Valuation

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heller792

·Apr 24, 2023

Hi all, where do I go to get a true valuation of my vintage Speedmaster. If anyone had read my other thread you will know that I have accidentally found myself in the possession of the 105.002. My question comes because I have to notify my insurance if any single item is worth month than a certain amount. The watch is going to Simon Freese this week so managed to get some more pics if anyone could help.

 

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Dan S

·Apr 24, 2023

You can see some rough guidelines here: https://speedmaster101.com/price-chart-2/

As for insurance, it depends how you want to value it, you might end up insuring it anywhere in the $8k-$20k USD range.

There is a valuation based on how much it would be worth if you were to sell it. That's one number, which would be lower because of the condition of your particular watch, and because you would be selling at a market value or wholesale price.

Then there is a different, much higher, number that would be the replacement cost if you were to buy a 105.002 from a dealer, because you would be buying a watch in better condition at a retail price.

 

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SOG53

·Apr 24, 2023

I would insure for the the higher number (20k) as the likelihood of finding another is very low, and replacement cost would involve buying at higher price.

 

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Davidt

·Apr 24, 2023

It also depends what evidence your insurance company needs. An you simply insure it for the amount you specify or does it need an official replacement valuation?

 

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heller792

·Apr 24, 2023

Davidt

It also depends what evidence your insurance company needs. An you simply insure it for the amount you specify or does it need an official replacement valuation?

Yeah that's really the reason I asked, where would you take the watch for a valuation, a jewlers, watchmaker or does have to be from an Omega specialist? I could pluck a figure out the sky but then I image the insurance company would want a written valuation or proof of value.

 

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Dan S

·Apr 24, 2023

Before guessing what they want, you should probably ask your insurance company about their exact policy.

 

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heller792

·Apr 24, 2023

I will ring them tomorrow thanks Dan, I'm excited to get it to Simon following your advice.

 

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RoadRunner73

·Apr 24, 2023

BTW are there any insurance companies specializing in watches, which any of you would recommend ?

 

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Scarecrow Boat

·Apr 24, 2023

RoadRunner73

BTW are there any insurance companies specializing in watches, which any of you would recommend ?

There are already lots of threads discussing just this. If you do a Google site search by copy/pasting this into the Google search bar, you’ll find plenty of reading material.

“site: omegaforums.net insurance”

 

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RoadRunner73

·Apr 25, 2023

Thx ! I must admit I just posted this question in a second without prior search : I'll take time to read these through.

 

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Donn Chambers

·Apr 25, 2023

Regarding valuation quotes:

Do you have a shop near you that sells old watches (even if they focus on Rolex)? If so, give them a call and ask if they will write you an appraisal for insurance purposes. Most will, for a fee. They’ll open the watch, get the serial number and model number, look up sales online, etc, then type it all up onto their letterhead and give it to you for you insurance company. I did this once - think it cost me $50 and I had to leave the watch with them overnight because I went in toward the end of the day.

 

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lucian23

·Apr 25, 2023

Just a question.. For which event you will ensure the watch? Theft , damage or other reason?