coincide with the Heuer Leonidas merger in 1964. It is also worth noting that the notoriously imperfect serial engraving styles changed a handful of times throughout the lifecycle of the Carrera and these early examples had a larger style than any of the batches that followed (see below). Values for the eggshell 2447 Carreras vary between about £5000 for a poor example to say £15000+ for the very best (although very few have been found mint) and remain under the radar considering their significance, rarity and beauty.

To learn more about the Heuer Carrera range click on the link below to preview and order a copy of the Heuer Carrera 1962-85 book or the Heuer Superstars book (Heuer Holy Grails) available to buy exclusively via Blurb.

The Heuer 2447 Seafarer For Abercrombie & Fitch

Sat, 09 Jan 2021 15:04:27 GMT

Heuers relationship with Abercrombie & Fitch led to some of Heuers most beautiful and rarest chronographs.

The Abercrombie & Fitch Seafarer chronographs first appeared in the 1940s but here I concentrate on the 2447 version that Heuer produced for A&F in the now famous 1960s Carrera case. Abercrombie was founded in 1892 selling hunting and fishing equipment but it wasn't until the early 1900s that it became "& Fitch" after Ezra Fitch bought into the company. At various points it was proclaimed to be the greatest sporting goods shop in the world and was frequented by presidents and the glitterati of their day. President Theodore Roosevelt, John F. Kennedy, Charles Lindbergh, Amelia Earhart, and Ernest Hemmingway were all fitted out and frequented the stores, the latter was even said to have bought the gun that ended his own life from A&F. After several cycles of success, it fell upon hard times (just like the watch industry) in the 1970s and closed its doors at the end of that decade. However, the brand was strong and it was reborn, becoming the trendy fashion retailer we know today in the 1990s. This special chronograph very much harks back to those "classier" glory days when life was simpler!

Heuer’s special relationship with Abercrombie & Fitch harks back to the 1940s and Jack Heuer even spent some time working as an apprentice in the watch department of the New York A&F store as a salesman. If you are lucky it is possible that you may wear a Seafarer from the 1950s that Jack himself sold! The Seafarer was conceived to appeal to the man at sea, whether that be a fisherman, a yachtsman or just an all round adventurer. It allowed the owner to not just tell the time and to time things on a traditional chronograph, but it also had a regatta timer and the magical "tide disc". It was this tide disc which was the chronograph’s point of differentiation and, once set, it effectively tells you the two high and low tides for each day on an ongoing basis.

These Seafarer chronographs have become legendary for collectors and of course it does not hurt that the dial design is truly beautiful, combining the already classic understated lines of the 1960s Carrera case, with the blue highlights and an eggshell style dial. Although the 1960s Carrera case measured only 35.5mm, once it is on a killer DBOR (double beads of rice) GF bracelet it wears larger and I think appears even more beautiful than on a strap. The chronograph is powered by the Valjoux 721, basically a Valjoux 72, slightly modified to allow for the tide disc operation. Collectors should note that although the 1950s A&F Seafarers and the unicorn that is the 2446SF 1st execution in the screw back Autavia case had A&F signed movements, the 2447 version does not. Instead they have Heuer Leonidas signed bridges with AXF (to denote Abercrombie & Fitch) stamped on the balance cock.

Although the Carrera housed 2447SF was available for several years (circa 1964-68) it was produced in very small numbers, with three small tight batches seen to date. Cases were selected with concurrent serial numbers to be machined specifically for the tide button (which drives the tide disc) and so, unusually for the 1960s Carrera, there is no overlap for other references within these strict ranges. The estimate for the 2447 A&F Seafarer is fewer than 200 units, with fewer than 15 documented on my database to date (with Heuer signed ones even rarer). Values vary enormously depending on condition, between £10000 and perhaps as much as £25000-30000 for the very best, although it has to be said that due to the intended use, not many are to be found mint!

If you would like to learn more about the Vintage Heuer Seafarer or the Carrera in general click the link button below to buy the Heuer Carrera 1963-85 collectors reference book.

The Autavia 3646 Indy

Sat, 02 Jan 2021 14:56:31 GMT

The Heuer Autavia 3646 is a special watch with perhaps the coolest logo dial ever...

There are many special watches from the golden years of Heuer’s vintage chronograph output, but the Indy Autavia must be in contention for perhaps the coolest of them all - it's certainly in my top three Heuers at any rate. I must first admit that I am not really a logo guy, and as far as co-signed dials are concerned they often leave me cold, although I can see that if you are a brand name guy (or have a hankering for jewellery) having "Tiffany" on your watch may be of some significance. But some relatively unknown jeweller, a Swedish car company or a spark plug maker doesn't really do much for me, and in such cases I'd rather just have the Heuer logo on the watch. Of course each to their own, some people love the fact that things are rare or different full stop, but rarity by itself does not necessarily equal desirability.

I remember quite clearly when I first saw the Indy Autavia, a decade ago in the TAG Heuer museum at LCDF, and thinking how cool it looked. When we were producing the Autavia 1962-85 book we were lucky enough to be sent the watch by Marie Ansel (in charge of their heritage dept at the time) to inspect closely and photograph. What makes this watch so special is that it's the only silver dial in the 1960s screw back case, and that the ‘wings and wheel’ logo is sublime. It's printed with metallic gold paint, sparkles in the sun and even has something of a 3D appearance due to the texture of the print appearing to rise above the dial surface. Rewind back to 2010 and we only knew of a couple, whereas today I have noted twelve, and whilst we used to think they might have been sold in the gift shop at the circuit, it is now thought they were produced to be gifted by Tony Hulman, who owned the motor speedway at the time.

For those not of a motorsport persuasion, the Indianapolis Motor Speedway hosts the Indy 500, which is considered one of the ‘triple crown’ of motorsports along with the Monaco GP and the Le Mans 24hr. This is a race that has been won by American legends such as Foyt, Mears and Unser, as well as Grand Prix champions: Mario Andretti won the Indy 500 and Graham Hill is the only driver to have completed winning the ‘triple crown’, both wearers of Heuer Autavias themselves. Indeed Mario Andretti is something of a Heuer living legend, having the standard 3646 Autavia named after him for the several he owned and wore!

All of this makes the watch very desirable, and it has attained top Heuer grail status, along with the likes of the Autavia 2446 & 3646 with all lume hands, and the unicorn that is the 2446 1st exec Seafarer. It also holds the Heuer auction record for a non film/celebrity memorabilia sale when it realised $199,500 in the June 2017 Christies’ New York sale. Although Heuer valuations fell after that auction there has been a rebound for the rarest Heuers during the Covid period and we find ourselves back in a similar place today. There have only been a couple traded since, and the Christies sale was an outlier, so today a valuation would realistically be £85k+ for the very best. However, in recent years the very best and rarest Autavias have remained in the hands of collectors and have been conspicuously absent from auction halls. So we wait for another top example to fall under the auction hammer to find out exactly how high it might go again...

If you would like to learn more about the Heuer holy grails, check out the link below to read about the Heuer Superstars book, which showcases the best of the best holy grails from Autavia, Carrera, Monaco, Seafarer and Skippers. Alternatively the Autavia, Carrera and Monaco have their own dedicated and detailed collector reference books.

Note: Please do not reproduce these images without permission.

