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The Curious Case of the Alaska Project Sales History

gyromiterob
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Hi all, one of my favorite Omega limited editions is the 2008 Alaska Project. I find the ultra-white dial very unique and was drawn to it since I first saw it in photos. In researching it, I learned that this model languished in Omega Boutiques for years with no demand then went on to be quite desirable in later life. I recently purchased one which the original owner had bought new from an Omega Boutique in 2015 - A FULL SEVEN YEARS after originally going on sale. I'd even seen another sold new in 2012 on Omega's own website (see photo). Not that many years later they are being sold for 2-3 times the original price.

I was curious if anyone had any specific knowledge of why this occurred? Or knew of any other limited edition models that have seen a similar rise in popularity from being unwanted at first? I'm a bit dumbfounded by it. Any insight is appreciated!
 
Rado63
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Many Brands issue limited edition pieces. While the Alaska project was a 2008 limited addition of 1970 pieces, it was $5600 and the average buyer was buying the more common moon watch. Often the limited edition pieces of any brand first appeal to the true fans of that brand. Then some are just drawn to the uniqueness of the limited edition pieces because they have something in their styling that sets them apart. Wait a few years, and new collectors come to the market or watch enthusiasts who never heard of that LE version start to want one, and guess what? The supply is limited and the number of examples for sale declines. Also the internet has provided more content and created more interest adding more potential buyers. It is a very cool Speedmaster.
Edited:
 
STANDY
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2012 #Speedytuesday changed the Speedmaster culture and even the forum here. Early days it was all Constellations and Vintage Seamasters.

Prior there was only a few here with extensive Speedmaster collections or interest. By 2015 it was out of control.
Then the Rolex shift came and most were priced out of vintage Rolex and jumped on the Speedmaster bandwagon. (Forum gained a lot of TRF members also.

2008 vintage Speedmasters were a $1-2000 watch found on EBay regularly
 
dsio
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There was a Gemini 4 sitting at Wallace Bishop in the Brisbane CBD about years after it was released too and I was offered well under MSRP and still turned it down as I wanted them to service it too since the oils were 7 years old. People often don't realise now but in the early days of Omegaforums there really were no Speedmasters here. @MSNWatch and a handful of others were the only ones that even cared and 321s were under $2k and languished on ebay.

If you have a look at this post from 2013 you'll see me welcoming a guy who was a Speedmaster enthusiast as we really had none, this site was pure Constellation / Seamaster dress watches and modern stuff.

https://omegaforums.net/threads/ck-2915-1-off-the-bay.1856/page-2#post-38814

Speedmaster really happened in the last 5-7 years, its that recent.
 
cicindela
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In 2010 Jim Gianforte of Continental Jewelers of Washington DC had 3 Alaska projects in his safe. You could buy one or all three for $3000 each. I was very tempted. However he also had a beautiful Apollo 11 that was number 11 in the series. I bought the Apollo 11, but I wish that I had taken the Alaska too, but it just wasn’t in the cards 🙁
The one that got away.
 
dsio
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cicindela cicindela
In 2010 Jim Gianforte of Continental Jewelers of Washington DC had 3 Alaska projects in his safe. You could buy one or all three for $3000 each. I was very tempted. However he also had a beautiful Apollo 11 that was number 11 in the series. I bought the Apollo 11, but I wish that I had taken the Alaska too, but it just wasn’t in the cards 🙁
The one that got away.
Man remember those Apollo 11 40th anniversary watches where Omega made way, way too many (7,969) and they were getting dumped at Costco, ebay, grey market dealers were like “yea we’re good, we’re already got more of those damned things that we can sell”.

People are actually starting to charge a premium for those now but when they were new you couldn’t get rid of them fast enough.

The sleeper I’ve been calling for ages now is the Apollo 17 2012 LE, 311.30.42.30.99.002. The silver dial watch everyone hates but yet is so unique among Speedys and only 1972 of them produced. You couldn’t get rid of these either, nobody wanted them. They’re going to be a future Tintin / Gemini 4.

