For those not in the know, Somlo are a vintage "approved" Omega dealer in London.

Their prices are typically 2-3 times market.

Their watches are often heavily refinished.

And many of us have wondered over the years a) how they stay in business, b) who buys their watches, c) what happens when the buyer decides to try and sell on something bought at 2-3 times market?

Ladies and gentleman, I give you the "Original and Hyper Rare" Omega flightmaster : https://www.ebay.co.uk/itm/Omega-Flightmaster-original-and-hyper-rare/302782360328Purchases made through these links may earn this site a commission from the eBay Partner Network

Pictures so they don't disappear with the listing:



A bargain for something "original and hyper rare" at £6200.

From the listing:

"Colour infills like new" because they are new...

"the DC-8 engraving on the back plate of the watch is in perfect condition" because it's new...

"Many flightmasters you will see for sale have been repolished and often this engraving is hardly visible through wear or the repolishing process. Mine is in completely original condition." - Completely refinished...

I don't know what's worse, that he paid their price, that he believed their hype, or that he actually thinks this watch is "original and hyper rare".

Poor guy.

 

Ouch... probably just trying to break even on the original purchase

Some serious kite flying with the price

 

What does "heavily refinished" mean, in this instance? Do they machine the case, or just paint things?

 

For a long time they've sold watches that have been returned to "factory" finish

In the case of this watch, I think it’s been recut/grained.

It could be a new case.

Surprised they didn’t change the insert bezel, given this one has been eaten by a degraded crystal seal...

 

I suppose it's all about profit margin.

 

In a similar vein, I saw an eBay listing in recent months where the seller explicitly mentioned that he had purchased the watch from Hodinkee, and even linked to the expired listing on their website and used their photos and descriptions, as if somehow that added extra value to the watch. He initially asked slightly more than the price that he had paid, but ultimately accepted about 60% of his purchase price. And of course he had to pay fees on that.

 

[QUOTE="And many of us have wondered over the years a) how they stay in business, b) who buys their watches [/QUOTE]

Your first clue is the location of the seller, and their UK only sales policy:




Chances are good seller also owns a horse.

 

Spent enough time eating very below average sushi for very above average prices in the Financial District to confirm. And just look to the aforementioned Hodinkee for proof - often getting 3x market value for some watches

 

He means the eBay seller, as his screenshot shows. It’s an affluent area with the type of people maybe more likely to buy at Somlo.

 

I've got a feeling we will be seeing this one again....and again.....and again.....and again......and....

 

The Burlington arcade is always an eye opening experience , some very fancy prices throughout...
doesnt stop me pressing my face up against the windows though.

 

What bothers me more than the inflated prices is the website. Maybe it’s the Flash design but you must start at the top of the site every time you open listing and return to the “collection” only to find over and over that the listings have no useful information whatsoever.

 

And some utter crooks.

Try asking in the “Birthyear Rolex” if the watches are original/correct/have papers... see how quick you get kicked out.

For anyone who’s had a look in their window, there’s good reason to ask those questions.

 

Last time I wandered through there was a Hulk that caught my eye in a window. Then my friend caught me when i saw the price.
Still, Pam shop is round the corner, and a good pub so all not lost....

 

Yeah, it's getting kinda nuts.

£3500 is now the average price for a very ordinary 70s/80s datejust without box and papers at the dealers there.

I guess you just have to keep chanting the mantra: A fool and his money are soon parted.

 

As I was reading this I had to explain to an ignorant dealer what's the difference between an original OEM Omega part, and a part original to the watch. He was trying to pass off a -69 with a DNN as "original" even a newbie like me knows that...

 

Its common enough to see relic condition Colt .45 peacemakers restored to like new appearance by using a Laser to cut all the roll inscription and engraving a few thousandths deeper before refinishing. Since they only do this with guns so badly worn they have minimal collector interest this work actually increases the value, though never worth a fraction of what a moderately worn all original specimen would bring.

I'd wondered if this were ever done with watches.

As for who buys them I suspect wealthy Arabs are a major market. Kuwait and some others divide profits from oil sales equally with their citizens. After the Desert storm dust up Kuwaiti buyers came here and enlisted the services of my next door neighbor in finding as many of a particular older model Chevrolet station wagon as possible and restoring them to like new condition. Many of these station wagons which were extremely popular there were stolen or destroyed by the Iraq invaders.
The wagons were especially liked for transporting teams of body guards and their weaponry.

The buyers were paying several times market value for even beat up specimens and spending a mint on ground up restorations.

 

Depending on the serial range, a DNN can very well be correct for a 145.022-69. The Straight Writing models for example should all have a DNN