What's up with these vintage prices?

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Some of the best Strats and Teles I've played have come from Fender Japan. 'I've played over priced, large headstock, 1970's Strats that are heavier than a Les Paul Custom. Who's buying them and why? Horrible things. Couldn't hang them back on the shop wall quick enough!馃槙

I think as the cheaper Mexican and Chinese stuff becomes the
norm the value of the qualityJapanese guitars is rising. Don't get me started on Tokai copies. Superb and in some ways superior to Fender but will they go up in value at the same rate?

For some reason the 'dudes' still want to see Fender, Gibson, PRS or Rickenbaker on the headstock. To be honest so do I even though the best electric guitar I've ever owned is made by a bloke called Gerrard Melancon in Louisiana. It does it all and is a far better instrument than my Gibson and Fender guitars. 拢2500 new but I doubt it would make 拢1000 now.look at the quality of it in this photo. Fact is, it has the wrong name on the headstock.
Agreed

I had a mij jazzmaster that played like butter. Back in the day I got them off a Japanese website I forgot for the life of me. Got a 62 telecaster custom as well. Ash body with maple frets. So good. I couldn't see a difference between that a MIA Tele
 
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In the U.K. Hipsters are definitely wearing vintage Omega and Rolex, although I agree probably more wear digital Casio etc.
There is more of a structural shift in society as, in the West at least, social mobility is falling and there鈥檚 an increasing gap between rich and poor (regardless of age). The rich need their wealth badges and watches happen to be one of them. At the same time, as technology and social networks change the way and speed at which we interact, the hunt is on to be seen as authentic; vintage watches tick that box too. So I don鈥檛 think the demand is likely to fall off anytime soon.
 
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Some of the best Strats and Teles I've played have come from Fender Japan. 'I've played over priced, large headstock, 1970's Strats that are heavier than a Les Paul Custom. Who's buying them and why? Horrible things. Couldn't hang them back on the shop wall quick enough!馃槙

I think as the cheaper Mexican and Chinese stuff becomes the
norm the value of the qualityJapanese guitars is rising. Don't get me started on Tokai copies. Superb and in some ways superior to Fender but will they go up in value at the same rate?

For some reason the 'dudes' still want to see Fender, Gibson, PRS or Rickenbaker on the headstock. To be honest so do I even though the best electric guitar I've ever owned is made by a bloke called Gerrard Melancon in Louisiana. It does it all and is a far better instrument than my Gibson and Fender guitars. 拢2500 new but I doubt it would make 拢1000 now.look at the quality of it in this photo. Fact is, it has the wrong name on the headstock.
I'm predominantly a vintage Ibanez (and other name derivatives from the Fuji Gen. factory) collector....these are a couple of them..
 
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I see there are several discussions about this topic and I feel there are at least 2 perspectives on this side, each with several dimensions:

1. if you consider watches as investment:

1.a. and you bought a lot of watches in the past, now it's a good time to cash out. If you plan to repeat this situation, you take a risk as you're betting prices will increase even further.

1.b. you got recently bitten by this bug, so you are now looking to buy watches. Well, you're going either to work more to find the same watch at the same price as last year or you're going to have to pay more. In times of economical growth, a rising tide lifts all boats, meaning that prices rise for almost all watches, regardless of condition (although not with the same % increase for all). As the economy may decrease as well at some point, that increase in prices may stall, or even decrease for certain models. However, the good ones (which are a mix of brand power, historical significance, and most importantly condition condition condition) may very well keep their value. And when speaking about the good ones I'm not only talking about a neat speedy which fetches +10k. A nice Seamaster with great looking dial and sharp case will continue to be very attractive even though it costs 500-1000$. Or a UG Polerouter and so on. The most important thing is to keep in mind they are discontinued, so supply can only decrease over time. Demand may also decrease during an economical crisis, yet not all buyers are affected in the the same way (due to a geographical delay, professional abilities, preexisting contingency plans ets). So as a seller looking for profit, one needs to find the ones with money to spend, which may be harder in times of a crisis than now. But then again, making a profit means a little leg work, no? 馃榾

