I'm looking to buy a vintage Omega watch as my first watch and my local watchmaker offered me this Omega Geneve for $650.








It isn't running right now, but the repair is included in the price. I've tallied his costs below.
Repair (service, oil, any parts necessary. Includes 1 year warranty) - $275
He'll so add a new Omega crystal ($65) and crown ($65), and throw in a generic band.
So the watch is "just" $245. But he'll only sell it as a package.

The dial is in good condition and is marked SWISS MADE (the crystal hides it). Doesn't look like a redial to my amateur eye.
The minute hand looks worn. Is that supposed to be an onyx insert or just paint?

The movement is marked cal 565, but also marked adjusted to 5 pos...?? I don't have any other pictures of the movement but I'm pretty confident it was engraved 565, but the "adjust is 5" is making me wonder if I hallucinated.

There is some rust inside on a screw and the crown stem, probably in other places too.

The case looks like it was heavily polished at some point and the gold plating is actually rubbing off at the lugs. I can see metal (bronze?) underneath.

Sorry for the blurry pics, no macro lens.

Thoughts?

 

The bridge was replaced on that movement. The "ADJUSTED FIVE (5) POSITIONS AND TEMPERATURE" were found on the chronometer rated 561 and 564 which are nearly identical and have interchangeable parts. Yes, all 3 have 24 jewels, but the 565 should only mention that on the bridge in question and not have anything except blank space where the adjusted notations are on the 561 and 564. While it could be a nice looking watch, it wouldn't have that kind of value to a collector even after servicing and a spruce up. This is a $375 - $475 watch depending on how well it looks and runs after servicing.

 

That's being rather generous, even after the work I'd say $250.00 - $300.00 for this one, especially considering the worn case as noted by the OP. If it were a nice crisp ss case I'd go nearer where Dennis is at.

 

Is there a point at which it is no good to put more money into a watch, What are the cosiderations Case and movement most? If they are pretty good everything else can kinda be found but thats good but effects the value. The idea I geuss is to come in with a good watch under the watches value. Is it ever worth it to buy a watch with a bad movement and case if they are cheap enough? For parts or potential fix.

 

Absolutely. Lots of people here have 'project watches', especially where the movement OR case OR dial is something they really want. But here:
- movement is a franken, but may be good for replacement parts for other watches. Value prob less than $100
- dial is nothing special
- case is nothing special.

If this had a stunning dial OR case, that you always wanted, sure, buy it and hunt around for correct parts to fix up the movement.
But in this case, I don't think it ticks any boxes.

 

Thanks for the advice!

I knew it was kinda expensive going in, but I haven't been able to find anything selling in the $400 range (serviced).

I'm going to pass on this one and keep an eye on ebay and the sales threads here.