The Vintage Heuer Monaco

Fri, 01 Jan 2021 11:27:27 GMT

It's hip to be square? Made cool by Steve McQueen back then as now, although not the easiest of chronographs to wear there is no doubt that there is nothing quite like a Heuer Monaco!

The first Heuer Monaco was unveiled simultaneously in New York and Geneva on 3rd March 1969 and was something of a breakthrough, being one of the world’s first automatic chronographs. The watch had a distinctive square case (Piquerez designed) and was named after a famous Grand Prix circuit. Heuer were looking for a name that would reflect glamour and appeal to the fashionable set and, as there was already a Monte Carlo dashboard timer, the name "Monaco" was chosen. The Monaco forms the "holy trinity" of vintage Heuer collecting, along with the Autavia and Carrera.

The initial 1133B Monacos were driven by the world’s first automatic movement (the Calibre 11 born out of Project 99) and featured metallic blue dial paint. The fact that this dial paint was notorious for degrading (moisture was its enemy) explains why watches with mint dials are seldom seen. These initial watches first used plain squared off steel hands with blue lume, and then later the more usual yellow/cream lume. Later "improvements" led to the std production model we know today as the McQueen (after being worn by Steve McQueen during filming of Le Mans in 1970). This used a matt paint finish and red stripe hands that would remain the same until production ceased. The final production Monaco was the 740303 PVD version (dubbed the “Dark Lord”) which we think appeared at some point in the mid to late 1970s, and was driven by the manual wind Valjoux 7740 movement. This PVD reference held the vintage Heuer auction records until the Autavia 2446 1st execution and 3646 Indy eclipsed it in 2017.

Although the avant-garde Monaco was ahead of its time, it was well received (certainly at first) with initial sell-outs in many locations. However, by the mid 1970s, the market for Heuer and Swiss watchmakers in general was a tough one. The oncoming Quartz revolution was part of the reason for these tougher market conditions (which saw sales fall sharply), but the sudden devaluation of the US dollar against the Swiss Franc, which effectively almost trebled the price of a Swiss timepiece in a short time, was another factor. Its cutting edge design, allied to its not inconsiderable retail price of around $220 at launch, meant that less than 10000 examples of all dial variations (the std production version 1133B being the most popular) were created during its production lifecycle but, in reality, that may not be as bad as it sounds. To put this volume into perspective, Heuer estimated that they only sold circa 15000 chronographs in total during 1970 and 12000 in 1971. For further comparison, it is estimated that the 1960's Autavia screw-back case series sold less than 15,000 units in seven years, and the 1960's Carrera less than 20,000 in seven years.

To read more about the vintage Heuer Monaco chronographs click on the link below to preview the Heuer Monaco Design Classic book, which is filled with beautiful photographs and important collector info.

Note: Please do not reproduce these images without permission.

The Vintage Heuer Carrera

Fri, 01 Jan 2021 11:17:09 GMT

The very epitome of a classic sports chronograph the vintage Heuer Carrera is as relevant today as it was back in 1963.

The Heuer Carrera chronograph followed a year after the Autavia, in 1963, and had an alternative design ethos to the Autavia. Although it still had its origins in motorsport, it was a simpler and perhaps a more elegant solution with the main differentiator being that it had no bezel.

In 1953, Heuer made a ref 3336 to commemorate the La Carrera Panamericana road race in Mexico. This race was run for the last time in 1954 because, following many fatal accidents, it had become far too dangerous (even for those times). Fast forward to the spring of 1962 and Jack Heuer was attending the 12 Hours of Sebring when he spoke to the parents of the Mexican Rodriguez brothers who were driving for Ferrari. They shared with Jack how thankful they were that their sons had been too young to take part in the Mexican road race and so, unlike others, their lives had been spared. Soon after this discussion, the idea for the Heuer Carrera chronograph was born and the name was duly registered by Heuer.

Jack had a keen eye for design and had attended a watch design course in Switzerland. His aim was to design a clear alternative to the Autavia with a smaller, simpler Piquerez designed case (35.5mm) that would be easier to wear in all environments. The newly designed crystal tension ring allowed a watch with minute divisions inside the crystal but without a bezel, resulting in a simpler dial design.

The initial watches were launched with an eggshell white and matt black finish, priced at $89.50 (2447) and $69.50 (3647). These early examples remain the very definition of the Carrera in its purest form. As production continued, customer demand led Heuer to introduce a staggering selection of dial designs, especially when compared to the relatively small screw-back Autavia and Monaco ranges. The breadth of available options is one reason why you see relatively few of some dial variations in todays market, runs of low hundred units were not unusual. By the end of production in 1970 it had been produced in one, two and three sub registers, some with dates and with different dial colours, finish and scales. You could argue that the first Carrera was the perfect combination of classic elegance and tool watch.

The Carrera ran in various guises, including the cushion case Ferrari 1158CHN, until the TAG (Techniques d’Avant Garde) takeover in 1985, and was even re-introduced in the first series style case in the 1990s. Today it is still in production as a modern TAG Heuer reinterpretation and shows no sign of declining in popularity.

To read more about the vintage Heuer Carrera chronographs click on the link below to preview the Heuer Carrera 1963-85 book, which is filled with beautiful photographs and important collector info.

Note: Please do not reproduce these images without permission.

The Vintage Heuer Autavia

Fri, 01 Jan 2021 11:04:16 GMT

The Vintage Heuer Autavia chronograph was born in 1962 and ran until 1985. From the very epitome of simple classic design at the start to larger more colourful expressions later on. It is the most famous of Heuers vintage chronographs.

The Autavia name was first used by Heuer in 1933 when they introduced a dashboard timer, the name being an amalgamation of the words AUTomobile and AVIAtion. History tells us that Heuer’s first patent for a chronograph was in 1882, and their first wrist chronograph appeared in time for the outbreak of war in 1914, but Heuer’s first named chronograph series did not appear until 1962 and it was also called the Autavia. The watch was advertised with the slogan "those for whom life and a taste for adventure are one and the same" and was designed to be read easily by pilots of planes and cars when in the heat of the moment...

The origin of this series consisted of the 2446, driven by the famous Valjoux 72, and priced at $119.50, and the 3646 (Valjoux 92 and $99.50) which came with options of hours and minutes bezels (latterly decimal) with the now famous 39mm screw-back case design with bevelled lugs. It had a wide Radium filled bezel and "all lume" hands, with sub registers that were oversized for clarity, often referred to now as "Big Subs". To this day, the 2446 1st execution remains one of the pinnacles of Heuer collecting. This case was used for the next six years, when Heuer introduced the larger compressor case and the dial, hand and bezel layouts changed. For a period of time, this ran concurrently with the introduction of the new automatic series in 1969 which was housed in a cushion case. Each of these versions are distinctly different but larger than the original Autavia as the trend by that point in the 1970s was for chunkier and more colourful watches.

The one thing that ties together almost all Heuer chronographs from the 1960s onwards was their close tie to motorsports. It was without a doubt the most visible brand on the wrists of Grand Prix greats with Jochen Rindt, Mario Andretti, Jo Siffert, Clay Regazzoni, Derek Bell, Graham Hill and Gilles Villeneuve amongst some of those seen wearing Autavias. With many teams wearing overalls bearing the Heuer logo, Heuer also supplied the timing systems and many of the cars were Heuer branded; Jack Heuer was certainly an early master of Formula One product placement! Of course, Heuer also targeted their watches at other segments, including the scientific, medical and athletic communities. However it was to be the yachting community that saw some of Heuer’s most beautiful creations, and the 2446 Seafarer for Abercrombie & Fitch remains one of the most rare and sought after of all vintage chronographs. To date only three have been discovered - truly a needle in a haystack!