2. you consider watches as a hobby and you realize their are not essential to your living, yet you are willing to pay for them in order to indulge yourself. Well, here are also several perspectives:

2.a. you're a disciplined collector and you have a strict rule: one in, one out (yeah, like that's ever going to happen): this is actually a good situation for you as long as you focus on condition condition condition and you do not plan on making huge steps in you collection. For example: selling for 300 a watch you bought for 200, but looking to get a 10k watch instead.
2.b. you're a hoarder. Well, I do hope you got nice watches and not all those frankens from the bay. If you got nice watches and you're a hoarder, selling is out of the question if nothing in your life changes dramatically. So you're impacted by the price increase as you'll pay more for new watches. On the other hand, if you ever decide to sell regardless of reasons, you're gonna cash out big. It's gonna hurt selling your most loved possessions, but at least you get nice money out of it. So a bitter sweet situation, sweeter than a year ago due to the price increase.

To sum it up, it's more expensive to buy certain watches than a year ago. Then again, this has been the trend for quite some time now and I suspect it will continue to be this way regardless of the economical situation for watches in top notch condition. So, if one keeps in mind 2 essential aspects: "condition condition condition" and "buy what you love wearing", the self indulgence part should work just fine. My 2 cents... 馃榾
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As a member of the "younger generation" I'll throw in my 2 cents. I'm 33 years old and I make a decent living. I'm guilty of paying over market for nice watches and I'm definitely contributing to the rise in vintage prices. I think there's multiple contributing factors some of which are temporary and some are permanent. I think that on a long enough timeline nice examples of vintage watches will continue to increase in value but I don't think it's easy to predict what prices will do in the near future as many of these variables could change.

More Demand:

1. Vintage design is becoming increasingly admired by the younger generation. Look at the resurgence of vinyl records and mid century modern furniture. Blame pop culture and period TV shows (Mad Men, Boardwalk Empire, Etc.). I find the aged look of a vintage watch aesthetically pleasing (especially for something that measures time).

2. There are many factors affecting this but smaller watches are becoming more "in" fashion. I think it's become inappropriate to wear a huge clunky watch when most people are not wearing watches at all. I also think the modern watch market has been extremely slow to recognize this trend. I personally love watches but hate 99% of the current big, heavy, and flashy modern offerings. I was looking for smaller watches 5-6 years ago and I couldn't find anything I liked. I turned to vintage and what a wonderful world I found.

3. Modern products are increasingly fake, cheap, abundant, and lose value quickly. This is effectively increasing the demand for quality items. Every other teenage girl has an apple watch and what will they be worth in 5 years? Look at the recent success and resurgence of craft products (raw selvedge denim, handmade leather shoes/belts, craft beer, small boutique watch companies). People will pay $$$$ for quality (real or perceived).

4. The global population is always increasing and thus so is the potential for demand.

5. The pool of people in the world who speak fluent English and have access to the internet is growing faster than the global population.


Economic Factors:


6. The gap between economic classes is increasing and it's become more uncomfortable to dress overly flashy (at least for me). This is also contributing to the smaller watch trend. Wearing a vintage Omega is more subtle than wearing a modern Rolex (or driving a yellow Corvette). You can have a valued watch that you enjoy wearing without screaming "I have money!". Most people don't realize a vintage watch is expensive and probably assume you inherited it. I'm glad my wife doesn't realize how much they cost 馃榿.

7. The current economic situation is making it easy to spend money for people with decent jobs and good credit.

8. The bitcoin and cryptocurrency boom is not insignificant. I have friends who are collecting vintage cars because they made so much money with bitcoin (just an observation).

9. Inflation is real and a dollar is worth less now than it was 5 years ago.


Less Supply:

10. There's only a limited supply of these watches and they are consumable products. If you wear them they will age and eventually die.

