Speedmaster at WOK November 2023

Watches of Knightsbridge had this sole Speedmaster offering on 18th November.





It is a later 145.022-69 with the 220 bezel. While sellers will often tout this as added value, it seems the market only adds value if the condition is fine. In this case it’s not fine enough for the 220 to come into play for the value. I could be wrong on that as the price exceeded my expectations.

The final bid was £4,200. If we add 26.4% we get £5308 or approximately $6,675.



The condition of the dial is shown quite well in these focused photos. The character of the dial is harder to divine as it is a light box photo, perhaps manipulated and so I find it hard. The dial is correct, being stepped.



The body of the dial (the thing I find hardest to judge) appears black, and without serious damage, or blotches. Unfortunately this kind of photo can disguise these, but I will assume it’s solid. The print is intact. The markers are poorly covered and missing tritium all over.



The bezel is the 220 misprint, and in fair condition. it falls into the correct serial range. It is quite heavily damaged.

The case shows signs of polishing and has lost some definition. This is more obvious on the case back, check the slots. I don’t like the case condition and I would allocate Fair.



we don’t get to see the movement, and the full number is withheld. It is confirmed with extract of the archives which adds to the value for me.

The chrono hand has been replaced, and this is evidenced by the different colour and condition.

the bracelet is 1171 but we don’t get to see which one, but at least it looks like an older one.

There is an archive and box.

so my thinking goes like this:

Dial: Good
Bezel: Fair
Case: Fair
Movement: Very Good (Guess - most likely)
Hands/pushers/crown/crystal : Good

I would reckon the head only at Fair - Good.
We have to add value for the bracelet, the extract and the box.

my chart calls the value at Fair $2500 and Good $4200. I could add perhaps $800-1000 for the accessories.
The watch sold for $6675, or approximately $1475 over what my chart suggests, using upper valuation of $4,200+1,000 (I am being generous and going with Good)

it could be that I am incorrect in my assumption the 220 bezel does not make a substantial impact on value.

This means in this case the chart has not reflected the market, and may need adjusting upward, as the chart is meant to be a reflection of the market, not a dictator.

I could also be wrong in my assessment, and this in hand warrants a Good - Very Good grading.

Another factor will be that there are very few Speedmasters available right now, at this level.

finally, I think I will have to re think the Fair grade values. I don’t see anything available for $2500, but I have been offered some Fair condition watches for 3,000 that I refused as they were just never going to be attractive. This lower area is very tough.

Imo that’s a high price for quite a well worn example. I certainly wouldn’t pay anything like that.

This quite attractive one remains unsold at $5500 - I quite like this one

https://omegaforums.net/threads/speedmaster-145022-69-error-220-bezel-reduced.164316/#post-2262632

arguably similar pricing, given it has no box, bracelet or archive. But a much more attractive head for me.

Just an unappealing example overall, IMO. Given the condition of the lume, I feel that your GOOD rating of the dial is generous.

You and I agree, but two people fought (gently) to buy it

I have been there a couple of times…
And sometimes you loose your mind and masterplan,
and just keep on biding till the end!!

For comparison, my 220 examples.

There may be another dimension to your chart that isn't fully accounted for, which is the buyer.

Your chart is for motivated collectors, which I think you state. The auction buyers could be anyone, collectors or wholesale dealers adding to inventory. Even collectors might be in different categories, with new collectors who have few watches who often are willing to pay more just to get something going, versus collectors with great examples curated over time who aren't buying unless it's cheap.

It's next to impossible for a chart to reflect all the drivers for prices.

On a different note, I think the 105.002 reference should be closer to the 2998-6 prices, if not higher. But I'm biased 😁

Yeah, it’s always surprised me that the 105.002 isn’t worth more than the regular 2998 given that’s it’s far rarer.

There are obviously subjective ways to interpret your (excellent) price chart, but I’d have a hard time grading this as anything higher than Fair+.

I simply think certain auction houses are able to generally command higher prices than actual market value.
The OF you linked is a more accurate representation of the current market imo.

Spot on with the Fair assessment, there's just too much that needs improvement and the dial is, as often, a mystery. I would argue that the 220 bezel is the source of the uplift though. Many Speedy collectors are going to want the oddities like the 220 but won't have the funds to reach the better examples - and this is still passable if you've got an old chrono hand sitting around that matches. Added to that the market we're in - I'm not seeing many low-end or mid-sector Omega's selling at all well, and add to that anything with "issues", but the high-end and rare editions are doing well if they are perfect - then it gives a collector to the chance to get a deal on a bezel oddity that would normally be higher if perfect. Make any sense?