In 2017, the Autavia was reintroduced into the TAG Heuer line up as a re-edition, taking inspiration from the Jochen Rindt Autavia from the mid 1960s.

To read more about the vintage Heuer Autavia chronographs click on the link below to preview the Heuer Autavia 1962-85 book, which is filled with beautiful photographs and important collector info.

Note: Please do not reproduce these images without permission.

The Autavia 1163GMT 2nd Execution

Sat, 26 Dec 2020 11:38:48 GMT

The 1970 Autavia 1163GMT 2nd execution - A watch for pilots.

In 1969 Heuer launched one the worlds first automatic chronographs (The argument about who was exactly first becomes a little boring, so I say "one of" for arguments sake) The very first batches were made up of the CHRONOMATIC signed Autavia, Carrera and Monacos, which are the holy grail for 1970s Heuer collecting. However shortly after this and still in 1969 Heuer launched the 1163 GMT series, which was specifically targeted at pilots and travellers, via the GMT hand and 24hr bezel.

The first version of this series featured a 1-24 "Pepsi" bezel and used a modified Calibre 11 movement and the third version used a Calibre 14 and a different handset. However for this blog I concentrate on the most observed model the 2nd execution, introduced in 1970, which used mostly a Calibre 11 (although the end of the run did feature some Calibre 14 movements). The 2nd execution altered the hand set slightly from the 1st execution by usually having an orange chrono sweep hand, although a red hand was occasionally fitted and moved to a 2-24 bezel featuring even numbers only. The dial on the final two executions also featured paint that could fail under the right conditions which meant a certain percentage faded to a clear tropical chocolate brown finish (as can be seen in the photo above).

This GMT is often referred to as "Red Hands" because of the red sub register hands. These hands were a very unusual feature and although striking they did not make it onto any subsequent GMT version due to their legibility in certain lighting conditions. It is interesting to note that until recently aeroplane cockpit lights were normally always red, the reasons are multiple but our retinas are most sensitive and suffer more fatigue with the blue/green wavelength and red light allows for easier reading of instruments. The feedback was that the red hands were too hard to read within this environment and so this is why the red sub register hand experiment was a brief one! Although some red hands were changed by dealers upon request, we now know it is actually far rarer to find black sub register hands on this reference, most are found today still with their original red hands on.

Although the 1st and 3rd execution GMTs are rarer, the values for all three of the GMT executions are fairly close, with the 1st execution having a small premium. The normal range for the 1163GMT 2nd execution being £5500 - £13000 (head only) depending on condition. Interestingly there are only a handful of people who currently understand the rarity, and "pecking order" of the Heuer market, because much of the info in articles or on forums from ten years ago is now out of date, or just plain wrong. Even my Autavia book has been updated about seven times over the years, which equates to once for every year of release! In reality the Heuer collector market is still quite young, I would estimate a decade behind the more mature Rolex and Omega markets, so it will be interesting to see how things look in 2030...

If you are interested in finding out more about the Autavia GMTs or the Autavia, Carrera and Monaco models, click the link below to order one of the vintage Heuer collec tor reference editions or the Heuer Superstars "Holy Grail" book.

The Autavia 3646 1st Execution

Sat, 12 Dec 2020 15:27:03 GMT

The origin of the Species - Heuers first named chronograph the Autavia

To understand where the Autavia came from you need to cast your mind back to the early 1930s, when Heuer introduced a dashboard timer using the Autavia moniker. The name was chosen to appeal to the two sectors that Heuer thought would garner the most interest, namely automotive and aviation, which were highly exciting and emerging areas of modern life and technology at the time, amalgamating the AUT/AVIA. For their first named wrist chronograph, Heuer was still appealing to the same market and used the tagline "those for whom life and a taste for adventure are one and the same" and the design cues were a simplified and scaled-down interpretation of those early beautiful dashboard timers, with contrasting sub registers for improved legibility. This stunning chronograph came to market in 1962 and appeared with a two (3646) and three (2446) sub register layout, priced at $99 and $119, and were powered respectively by the Valjoux 92 and 72 movements which have become so famous today amongst collectors. The two sub dial layout on the 3646 allows for the additional attractive design feature of the Radium applied 6 over the 2446 version which is appreciated by collectors. There is no doubt that the design of these first Autavias has aged well and though they will celebrate their 60th anniversary in 2022, they are likely to look just as cool in 2062! With many 1960s chronographs looking similar with their layout, it is the combination of the "big subs" with the "all lume" hands that really stands out, and makes them the pinnacle of Heuer collecting much as the "Broad Arrow" hands make the 2915-1 Omega Speedmaster the pinnacle of Omega collecting. In this blog I concentrate on the two sub register variant the 3646.

The very earliest Autavia serials in the run are reserved for the all lume hand 3646 pictured here, with the earliest Autavia serial found to date being 48653 (please get in contact if you have an earlier one, or one unknown to me that I can add to the private research database). These very early watches from 1962 always featured both dial lume and hands coated entirely in Radium, pre the Tritium conversion in 1963/64 (if they are not Radium then they are not original). These special hands appear only on a certain batch of serials with a likely batch size of fewer than 200 units - it is a truly rare chronograph and around five times rarer than the slightly later 1st execution with the steel dauphine hands.

On these early 3646 collectors should be wary of serials that fall after the 4884x serial range as this is where the very first batch ends, and "all lume" hands after this point have "probably" been added at a later date. Also look out for dials/hands that have been relumed, with such rare and important pieces originality is key. These very early examples share the same components, namely the "all lume" hands and wide lume filled bezels, but also the smaller pusher and domed crown. The pushers and crown got a little larger in the later examples and the hands saw several different dauphine versions and even a small run with a red chronograph sweep hand. Lastly, note that the Valjoux 92 should be signed Ed Heuer & Co SA, as should the case back inside.

Currently there are 15 known 3646 all lume hand examples on my database and I tend to see fewer than one new to market per year, usually found by collectors. With such a small amount of data it is hard to be precise but I would estimate the pricing range is £20,000 - £70,000 condition dependant. Bezel condition is particularly important because a perfect one might set you back five figures. Note that the 2446 version (which is the same rarity level) is more valuable as the rule within the collecting community is - three sub registers trumps two for desirability.

To learn more about the vintage Heuer Autavia, pick up a copy of the Autavia 1962-85 book or Heuer Superstars via the link below.

November 2020

Thu, 12 Nov 2020 15:40:33 GMT

From one lockdown (in May) to another one in November, it seems not much has changed in the world! However perhaps the news of a vaccine for Covid 19 will also bring a shot in the arm for the Heuer market.

