Speedmaster Japan Racing 3570.40

sgrossma · Jan 20, 2022

A little under 5 years ago, the Japan Racing was one of the most coveted Speedmaster editions. It was also one of the first LEs to jump rapidly in price - going from roughly 3k to 8k in a matter of months.

Today, it seems hardly the case. They aren’t talked about nearly as much. Prices have been stagnant for over 2 years (it’s not only about prices, but they are often a good gauge of demand, especially on a relative basis). Meanwhile, we’ve seen a notable rise in demand of other editions that have far outpaced the Japan Racing.

And the most interesting thing to me is if you look on eBay, there are currently over 20 for sale. Many are priced high, but there are at least a few reasonable ones that are just sitting.

Has this edition lost its luster? Has it become the most undervalued speedmaster on a relative basis? I no longer own any, but thought this was interesting.

Fatcat · Jan 20, 2022

Hi I think the principal problem with the Japan racing is the numbers of tribute , I sold one this year at 10’500€ in very good shape but you have to provide the original documents sold in a Japanese store with the correct serial range et … and the extract of archives saying « Japan Special » and is a no brain sale at a good price, most of the watches on sale something is missing and worst Japan « Mod » , tribute et … and people asking for a real one are really taking precautions before buying it.

Paul

ATWG · Jan 20, 2022

I agree, one of my all-time favorite Speedmasters out there, only Gemini can top this reference in my book. I've owned a few over the yrs., and I agree, the price has somewhat plateaued. In comparison, the TinTin continues to climb and also is not a LE.

abrod520 · Jan 20, 2022

I think many of the eBay listings are duplicates as well. Seems to be a common practice among the Japanese watch sellers to all offer the same watch, sometimes as many as 4 different listings.

I also think that a good number of those are questionable at best (meaning probably mods), but the Japanese sellers also don't like to correspond or confirm serial numbers so they'll probably sit a while.

Toishome · Jan 20, 2022

Anyone that wants to sell this watch should definitely invest in an extract. Way too many mods out there. I can see 5 on Chrono and one of them is a mod. That leaves 4 and one looks like a duplicate from the same seller. That's not a whole lot for sale. In contrast, there are 24 Tintin listings.

sgrossma · Jan 20, 2022

Toishome
Anyone that wants to sell this watch should definitely invest in an extract. Way too many mods out there. I can see 5 on Chrono and one of them is a mod. That leaves 4 and one looks like a duplicate from the same seller. That's not a whole lot for sale. In contrast, there are 24 Tintin listings.

There are over 20 on eBay, at various price points. As suggested above, it is possible that a bunch of these are duplicates.

I agree it is important to have the extracts or confirmation from Omega.

A 20 year old watch without papers but WITH extracts should be almost as good as one with the warranty card, if not better. The serials on the warranty card on most, if not all of these are hand written. So unless the original hang tag is present, the only real proof nearly 20 years later is the extract. I know collectors want complete sets, but a hand written 20 year old card should not add more than 1-2k of value IMO.

Toishome · Jan 20, 2022

I agree with you. If I was gonna buy a watch to wear I couldn't care less about the cards or a box as long as I can be sure what I am getting is the real deal.

sgrossma
There are over 20 on eBay, at various price points. As suggested above, it is possible that a bunch of these are duplicates.

I agree it is important to have the extracts or confirmation from Omega.

A 20 year old watch without papers but WITH extracts should be almost as good as one with the warranty card, if not better. The serials on the warranty card on most, if not all of these are hand written. So unless the original hang tag is present, the only real proof nearly 20 years later is the extract. I know collectors want complete sets, but a hand written 20 year old card should not add more than 1-2k of value IMO.

Evitzee · Jan 20, 2022

Prices don't go up forever, the 3570.40 prices are in balance with the demand. Plus many (maybe most) people don't need an original version, they just like the look of the dial, and this was easily accomplished with the availability of official Omega dials. That probably holds the original versions price down. It's still an attractive watch, but a lot of LEs have been introduced since 2003 to compete with it.

sgrossma · Jan 20, 2022

I'm not suggesting that they necessarily should keep going up. But what is interesting is both the pricing and demand for the Japan versus many other LEs, which do keep rising. The Japan racing was one of the first to get that boost. Now both the price and the demand for many other models introduced during a similar time period have certainly surpassed it - for example the Alaska. I believe the Alaska is definitely more unique and interesting, but still. Stand alone dials and mods are available for many of the early LEs... including the gen 1 Snoopy and TinTin.

machamp6650 · Jan 20, 2022

Evitzee
Plus many (maybe most) people don't need an original version, they just like the look of the dial, and this was easily accomplished with the availability of official Omega dials. That probably holds the original versions price down.

I agree with this in principle, but at the same time probably the most modded speedmaster dial is the panda (mitsukoshi or apollo), and the prices for originals are still through the roof. I've seen this particularly with how the Tokyo Olympics iterations have panned out, with the panda version now commanding several thousand more than the others.

sgrossma · Jan 20, 2022

I also think that generally speaking (and I don't intend to classify all, but) the people in the market for a 10k-20k genuine edition vs a 4k mod are entirely different to begin with. If your intent is to collect expensive LE Speedmasters you are going to be looking at things like scarcity/availability, uniqueness, and overall design. Personally, a mod will never satisfy me, even if it is a quarter of the price. It's just not the real thing...!

machamp6650 · Jan 20, 2022

sgrossma
But what is interesting is both the pricing and demand for the Japan versus many other LEs, which do keep rising. The Japan racing was one of the first to get that boost. Now both the price and the demand for many other models introduced during a similar time period have certainly surpassed it - for example the Alaska.

I wonder if these trends reflect the current investor mindset / hypetrain in motion? People seem to be snapping up all speedmaster LEs at the moment, regardless of desirability (I'm thinking examples like the 'coin' Apollo 17 and ones where only the caseback has changed), which seems to be associated with a recognition of LEs as undervalued assets with the potential for growth. As suggested above, Japan racing might be less attractive to this investor sentiment because 1) it's already a mature market with fairly high prices, and 2) more of a minefield for the uninitiated due to mods etc.

Ben Hassan · Jan 21, 2022

I have one, complete set with the matching Extract from the Archives. No idea of worth, totally mint, and hardly worn!

Doubt I’ll ever sell it. But you never know!

Speedmaster Japan Racing 3570.40

sgrossma

Fatcat

ATWG

abrod520

Toishome

sgrossma

Toishome

Evitzee

sgrossma

machamp6650

sgrossma

machamp6650

Ben Hassan

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