There have been a few 2998's offered in the last six months, some have been real old dogs while others have simply been inexpensive, and with good reason. This sold at Sothebys for $12,500 (It's a bit shitty and surprising to be offered from such a house):




2998's can easily exceed $50,000, but as yet very few have exceeded $100,000. Most of the ones I have seen sold recently have been under $20,000 - like the one above. Does that mean the market has dropped?

Unequivocally no. It is simply that the market has not seen fine examples offered. So bombarded with 2998's with issues, we might think that those stratospheric prices over $50,000 have been left behind. I think not.

Neither of these is for sale, but I show them to illustrate what a really nice one is. I don't mean top top, but really nice.



On the left is a an Omega serviced (!) 2998 from the original rocket scientist owner who bought it from the army stores in Greenland while serving there in 1960.

On the right is a watch that I bought some years ago from HQMilton in SF. I really like HQM as they show a river of watches, good and bad, and they flow. The advantage is that as they have so many, sometimes fine ones slip through and they sell a really good watch for a really good price. This was one of them.

As to values I feel the one on the left is up to three times the one on the right - this is because of the provenance and originality of the Rocket watch, compared to the grey bezel/damaged dial on the right. This is in spite of the brown tropical nature - the provenance and condition of the Rocket Watch trumps a damaged tropical for me.

One thing is for sure, either one of these at auction will sail past the average prices of the average examples seen recently that are available on the market. I am not saying these cheap watches are no good - on the contrary these cheaper 2998's offered affordable entry to the 2998 world.

I just don't want people to loose sight of what is really nice, and why we like them in the first place.

Lastly, here are two -61's. One is the kind of thing never seen on the open market, and on the right a typical circa $15,000 watch with issues. Note the quality differential between the dials. And bezel, but at this level its all about the dial - imagine, the difference in values between the bezels is enough to buy a whole watch, and yet the dial quality is what makes the huge value difference.



So to all you 2998 hunters, good luck, and be ready to pounce when you see an extraordinary example. If you really want one, you have to buy it when you find it, not when you are ready to buy one, because if you wait until you are ready, all your ducks in a row, then it will not be around.

 

Very nice synopsis and I totally agree. I love the 2998, even more then the 2915. The current 2998 market is probably no different than the general speedy market. Prices on average and poor one's soft, while good examples remain strong. Remember, only about 1000 were produced for each sub-reference. So, how many really good ones still remain? So yea, if you see a good one pounce

 

Thanks for adding some context to what we have recently seen in the market. As there are so few truly awesome 2998 in existence, I fear those of us who are new collectors will have a difficult time finding them as most are in the steady hands of long time collectors such as yourself. And yet, the thrill is in the hunt!

 

Good read , thanks.

I've been considering to trade my 105.012 66CB for a 2998. And I have contacted one dealer (no response though) but I am a bit wary of the radium aspect. I might be however to slow and too passive to get it done successfully.

The 2998 is definitely one of my grail pieces, I think I might have developed a fetish for alpha hands and straight lugs.

 

Thank you for your all correct considerations

 

Well said that man!.
I too found myself in a recent quandary regarding the 2998. Having collected for a couple of years or so had options on a 1964 or 2998-4 of which have been covered here. Ex 'Michael'. I actually 'passed' on the '64 which although certainly was not a top drawer piece, still represented excellent value. (and I think is still for sale). I thought along the lines, that I could probably pick up a 105 003 when the time was right and indeed the correct watch comes along. However, the opportunity at a 2998 at what I would consider 'low entry level' was too tempting. So now it takes pride of place as my every day wearer.
All I need now is an original set of alpha hands which is part of the chase.
Buy one now before it's too late!!!

 

It does seem that 2998s in ANY condition were selling for more last year than they are this year.

I have seen the counter argument that collectors are getting more discerning and waiting for the right watch in good condition. Doesn't that suggest that the market has dropped overall since people are not seeing value in watches that would have been easy sells last year?

Regardless of the market, top quality pieces will sell for top money. I think it is the middle and lower level pieces that may give a better idea of overall demand.

 

I appreciate you posting and I have learned a great deal in the past yr. Not really knowing what I was getting into when I stumbled across a 2998,it was good to see other examples of the good and the bad.
I am still learning and love reading all the posts on the subject and I appreciate your insight

 

Here is mine 2998-4, much loved but little used ... I also have a few nice bracelets for it.

 

Never seen such a perfect Base 1000 bezel before... kind regards Max

 

What's the left sub doing on the 2998-4

 

I will post an obligatory photo of my 2998-2
I bore myself sometimes

 

And also this 2998-1 which you all know comes with all the fixings and just sits in the safe. Head looks nice but the very tight bracelet is equally impressive:



[/QUOTE]

omg never seen a better 2998-1

 

This feels like one of those "spot the difference" games where there are 10 things and I can only find 4.

 

The soft market was started off by one guy who didn't have a vintage Speedmaster.
So he could get his hands on a cheap vintage Speedy he came up with a cunning plan . He told his fiends and everyone else that would listen that the Speedmaster market was going soft , then his friends and other people he had told then told their friends and other people about the soft Speedy market, then those people went on the internet and told many, many other people the market was soft on Speedies, then those other people told even more people that the market was soft and so on. So now everybody has no idea what to do or think.

But now he has his cheap Speedmaster he is going to start a new rumor that prices are going to rocket as there are only limited numbers of vintage Speedmasters in the world and that no more will ever exist .
True story

 

I am a poor relation, only having the one, a 2998-61 (birth year)

 

My -6

 

My offering, 2998-6 not the best picture but it is back in the safe at the moment.

It is very clearly not NOS but the bezel can look anything from black to green to blue depending on the light which I find really cool. Oh and going by the movement number it is a birth year watch.