Since May there has been the traditional lazy summer period where less activity is seen, perhaps amplified this year with people focusing on enjoying themselves within a small sunny window of opportunity before the virus curtailed a free life once more. There has been some activity between collectors and in and around the traditional November auction results (some nice results at the Monaco Legends) it is clear that there are several distinct markets in play, one focused around the heavyweight grails (1st Exec Autavia, Skipperera, Indy Autavia) and for the desirable mid tier such as Carrera 2447SN or 2446 Rindts, where excellent examples are achieving strong money either at auction or in private trades. The lower "entry" market is also performing well although there is no price advancement in any of these areas but, instead, welcome stability. I would say that the weak points in the Heuer market are fair and poor condition watches (which are valued lower than the fair section) and in general these watches have fallen in value. Talking of auctions, it will be interesting to see what the next couple of years brings to top auction houses (Phillips, Christies etc etc), because since the Heuer Parade in 2017 there has been a scarcity of the rarest and best condition Heuers. Collectors certainly do not appear to be in a rush to offload there grails, which is why the occasional Heuer watches that have made it into such auctions have been disappointing.

To recap, the vintage Heuer market has developed at quite a pace over the past 12 years that I have been involved in collecting. Perhaps no other brand has seen such an increase in that timeframe, and that includes Rolex - certainly that is true by percentage. During 2008-2012 prices were rising at a decent rate as people recognised that many of these watches were undervalued for their build, historical significance, motorsport fame and design quality. Then between 2012-2014 prices climbed faster and this is when we started to see some of the best and rarest pieces make £30-50k. However we can look back at the explosion of vintage Heuer values back in 2015-16 as the point in which the market tipped over from being strong but predictable to one that was "infected" with speculators and some rogue auction results (a £70k PVD Autavia was always total madness, as was the Orvis Solunagraph and a crazy price for an average Rindt in that same phase). The two world records for vintage Heuer pieces (not including the muddy waters of multiple Steve McQueen Monacos) were Euro199,000 for a 2446 1st all lume hands and an Autavia 3646 Indy at Christies NY that sold for $199,000 (which we can now call peak market). However If you want an insight as to how far Heuer has come as a collectible brand then read some of the blogs from 2012 and 2013, it is interesting to note that a massive £17000 for an all lume hand 3646 Autavia seemed unbelievable ;) Also, who back then thought a mint exotic Autavia would be worth 4 times more than the record £4000 they were changing hands at then. Remember too that prices were a fair bit higher in 2013 than 2009/10!

Thankfully these "investors" have disappeared, and have found new markets (and if you follow their Instagram accounts you will see no Heuers but maybe Pateks or some modern watches which in my opinion are in their own cycle). There is no doubt to me that this last phase has been detrimental to the market and, since the end of 2016 and spring 2017 (the peak), values have probably fallen back 30% from the real world. By that I mean the very best 2446 1st exec might be £70k instead of £100k+ and a good example £40-50k. The very best Rindt may be £20k and not £27k, and a good Rindt £14k not £20k. However when you think that a nice 2446 1st exec was a £10-15k watch back in 2012 and a Rindt £5-6k, and both much less back in 2010, then we are still far ahead of those days. Quite right too as these are beautiful watches, however I do think that we could be looking at a few more years before the market has washed out many of the fair and poor condition examples that are for sale and vastly overpriced. Just look at the Autavia 3646 Andrettis available to buy which are 100% over a price likely to attract a buyer.

Anecdotally, I have recently noted many new Heuer collectors and I get emails from them every day. This support for entry level watches - the low and mid end of the market - will be crucial and it is gratifying and important for the community to see the interest from 25-40 year olds, not just the old core who are now the wrong side of 50 ;)

The guide has seen some falls in values, mostly at the fair condition grade, as the margin between the best and also-rans widens once more. The good and mint examples (the latter make up a very small percentage of the market) have mostly remained static but with some small adjustments, here and there.

May 2020

Tue, 12 May 2020 14:40:28 GMT

The world finds itself in a right old mess at the moment, with COVID 19 finding its way into all our lives one way or another. However the financial impacts of this (apart from the initial stock market plunge and subsequent retrace) is yet to show itself.

Interestingly the value of the best vintage watches has not been significantly impacted to date and the guide has remained mostly "as is" apart from a few gentle downward movements here and there, mostly on 1970 Autavia and 1960/70s Carrera. I would suggest that there continues to be a higher appetite for the best and rarest and then also for under £10k segment, where there are a lot of great Heuers priced at similar levels to what I loosely refer to as "modern rubbish" ;) When interpreting the guide I would caution that mint really does mean that, so watches with 95% unmarked dials, with matching condition hands/lume, and unadulterated cases with mint bezels and with all original parts. This is in reality a very small % of the market, certainly far less than the amount of sellers who refer to the watch they are selling as "mint"!

As posted on my Instagram account there are more and more "service" bezels appearing in the market, since TAG Heuer started to remanufacture them in 2017, the obvious tell is they have little or no serifs on the numerals/text (and on Rindts/Andrettis seem to be less glossy than the originals). They are of course worth substantially less than the original period ones, as they would be on UG, Rolex and Omega etc. It is quite a black and white matter, but I am aware of some people saying there is a grey area, I would suggest only if you are the one selling them ;) When buying vintage pieces continue to educate yourself, and don't believe what people tell you just as a matter of course. Sellers can have an agenda or to be more kind have a "jack of all brands" knowledge base because in reality it is impossible to be an expert on all brands.

Where the market will end up in another 6 months is anyones guess, but with the continuing likelihood of an even further extension of low bank rates (making cash in the bank stagnate) and general uncertainty in the financial markets I suspect desirable physical assets will continue to perform well. Add to this the fact that more and more people are interested in collecting watches, means it's unlikely (because many are under 40) that it will become unfashionable anytime soon. As always time will tell...

Note that this month sees all Heuer Skipper references appearing in the guide for the first time. It also features more values for previously unvalued models (XXXXX), where values taken from the past 3 years of auction results combined with private results have enabled guide values to now be realistic (especially now the market has settled). There are still some watches where "Demand Fulfilment" appears for the truly rare Heuer grails where insufficient data is available.

November 2019

Tue, 12 Nov 2019 10:21:31 GMT

The general vintage watch market has pulled back from earlier this year, pretty much across the board irrespective of brand. For example Rolex many well have peaked in early 2019, Omega the prior year with Heuer and UG before that of course.

However that is not to say that very strong prices are still being observed, but these are only for exceptional "no issue" pieces, which might at best be 5% of the market. It is true to say that "Fair" to "Poor" examples are the real sticking point in todays market, firstly because so many of the watches out there fall into this category so there is choice, secondly because who wants such a watch UNLESS it is cheap? For these watches there are virtually no buyers (unless you happen to have the parts to restore them) and this is why such watches sit unsold for a very long time, often at prices that are the same as where good condition pieces should be. I hope that at some point the sellers of such watches have the common sense to "clear the decks" and re-invest their money because we are not in 2016 (the peak of the last cycle) and even when the market firms up again I think collectors will have matured and be far fussier about quality. On Heuer we should remember that as a "collectors market" it is at least a decade if not more behind Rolex, and there will still be some lessons to learn. This guide edition sees adjustments on the lower end across the board, however the "Mint" and "Good" values remain largely untouched.

