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Of course - the issue has just become that some parts are no longer available... so you need to go in eyes (and wallet) open.
I think we're at a point in the market where if you're buying these watches, for the prices asked, you should be researching servicing costs/challenges too... much like classic cars.
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It’s an interesting analogy, the servicing and other costs associated with keeping a classic car. I agree, to own a classic car is a significant investment that requires considerable research and due diligence. Many moons ago I was lucky enough to work as a coach trimmer, dismantling vintage cars and then restoring them. We used to do everything we could to keep things as original as possible, even the leather upholstery; when we couldn’t we did things like using buffalo hide on a 1940s Mercedes as the seats would look aged even though they were new.
As I recall, car dealers would scour South America for vintage cars, pay something like 100,000 UK pounds for them, ship them to the UK, then pay for a complete overhaul and restoration. This would involve stripping the car back, new paint, new chrome, new trim, bodywork checked and fixed if necessary, refurbished engine, etc., etc. As far as practicable we would reuse the original parts but it wasn’t always possible so we had to fabricate or source similar suitable new parts as required. There really couldn’t be too many complaints as the car would not be able to be restored otherwise. When the car was finished it would not be able to be referred to as ‘pristine’ (for legal reasons) but was able to be driven as if it were a new car, and could be sold for a fair chunk of money (think much more than a Newman Daytona watch price). As there weren’t many of these cars surviving the market was strong, comparable to 321 watches.
Cars with extra provenance (Le Mans C Type Jaguars for example), true barn finds (there are still many out there!), and cars in exceptional original condition would command much higher prices, and could be compared with watches with 321 movements. These would be concours rated classic cars and as such many would only be driven a few miles each year, with most taken to shows on trailers. In time perhaps most surviving 321 watches will only be used occasionally, brought out for Hodinkee videos, shows and such like.
I’m not sure what the current state of the classic car market in South America is, but if it’s the same as the current eBay Speedmaster, etc. situation in Peru, etc. then I would expect there to be a lot of vandalised lemons out there. Imagine opening your container to find a Ferrari with a Ford engine, etc. or a pile of metal (I know that wouldn’t happen, I’m just making a frivolous comparison).
As a post isn’t a post without a photo, here’s the first classic car I worked on, and one of my favourites - a beautiful supercharged Mercedes-Benz Spezial Roadster originally built by hand at Sindelfingen, and overhauled and restored by hand in Kensington in 1985. I can imagine driving this wearing a period 14K gold Constellation
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