Alpha - may I say, what a lovely sleepy Beagle you have! My friend has "Ruby" and she's as lovely - as sleepy.
Anyway moving on... apologies for the delay in responding, the cold bug that is spreading around Edinburgh caught me out and delayed any ability I might have had to respond.
Indeed the definition can be as subjective as one likes. I'm still not sure whether something which is merely over say 25 years in age can be described as vintage. I think ulackfocus is correct to say that something has to possess current value to attain a status above mere age. For example, on a recent episode of The Antiques Roadshow, a member of the public brought along two beautiful pocket watches, in exquisite condition, from revered Swiss makers but they were only valued at about £1,000 a piece. While pocket watches can be amongst the most accurate and beautifully crafted of watches, they are not fashionable and so the value suffers. They have moved beyond the realm of "vintage" to "old."
In terms of the Speedmaster, which prompted my question, there is a unique set of circumstances operating, given that the current version is almost visually identical to the most prized vintage versions, the cal. 321s and especially the ST 105.012. When one considers the changes from the cal. 321 column wheel chronos, to the 861/1861 cam/lever, rhodium plated chronos there may be an argument that despite the aesthetic appeal of the stepped dial, applied logo and the historical significance, the 1861 is the more appropriate every day watch - reliability and serviceability being two key factors. The question of whether a vintage watch is then "worth it" is mute. My head says "no" but my heart says "yes." I suppose that in a nutshell is the essence of the collecting bug.
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