The Heuer market specifically has continued to tread water over the past 6 months, as indeed it probably has for the past year. I can only remember a few good quality watches from the last round of auctions and they all performed more or less within guide tolerances, sadly most auction Heuer stock seems to be "fodder". However there is more activity "behind the scenes" with collectors taking the opportunity from "weak hands" to add some grail pieces to their collection, recognising that some of these watches now look excellent value in comparison to their Rolex or Omega counterparts. Talking of Omega, I had an interesting conversation with an Omega collector recently and we discussed the 2007 Omega Mania auction and the fact that the peak market for Omega in the last cycle was 2007/08. Apparently the general "Omega" market post that extreme (and some may say manipulated moment) did not recover for 7-8 years. We noted that their were some similarities to the Heuer market, which peaked in 2016 with some rather "extreme" auction results (which were actually some 12-18 months prior to the Heuer Parade). If we applied a similar logic (and I'm not saying we should) then we may see the next upward cycle for Heuer being a few years away. Either way for the general vintage market (which like all markets run in cycles), this period of "cooling off" is no bad thing. It affords current collectors the opportunity to rebalance their collections, and buy some missing grail pieces and importantly new collectors have a chance to start collecting with prices meaningfully below the 2016 levels.

Collectors should note that this year I have seen more and more "service" parts, hands and bezels for the 1970s Autavia, and the screw back and compressor case watches from the 1960s. These bezels can be spotted in a variety of ways, some have "TAG Heuer" printed underneath, and the other "tell" is a lack of serif script on the numerals when you look under magnification. As with any vintage watch, service parts have their place but make the watch less desirable and less valuable, the guide assumes all original parts for "Mint" and "Good" categories.

As an aside I was surprised to note that on my social media profiles the majority of my followers are aged between 25-45, with a similar amount between 18-24 as 55-64 . With the amount of messages I receive on a daily basis it also appears to me that more and more people are interested in vintage watches than ever before. So long as this interest continues and new collectors come to the market each year (and people continue to desire mechanical wrist watches) then I see no reason to think that the market will not continue to prosper. As ever we will only know in the future, and so to the next guide update in May 2020...

May 2019

Tue, 14 May 2019 09:26:12 GMT

The market for Vintage Heuer has been largely stable this year, with no meaningful further falls, however I still believe (as I said last time) the unrealistic pricing of "old stock" by many retailers and collectors is not helping because much of it is priced at the lofty levels of 2016/17 and still for sale 6-12 months after being first offered.

The fact is that good condition pieces realistically priced will sell well, and grail pieces reasonably priced are actually still very much in demand, with top collectors actively hunting this out, because they can spot a good opportunity. Realistic pricing means not the "peak" the market saw in 2016/17, which at any rate most of the collectors knew to be a false market. As an example at that time a mint condition 2446 3rd execution Rindt was thought by some to be worth £30,000 or at least that is what they may may have quoted you. The reality was that £20,000+ was a more likely figure even then, and today the value is £15000-£17500 so although the perception is the market has fallen away substantially in reality it hasn't fallen as far as some imagine and many of these "market commentators" are not "on the ball". However it is true that anything that is incorrect or in very average condition (poor dials, over polished cases for example) is a very hard sell and the price could easily be 50-60%+ lower than the good condition option. The two highest profile sales back in those peak years were an Autavia 3646 Indy and an all lume hand 2446 1st execution Autavia which sold for in the region of $200,000. Those sales were peak market, but both watches were the very best condition, and comparing them to (for example) the 2446 1st exec that sold via Phillips in Hong kong last year would be wrong, because the samples were the polar opposite of the condition range. I would still expect the very best to fetch north of $125,000 today, but have not seen a grade A example for sale since 2016.

In reality the softening of the market from 2016/17 should not be a surprise because the market had risen hugely over the prior 6-7 years, in fact many hundreds of percent and I believe it will be seen to be a healthy "start stop reset" in a few years time. Most brands have seen these tougher market conditions, for example Speedmasters and UG Compax and Tri Compax (except for the exotics) are also lower than they once were. The brand which has seen vintage prices move up most in the past two years is Rolex, and that is because they had been largely stable for a period prior to that and in my opinion other watches had risen too close for comfort to this market bellweather. Modern watches (I count this as 1986 onwards on Heuer ;)) could be seen as the next sector that overheats, currently modern Rolex, Patek and others seem to be priced at unrealistic levels considering their rarity in comparison to vintage. Time will tell of course...

The guide stays at the same levels as January, and it is good to see the stability and support for the Heuer market. If the general vintage market moves upward over the next 12-24 months then I would expect Heuer to rise at a similar rate, however as the general market has outperformed pretty much any other asset over the past decade predicting what happens next is not an easy task, I suspect a general "pause" is in order. For want of a better word "standard" Heuers such as Autavia 1163v, Montreals, 1133 Monaco, Silverstone, 1970s Carrera etc etc have not really changed in value for the past 3-4 years, and so did not have any room to fall, they can still be picked up at very attractive prices considering their vintage beauty and especially in comparison to what a modern TAG Heuer may cost you today. However the main area of focus for top collectors remains the Carrera (especially the grail contrasting 2447) and the rarer screw back Autavia from the 1960s, all of which now look to be great value when compared to vintage Daytonas, which was after all one of the reasons for the rise of some of these watches in the first place ;)

November 2018 Heuer Market

Wed, 14 Nov 2018 10:30:18 GMT

The market since the last update has been an interesting one, values have fallen a little further, levelled off and are now more or less in line with the guide after a period in 2016/2017 when values were above guide.

In many ways the market headlines in the past year have been "fake news" because 95% of Heuer collectors knew that the values some watches had sold for at auction back in 2016 were not the norm and treated them with suspicion. However let's not spend too much time debating the reasons behind this, because we have touched on it in the past few market updates ;) Suffice to say what we have seen has been a healthy correction, which started early in 2017, after speculation had pushed values over the edge, after "those" nonsensical auction results in 2016. Values now look sustainable and ready for the next leg up, with many Heuers, once again looking value for money when compared to Rolex, Omega etc.

One of the main issues that I believe effects Heuer collecting is the complex nature of the references. You only have to start counting the dial, case, movement variations on the Carrera and Autavia to quickly get to the point where you have lost count ;) This complication is one of the fascinations about collecting Heuer that makes it unique, and totally different to the Rolex Daytona or Speedmaster for example. However I do believe that only the core collectors really understand the difference between a very special watch and one that is just average in the world of Heuer. For example the market is quick and right to praise the beauty of a perfect condition Autavia 2446 1st execution with steel dauphine hands, which in my opinion is one of the most beautiful chronographs ever made and an equal of the 2915 Speedmaster. However even this watch can appear more ordinary versus the earliest All Lume hand versions which is according to my serial database at least 8 times rarer. Also the difference in price between a Carrera 2447SN and a 2447S is not just down to the beauty of the panda dial, it is in reality at least 10 times rarer, although how many people know that the 2447SNT or SND is magnitudes rarer still than the 2447SN? How many people who do not own the Carrera book realise that so few Carrera 2447NT exist, I could go on and on. You only need to look at some of the prices dealers offer ordinary Heuers for, to know that they have little understanding of what they are selling. It would be a good thing for some of these dealers to clear the decks of some of this overpriced stock, it would be beneficial to the market going forward.

