Antiquorum Sale - No Pre 78's Sold!

I have not seen AQ's sale discussed elsewhere. I did post a little review on my site.here

Link to auction here

I was expecting the assembled 145.022-69 to face plant, but I was surprised to see the two others fail to sell,

I am only talking about the three pre 78's

First was Lot 158,
an assembled 145.022-69 with an incorrect movement and dial, $16,750 at the low estimate incl premium. It failed to get a bid.



Next was lot176
which I quite liked as an attractive cheaper example, all correct 145.022-71 which would cost $6125 including premium



. Now this is not a bargain, and like all auctions we can get a bit battered price wise and when we see a lower price we can be fooled into thinking its a bargain. I am not saying this is a bargain, but the watch does have a kind of integrity and honesty not often seen in auction watches. As a package, with the 1039 bracelet, I am surprised it did not find a home at this level.



Last was this, Lot 177



Again I was surprised this did not find a home at the price asked, $8,750 incl. I could not find any 105.012 listed for sale under $10k that wasn't a dogs breakfast.


None of these watches was a bargain. But the last two were not crazy. Especially for auction. But they were of lower quality than seen in many auctions, more like ebay watches, and they might have fetched $2,000 less on Ebay, which by a strange coincidence is about the commission AQ wanted to take.

So questions:

Is Speedmaster market falling, ie, less buyers? Or are buyers more discerning?

Were these the wrong watches for a big Auction house, or too much money? What else could we find on the market for less, or the same money and better quality?

Did AQ fail to sell these as people were uncomfortable buying these without handling?

Did AQ fail to reach buyers, that is did people not know about the auction?

Did the political situation make a difference?

I think that the market is mature. The knowledgeable collectors already have examples they are happy with and are either looking for something exceptional or tremendous bargains. The inexperienced newbies don't know how to recognize a good watch at a fair price, so they don't get involved unless they see a bunch of other people already bidding on it, or it's being sold by a famous dealer.

Perhaps the message about condition condition condition is winning. (Similar to Eugene's HODL thought). Lots of people were quoting me Speedmaster101 to explain why my beautiful watch was not in Excellent condition and didn't deserve the price I was asking (to the point of being annoying.)

Perhaps people are finding other vintage watches in better condition for the same or lesser money. Other watches seem to be jumping in price, so much so that it is difficult to price some models.

It does seem that the vintage Speedmaster market is less hyper. Did the new models make people think about getting a Snoopy or ED White instead of a vintage? Is the new sapphire moonwatch a bargain compared to one of the above examples? Could be.

Time will tell. I know I regret selling mine but I have found a lot of other brands and models that are interesting. If I got another vintage Speedy it would need to be in a lot better shape. Could be mine is just herd mentality.

I'm in no way a speedmaster collector. But I recently bought two 90's tritium speedmasters in good condition for reasonable money. Very attractive watches to look at with perfect bezels and tritium dials. I just dont understand why somebody would pay thousends of dollars for a beat up 60's or 70's speedy. I thought about it but all those damaged bezels, etc. It's just not enjoyable to look at. And when a perfect one comes along you're looking at rolex country. The last two watches are IMHO damaged watches. Why would I pay a nice volvo for them?

Sorry speedmaster fans! Hope you dont mind!

Omega are not stupid, they see the prices being paid for vintage and want a piece of the action.

All this talk of it being for the enthusiasts is clap trap, it's business pure and simple.

As a collector who has many of the originals of Omega's 1960's-1970's reissue back catalogue, think Ploprof, Bullhead, SM300, etc, etc. one thing has struck me over the years. Where the prices of the vintage pieces were steadily or even rapidly rising, in the years after the modern re-release the prices have either remained where they were, or have fallen. I can't think of one vintage piece that has significantly risen in price since an Omega re-release.

Coincidence? I think not.

I'm a speedy fan, but still it's a good call. In quick succession last year I had an opportunity to choose between an excellent condition 3590.50 or a -74 with beat up bezel, stretched 1171 bracelet, previous polish etc etc for around the same price. I tried but just couldn't get excited about the heritage proposition when the condition differences were so large.

I think it's the same for a lot of buyers, where the only 60s / 70s examples in their price range are poor - I wonder if that experience might turn some people away from trying to get into this market at all?

😲

Junk watches sell for junk prices (or don't sell at all).
Top condition examples sell for top Dollar (and buyers are hungry for them).
#askmehowiknow

I personally don't think any of the watches above merit being in an auction house.