I've been following the R.O. Schmitt auction today and some the results puzzle me:

A Hamilton "951", 16 size, 23 jewels, went for 13 k$, estimate 15-20 k$


I'm a big fan of Hamilton, and own a nice 992B, but in my mind the brand is "mass produced precision" watches. I'm surprised this one went for >10 k$ when Hamiltons in great shape usually go for less than 1 k$. What is the appeal of this watch? The case isn't even original to the watch.

Also, other nice American pocket watches fetched only a fraction of their estimate. In fact, this Waltham Premier Maximus went unsold (opening 2 k$, 5-7 k$ estimate). Is the bottom falling out of pocket watch values?

 

Pocket watches have been on a decline for a while now, to the point where I'm shocked to see any go for more than $1k, let alone $10k. I think in order for one to justify a price tag over $500, there needs to be an exceptional story behind it or it has box and papers.

Re: the 951, it's my understanding that less than 200 were made, so that contributes to the price here. When this movement was made in the early 1900s, it was the practice to choose a movement and then a case separately, so it'd be damn hard to find a 951 that had an "original" case.

The 992B, for example had a production run of about 500k.