What I conclude is that in some ways the Heuer market is perhaps still in its infancy when compared to Omega and Rolex, where the market is quite clear on rarity and in turn on values. Perhaps in another 5 years we will see more understanding because in some ways the information available on Heuer is better than on most other brands, with the Autavia, Carrera and Monaco books detailing with precision most of the collector information you could need alongside the still indispensable OnTheDash website. Show me a Rolex resource that matches this level of detail and data transparency and is not just another glorified coffee table book ;)

Anyhow I digress, this guide edition essentially has seen further falls to "fair" condition watches, and as I have said almost every guide update, this gap between mint condition and "fair" will continue to grow further. Mint condition and to a slightly lesser extent "good" have mostly remained the same, with a few minor adjustments here and there. Watches that do not have the correct parts, like for example a watch which should have shorter scale hands but does not, or a 1960s Carrera that should have black stripe hands but does not (or vice versa) have become harder to sell for market values, as finding the correct parts is a very hard task, rightly the market makes adjustment for this is over and above the considerable time and cost of doing so. The two strongest areas of the market are the top end grail pieces in strong and crucially original condition, which all top watch collectors would like to source and of which there is barely any supply (or desire by collectors to sell) and the "value" end. By "value" I mean good examples of watches at £5000 and under, because at this price point you can still enter the market for a beautiful 50-60 year old vintage watch at less money than a frankly crap modern watch. You pays your money and you makes your choice ;)

The next guide update will be in May 2019...

PS: I have seen some shocking watches at the last round of auctions, and a shocking level of deceit and/or lack of knowledge, so caveat emptor indeed...The buyers of these watches should do some research, check serial ranges, ask for UV light photos, check the Geiger readings, ask for hi res "normal" untouched pictures and ask specific questions...and if the watch is not as described send it back ;)

May 2018

Mon, 14 May 2018 09:42:13 GMT

It has been an interesting period for vintage Heuer values and the first time I can remember where the market has fallen in the past decade.

Although advertised prices have been and still are high (indeed many retailers have seemingly been increasing asking prices for vintage Heuers as the market has softened!) most private sales and auction values have been moving down. It would appear that the short to mid term peak for some references was circa 9-18 months ago, perhaps after some less than transparent sales and auction results (Rindts, Orvis Solunagraph for eg) and a market that was partly driven by an element of speculation. This may have led some to believe that the strangely muted Heuer Parade last November would be a larger success than it was, thereby "investing" in the market (although there was some behind the scenes activity to that sale which did not help). Either way it seems to have marked the end of a phase and the May 2018 auctions seem to back this up, with most pieces achieveing distinctly average prices. It should be noted that the quality of vintage Heuers at auction this May was very dissapointing, with almost nothing to motivate a serious collector to get out of bed...

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.

November 2017

Tue, 14 Nov 2017 10:46:04 GMT

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 importance...so 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.

May 2017

Sun, 14 May 2017 09:50:24 GMT

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.

November 2016 Heuer Market

Mon, 14 Nov 2016 10:53:03 GMT

It has been a very strong summer for vintage Heuer chronographs, the only "summer lull" that I observed was the lack of quality watches being offered for sale. When the best quality was on offer it was met with a very strong demand from buyers (far outstripping supply).

I would suggest the current clamour is higher than at any prior point, just ask collectors about the constant stream of PM's via Instagram! Sadly it has become nigh on impossible to unearth the "holy grail" models, especially examples that are new to the market and collectors seem to be in no rush to sell as they know they cannot replace the best examples.

There were some strong Heuer auction results earlier this summer, a couple of which were perhaps out of synch with the market (namely one or two dubious Rindts and a couple of black PVD IDF Autavia). However generally rare Heuers are achieving market highs, with auction highlights including beautiful versions of 2446 1st execution, 2446 Seafarer, 2nd execution 2446, PVD Monaco and this past weekend a 2447SN Carrera and 2446 Solunagraph, again all achieving strong results. In particular the 2446 1st execution (right now, one of the hottest vintage watches of any brand) was interesting as it initially sold at what I believed was under market value via Watches Of Knightsbridge to a dealer. It being undervalued was born out, as it was flipped quickly for a profit and then again sold on to a top collector recently, amply highlighting the demand for the best Heuer pieces. Whilst the more commonplace Heuer models are not as in demand as the "rarebirds", we are seeing the "rising tide" lift values on most pieces.

As I have mentioned since the inception of the price guide, quality really does matter and I believe the gap between the very best references, in the best condition and "the rest" will continue to grow further. I feel we are only just starting to see and understand the true value and importance of the very best vintage chronographs and the latest Phillips Geneva watch sale "Four" amply highlights this trend. The "value gap" between the best and the rest is reinforced when we have seen auctions with watches that are average references in average condition and with perhaps some doubt about originality of parts. This is why I continue to advocate the "less is more" rule, better to own a few amazing pieces than multiples in average condition, whether that be for ownership experience or as an investment, after all we only have two wrists for watches ;)

What is also becoming clear, is that the demand for early Carrera is on the rise (in a similar way to the screw back case Autavia models in prior years) and it would not surprise me if some of the "holy grail" references end up at similar levels to the most coveted Autavias in both desirability and value. I'm thinking here of the 2447SN variants, 2447 Seafarer, 7754 Skipper, to name but a few. There is also very strong demand for 2447 Yachting, 2447NS variants and the very early 2447S and N (pre T dial from 1963, with early serial and early Ed Heuer movement and case backs) but to be honest all the 60s Carrera models in great condition are on the rise. Like the Autavia the most desired are sadly around in tiny numbers.

The two model ranges mentioned above are now firmly established amongst Heuer collectors as the "golden years" and I don't see much change in this going forward. Whilst there has not been a significant change in the models that would make up the top 25 most desired Heuers over the past two years (refer to the Sept 2014 guide update below for the top 25 list at the time), it would be fair to say there has been some change in the "pecking order" within the list...

To sum up, 2016 was another strong year for vintage Heuer values as it was for the best vintage chronographs in general and I would not be betting on anything too different in 2017 as supply continues to get much tighter and demand stronger. The 13th edition of the guide shows the strength of the market with some significant changes. It is mostly green (up) with some white (static), with no red (values moving down). I have expanded the 1960s Carrera section to better describe the series and show more data and adjusted some grading. Also note only grading A++ and A+++ are now XXXXX, (without values). The next update will be May 2017.

May 2016

Sat, 14 May 2016 09:55:42 GMT

Six months on from the last update and the market continues to show strong demand and rising prices for many vintage Heuer chronographs.

The traditional summer lull that almost all “markets” display will no doubt come into view, but if a top quality example or a "rare bird” becomes available you know it will not last long on the market, whatever the time of year! The market is seeing very few top level collector watches being offered and this is mirrored on most major vintage brands, consequently prices have risen. It is hard to see, with supply so low and demand so high, when the upward price pressure will ease, it certainly seems most unlikely in the short term, however it is always best to do your own research and have your own opinions! What has been a surprise to myself is the value achieved by some relatively poor examples during this period (in both condition and originality) and by some of the lesser models, but I guess with so few top level pieces available buyers have to end up somewhere…

There is no doubt that over the past two years we have seen a softening in demand for Monacos and this has been replaced with much higher demand for Carrera ("1960s Carrera" are up almost across the board). That is not to say that the Holy Grail Monacos are not still highly prized and valued, they are, but 1133G, 73633, 74033B/G and 1533B/G continue to look great value, with much lower price movement over this period than most Heuers. It will be interesting to see what happens at the Phillips "Stop, Start, Reset" auction (Lot 42) where a 74033N PVD Monaco is to be sold. We see very few “Dark Lord” Monacos come to market and the prior auction record for one (in similar condition) was £48,000 (inc buyers fee) back at the Bonhams Haslinger sale in December 2010. There is also a decent looking Rindt in that sale and with large increases in values on screw back case Autavia it will be interesting to see how they both get on. It is worth noting that besides the upcoming PVD Monaco there have been barely any “Holy Grail” Heuers sold at auction since December 2010, so we don’t really know yet what value the best pieces may achieve. Most of the “best of breed" pieces remain in the hands of long term Heuer collectors, the fact that most have not been tempted to sell as yet, must indicate something...

