Engraving on case back

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I've stumbled upon a few watches with engraved case-backs, nothing obviously noteworthy I think. I've wondered if engraved casebacks usually affect the general value of the time piece one way or another. Can the engraving be removed without much affect to value, or is removal of the engraving something to be avoided?

Thanks in advance for all views/insights.
 
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99% of the time I won't buy a watch with an engraving. It would have to be a good deal and something I really wanted. It will affect the value, but how much depends on the rarity of the watch. At the extreme ends of the spectrum, a very rare specimen won't be terribly affected, but a garden variety example might lose a third of it's value.

You can have the engraving filled and then polished. A top notch goldsmith could match the gold alloy color, but it would never look the same as it was new after the work and polishing.
 
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In a few instances, the engraving has special meaning and results in the watch being well preserved - the engraving then indirectly makes the watch more valuable. Also if the engraving is exceptionally well done that could increase the value of the watch as well. And of course there are situations when the engraving has historical significance - like the omegas of JFK and Buddy Holly.