59272413-6579-40CE-A6CB-5D423F458326.png
 
cicindela
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dsio dsio
Man remember those Apollo 11 40th anniversary watches where Omega made way, way too many (7,969) and they were getting dumped at Costco, ebay, grey market dealers were like “yea we’re good, we’re already got more of those damned things that we can sell”.

People are actually starting to charge a premium for those now but when they were new you couldn’t get rid of them fast enough.

The sleeper I’ve been calling for ages now is the Apollo 17 2012 LE, 311.30.42.30.99.002. The silver dial watch everyone hates but yet is so unique among Speedys and only 1972 of them produced. You couldn’t get rid of these either, nobody wanted them. They’re going to be a future Tintin / Gemini 4.

59272413-6579-40CE-A6CB-5D423F458326.png
I should have added mine was,is, the 35th anniversary issue.
 
dsio
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cicindela cicindela
I should have added mine was,is, the 35th anniversary issue.
That 35th was a pretty watch with a unique dial made in limited numbers, the 40th was sort of here’s a watch with little difference from a normal Speedmaster except a subdial but we’ll include a coin in the box, oh and by the way we’re making 4 times as many of them.

Then for 45th they went back to low numbers and a unique watch and balance was restored to the universe.
 
DON
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Any number of reasons a watch sits. Majority most likely wanted a model with history and bought the Speedmaster which I assume was less expensive.

White large dials are not the most popular watches (I only like two models)

Paying extra for items that would never be used. That aluminum can container almost doubles the diameter of the watch. Suitable for over an arctic snow suit (with XXL velcro strap), but not on a standard wrist making it useless.

DON
 
cvalue13
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dsio dsio
If you have a look at this post from 2013 you'll see me welcoming a guy who was a Speedmaster enthusiast as we really had none, this site was pure Constellation / Seamaster dress watches and modern stuff.

What’s more, there were one or two high profile members (ahem 😗) who might actively dissuade (let’s call it) conversations about Speedy’s

This was a time when the biggest pop culture watch news was Don Draper on Mad Men wearing a vintage seamaster, and Hodinkee’s news coverage included a feature about @LouS starting a new UG sub-forum on omegaforums.net
 
sgrossma
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For a good 5 years I thought the design was too funky and the triangle shaped hands were ridiculous. The donut made no sense, either. It wasn't until I saw it in person and started to appreciate the history, did the model start to grow on me.

Also, the entire watch market was so incredibly different then and this was basically a lifetime ago, in the watch world. There was barely an online watch community - just diehard fans.

And now you have crazy inflation looming and lack of good alternative investment options. Watches were simply not thought of as "investments" back then. Ultimately, I think trying to understand prices or demand of any watch from more than 5 years ago is a futile exercise because everything is just so completely different now.
 
gyromiterob
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Thanks for the replies! Interesting history of both watches and the forum. I'd wanted an Omega for the longest time, but finally bought my first - a Seamaster - in 2008. Interestingly, my Seamaster went down in value, but the Alaska Project went way up in value. Had I known then what I know now. Ha. I know that you shouldn't buy a watch as an investment, but it is a nice perk if it gains value.
 
Foo2rama
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BlackTalon BlackTalon
Tintin is another such example
It’s the next Paul Newman 😉
 
BlackTalon
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Foo2rama Foo2rama
It’s the next Paul Newman 😉
Crap, and here I am wearing it again today. Desk diving, walking in the rain to get to my car, etc. I guess that is not proper treatment for a watch that will soon be worth $250k USD. 😟 And now I really feel bad about knocking the edge of the crystal one day last week, resulting in a little notch in the hesalite.
 
Walrus
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I’ve always liked the Alaska speedy. Never saw one in person but the few people posted here and an article I read really made me appreciate it. Even without the LE factor it’s an interesting watch.
 
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