Autavias have again seen increases and as mentioned above, even some early watches that are not fully original have seen strong pricing. Compressor cases models are inferior in my opinion to the screw back case models but that has not stopped values climbing to new highs and of course the 2446cSN could still lay a reasonable claim to be included in any list of the Top 10 Heuers. Of course only five are known, so good luck trying to find one! This scarcity is one of the great aspects of collecting vintage Heuer. We all know about Heuers unmatched “golden age” motor racing pedigree and the diversity of the dials/models is another key ingredient. However so many of the "Holy Grail" models are around in such tiny numbers, many with less than ten known examples, so it is easy to see the temptation for a collector to own a watch that is likely to be seen on only a couple of wrists at most on Instagram! If you compare to other desirable vintage watch sport brands, such as Rolex and Omega, the known numbers on these “Holy Grails” are truly tiny in comparison. Talking of which, Instagram has really been a “game changer” for collectors, and of course also for retailers. All of a sudden over the space of a couple of years the whole world can see watches they never knew about before and although the information is not always the most reliable, it has fuelled peoples passion and/or fanned the flames! Before this your route to watch pictures and information was via watch forums, which are not as easy to stumble upon or as quick to participate in. However the downside of "IG” is the accuracy, knowledge and detail of the information you receive, which is why we should all remember the value of more traditional forums (like www.onthedash.com on Heuer), this is where the "nitty gritty" can be found.

The guide shows the strength of the market with values in green, showing increases, red downward movements (none!) and white showing a status quo. Autavia, Carrera, Camaro and Skipper show the strongest increases. The next update will be in November.

UPDATE: We saw in Spring/Summer various auctions where several Autavia in particular achieved some staggering results. These pieces were generally not best of breed nor the most desired pieces and I think we can conclude that various "external" elements may have played a part in these results. However there seems little doubt that the market for the best pieces is stronger than ever.

December 2015

SMK01810 — Mon, 14 Dec 2015 10:58:28 GMT

Since the last update the phrase that springs most to mind is “more of the same”! The vintage watch market continues to see more people searching for ever fewer watches and so prices have increased on the best pieces significantly in the past 6 months.

This has to a lesser (but still significant amount) filtered "down the stream” onto many (but not all vintage Heuers). The increases in the market are not just a Heuer centric thing, but can and have been seen on many other brands, for instance Universal Geneve and Omega but also on others that are perhaps less established than Rolex. There is an element of “catch up” whereby some of these important watches were valued too lowly before but still the past 12 months has been notable. "Has the market entered a bubble" is something I get asked often and the honest answer is I have no idea. I know that no markets continue to appreciate for ever and I would say a "pause for reflection", would be healthy, however collectors (and now increasingly investors) are desperate to find what the market considers “key pieces”, because, they are not making any more of them. Whatever happens the key is to buy what you love and buy the best you can, even if that means owning fewer pieces, and pray it doesn’t all end in tears!

The references that continue to see demand are the ones you would imagine, 1st execution Autavia (even models that are not 100% correct and original have reached price levels that were reserved only for the very best 6 months ago). I would be interested to see what the very best all original examples would now be worth…2nd execution Autavia have seen major increases, mostly for 2446, but 3646 have jumped significantly too. I could go on, but suffice to say all screwback case Autavia (3rd exec inc the rare Transitional case and the uber rare 4th exec and 4th exec GMT) have moved strongly upward. The preference is always for the 2446 and the prmium rightly exists, although the 1st execution 3646 is possibly not too far from the 2446 in value now. The market has seemingly realised that the early to mid 1960s examples are very rare watches and possibly the pinnacle of Heuers output. 70s and 80s Autavia have seen increases but not to the same extent. However even a nice standard 1163V Autavia, one of the few Heuers to sell in volume (low to mid thousands) might now set you back £2000 instead of £1500. Carrera prices are also "on the march”, especially the most desired 1960s models such as the 2447 NS, SN, Skipperra (if you can find one) and any “special order” dials. Skippers have increased, although perhaps not to the same levels as the prior two model ranges.

There are however still plenty of models that look value (especially in comparison to some of the most desired)…Monaco remains all about the PVD, Chronomatic and to lesser extent Transitional models and mint examples of these models would still be classed as strong as ever, however standard 1133B and the rest of the range 74033, 73663, 1533 are tougher of late and look great value, especially if you can find one with a clean dial (not easy of course!) 70s and 80s Carrera represent value (just look at the sea of white compared to green elsewhere on the price guide) and so do the rest of the models outside the “core three”. There is of course much less demand for these models but at some point many people won’t be able to afford or will refuse to spend the level required to buy one of the more desired references. Camaro (although they are starting to move upward already and are gaining a real following) Jarama, Monza, Montreal, Verona also fall into this “value” category. As with any market, there is always “value” to be had, you just need to look for it…

The guide reflects the current strength, and shows several more models moving up to the grail level, with prices XXXXX (when it becomes more about demand fulfilment). Prices have moved up strongly in some instances (more than ever prior) but remember the prices are aiming to reflect the “average” observed price and not the top of the market. The guide remains a guide and it is always possible to see outliers both above and below quoted levels depending on many factors. The next update will be in May 2016 and I can honestly say I have no idea or expectation what might occur between now and then. Will collectors lessen their grip on some of the “holy grails”, because up until now collectors have not been keen to let them go, knowing they may never find one again?! Only time will tell...

May 2015

Thu, 14 May 2015 10:01:20 GMT

This guide sees a large update, so let me first mention that there are many price increases (in green), some new models (More Siffert and GMT executions, Skippers and 60s Seafarers for example) in the guide and also the removal of pictures (the picture references are easily searchable online however if enough people complain I can reconsider!).

It has been a very strong period since the December 2014 update and it is possible that we have seen a stronger imbalance of supply vs demand than at any point so far in the vintage Heuer market. Demand is from every angle, EU, USA, Asia and it is the same for all collectible sport watch brands, whether it be Heuer, Rolex, Omega, UG, Zenith, Longines etc etc, so demand and valuation increases on Heuer is not isolated or special in this regard. People are treating the best vintage watches as collectible art, some will wear them, others will sadly put them in a safe as an investment and never wear them, but each to their own.

The guide now shows some different condition headings, none ever perfectly describe a watch, but these are better suited (because a superficially mint watch may not in many ways the top of the collecting tree). EXCELLENT, GOOD and FAIR take over the condition headings from MINT, GOOD, AVERAGE. There are also updated notes in the “Guide Definitions” section which mentions that both New Old Stock watches and the best of the best regards condition, patina, tropical dials etc will exceed the values in the “Excellent” column, although in reality this is less than 1% of vintage pieces. Also note that a watch in poor condition will be lower than one in the FAIR column. Added to this the collectibitly grades have been upgraded, to better reflect the "pecking order". Also remember this is a guide, not the "bible" so it should be used as a "yard stick" for the market only ;)

This update also sees many more watches rated as XXXX / XXXXX etc. This does not mean they are now all worth PVD Monaco or Chronomatic Siffert levels, but it does indicate that they are the rarest/most desired references and that values on these pieces vary more so than other Heuers on condition and originality. Originality and condition is now more important and will only get more important going forward. If we look at mature markets such as Rolex the difference in values between the conditions and originality on a Paul Newman Daytona 6241 or on 6542 GMT or Gilt 5512 etc, is huge. They are rare watches (for Rolex) but actually they are very rare in any context if they are all correct and in top conditions and with mint dials and the difference in value and collectibility is enormous. For example a 6241 Paul Newman is a £90-100k watch if the parts are original and correct plus the dial is unmarked and the lume plots are all original and intact. I would say only 1 in 100 would be in this condition, and these watches are highly prized and would sell easily, in contrast one with a poor dirty and marked dial with dirty, degraded, lume (or re-lumed, as many are) with a later bezel could be £50-55k. But actually this £50-55k watch is much harder to sell, as a true best of breed collector is not interested in this watch. Just look at 90% of the PN’s on retailers websites, many have been there for some time and for good reason... The same is true on all the best vintage pieces. I expect this "condition and originality" issue to become more and more critical and as I have mentioned before the gap between the best and the rest will grow further still. The best of breed, will not be polished, will have close to perfect dials with original lume on the hands and dial, and in attractive condition (correct and nice condition bezels for the reference) the serials will be in the correct range and have all original parts, this is not an opinion, it is now fact. Also watches with perfect “attractive" patina, or perfect tropical dials will become more sought after, but again, tropical dials are not all the same, some are uneven or are so dark brown they cannot truly be called tropical dials. All of the above is happening already, the flight to quality is here to stay. This is not to say that watches that do not conform to this are not worthy of owning, wearing, collecting, just that these are not the watches that will be coveted by the top collectors and so are sold on price not condition. Dial and hand lume is also of crucial important, because so many watches have been serviced several times since birth and each occasion was a chance for a watch to have new hands applied, or re-lumed hands and for owner to request dial lume to be re-done so the watch would glow in the dark or underwater...Perfectly acceptable on a tool watch for usage but now years later a very important consideration for collectors.

Which are the watches that are seeing the strongest demand? Refer back to the guide update which has the top 25 Heuers, these are the models we all search for, I don’t see this changing too much, because the market has already defined the “Holy Grail” references. We may see only 1-2 of these new into the market each year, and maybe on some, no new discoveries for several years, collectors know this and know they may never find another and so are not willing to let them go. As one Autavia collector used to say it becomes a matter of “Demand Fulfilment”. However some of these watches do change hands in the market, and at least one of most of the Top 25 list has seen some movement in ownership this year. There is also some strengthening across the board on 1960s Carrera and all screw-back case Autavia are seeing high demand. It does remain true that the three “core” models are seeing the most demand, however Skippers, Silverstone (which are scarcer than they once were) and "lesser" Monacos and most other models in nice all original condition look value and are being sought out. If you can find a 1133G, 73633G/B, 1533G/B Monaco with mint dials they all look good value, as in reality they have only edged up over the past few years whilst the Transitional, Chronomatic and PVD’s hogged the limelight.

I leave you with one note of caution, it is now clear to me that interest rates in the UK and USA (unsure about EU) will rise sooner than later (probably within the next 12 months). It remains to be seen what impact a future base rate of 3% (by end of the decade I would assume) might have on the growing number of investors in colletibles. Only time will tell but no market escalates smoothly for ever...(update 11/2016, who knows when!!)

The next update will be in November 2015, happy hunting until then!

December 2014

SMK01810 — Sun, 14 Dec 2014 11:03:46 GMT

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 execution 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 surprises 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, Skipperera, 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 traditionally 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.

September 2014

Sun, 14 Sep 2014 10:05:56 GMT

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 20 "Most Desirable Vintage Chronographs" list.

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

Monaco 1133B Chronomatic

Monaco 74033N PVD

Autavia 2446 1st execution

Autavia 2446 1st Seafarer (screw back case)

Autavia 3646 1st execution

Autavia 3646 3rd execution "Indy"

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

Carrera 2447SN

Carrera 2447NS

Carrera 2447 Yachting

Carrera 7754 Skipperera

Carrera 2447 Seafarer

Carrera 1153 Chronomatic

Carrera 1158CHN

March 2014

Fri, 14 Mar 2014 11:09:53 GMT

t 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.

December 2013

Sat, 14 Dec 2013 11:12:41 GMT

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.

September 2013

Sat, 14 Sep 2013 10:15:15 GMT

The market for vintage Heuer over the past 6 months has been polarised, with the strong demand continuing on the important rare grail references against a lower demand level for the more common 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 dailed 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. Mareographes 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

March 2013

SMK01810 — Thu, 14 Mar 2013 11:18:15 GMT

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

September 2012

Fri, 14 Sep 2012 10:22:15 GMT

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!

June 2012

Thu, 14 Jun 2012 10:27:41 GMT

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!

March 2012

Wed, 14 Mar 2012 11:30:11 GMT

The market for vintage Heuer watches has been growing steadily now for some years, bucking the trend lower over the past 2-3 years of some of the more established vintage watch brands and the recession.

There are two standout reasons for this, a lower overall volume in the market (certainly a tiny fraction compared to Rolex) and the growth in the brand following, due in part to its unique motorsport connections. Some thought the December 2010 Bonhams auction of Arno Haslingers collection may see prices peak and fall back, akin to Omegamania some years before. However far from that being the case, values have continued their upward momentum. Of course prices that were paid at that event (a peak of £48000 for a PVD Monaco) were substantially higher than the "normal" market, but that would be expected for what was a very carefully choreographed and time consuming 12 months of PR beforehand. However since that auction, prices for the Heuer "Holy Grails" such as Chronomatic Monaco and "Siffert" variants and the PVD Monaco have pushed up to the region of £15000 - £20000 for the very best examples. I see no difference this year and expect the low interest rates, the growing awareness amongst watch collectors and investors and overall respect of the brand to continue to act as a benefit for values for some time to come.

Some of time i post a quarterly update i will also select three models or "issues" that are hot and three that are not, this quarters are below...

Hot

Monaco 740303N PVD – Only 25 examples known, top level watch collectors continue to seek to add one to their collections. Like the "top line" monaco and Siffert Chronomatics, this trio are Heuers very own Paul Newman Daytonas (albeit much rarer but still for now substantially cheaper).

Autavia 1163 GMT – All GMT variants are desired, but the 1163 has the largest following, partly due to the shallower case design, values have risen more than others over the past 6 months.

Accessories - So you think vintage Heuer watches are rare? Well try finding some original GF or NSA Heuer bracelets, or a complete papers set, a box or some original Corfam bands. As more collectors get into Heuer, they want to find parts to complete or improve their watch, the very best items have probably jumped over 50% in a year!

Not

Gold plated variants - Whilst 18ct gold models find some momentum, anything gold plated, by and large remains unloved…There is no value in the base metal and gold remains unfashionable compared to steel or black coated finish in the vintage watch world.

Camaro – It is often said these are the bargain Heuer waiting to happen and you could still say the same. These watches are 90% Carrera in DNA, so perhaps it can only be the case design that keeps them back? Maybe things will change next year ?

Monza – Like the Camaro, it is one of the few Heuer watches to have treaded water over the past 12 months. Fragile PVD or chrome plated case finish combined with a brass base metal may be one of the explanations...