11. There are millionaires who buy and horde the nice examples. Some are collectors and some are doing it for tax evasion (most likely both). Gifting your children a collection of watches worth millions is a nice way to avoid the inheritance tax if left off the will. This has been done with valuable stamps, coins, and guns (any valuable collection).
 
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I like 50s and early 60s Constellations and Seamasters, with a particular soft spot for 552 SMs and SM De Villes. I'm not seeing nearly so many of these on ebay as I used to and we all know what rising demand + reduced supply leads to.

When I started to get interested in vintage Omegas I was trying to figure out values and made notes of those on ebay UK that caught my eye for whatever reason. No Speedmasters here as I was never that bothered about those, plus you need to bear in mind a) my undeveloped knowledge; b) tht this list was purely for my reference and never intended for anyone else and looking back I don't always even know what I meant (cheap-looking??). Still, hopefully it's of some interest as a period snapshot. There certainly seem to be a lot more early Constellations on it than are about now.

Sept 2012
Good no-date SS de Ville, no BOR, c. 拢300.
Good no-date SS de Ville, no BOR, box and papers, 拢400.
Good no-date SS de Ville, black face, gold hands, no BOR, made 拢310
Good no-date GC de Ville, no BOR, c. 拢350.
Good no-date SS SM 552, no BOR, c. 拢350
18 ct Geneve 552, leather strap, made 拢480 (promptly relisted).
Good SS Con 551, hex crown, no BOR, 拢570
18K 551 pie pan, made 拢2560
Good SS Con 561, gold hands and batons, hex crown, no BOR, made 拢470.
9-row SS BOR - c. 拢140.
Seamaster 501, leather strap, made 拢304
Seamaster 120 w. 601 mvt, leather strap, made 拢928
Cosmic 2000 diver w. bracelet, tatty, made 拢576
SS Cosmic 2000 date made 拢340
0SS 471 SM, no BOR, made 拢156

Nov 2012:
18ct 354 Const, non pp, rose gold w non-matching but signed crown, made 拢759
18ct rose gold SM 354 chrono, all orig, solid lugs, superb, made 拢5,362 in US
18K no-name 552. baton insets partly missing, made 拢525
Poor SM 552, broken glass & no crown, made 拢135
SS SM 552 case 165, steel hands, no BOR, gc, made 拢380
SS pie pan 561, later crown, no BOR, made 拢566
SS date SM 562? w. papers and 7-row BOR, made 拢310
SS SM De Ville date 563?, BOR, patinated dial but good, orig crown, made 拢295
18ct 1967 C-shape 564, near mint, no BOR made 拢1660
GT Geneve 565, integral bracelet, vgc, made 拢165
SS SM 1010? (date), good, made 拢216
GT SM 1012, good, made 拢200
SS Geneve manual 1030 w steel Omega bracelet, made 拢197
SS Con 505, non pp dial w quarter numbers, orig crown, back worn but still good, copy BOR, made 拢387
SS bumper auto date 1946, cal 28.10.RA.SC.PC, good, made 拢155

December 2012:
18ct chronograph, 1939, vgc, 拢1423
SS SM 342, vgc, orig crown, leather strap, 拢161
SS SM 354, darkened dial otherwise vgc, 拢445
18ct rose gold de luxe 354 w box and papers, v good, initials JMW on back, yellow gold buckle, sold as BIN for 拢2500
18ct gold SM 354 chronometer, bit battered and spotted but very nice, 拢727
GC Const 501, orig crown, no BOR, yellowed dial with some spots, 拢435
SS SM 501 with 7-row BOR, vgc, inscribed to Captain, 拢401
SS SM 501, quite good, orig crown, fixoflex br, Arabic quarters, 拢254
SS De Ville 550, dial marked, new crown, 拢185
SS pie pan 551, no BOR, patinated but good dial, sold for 拢350 best offer
SS Const 551, domed dial in v poor shape, otherwise good, no BOR, 拢206
SS SM 552, steel hands, no BOR, near mint, 拢250
SS SM 552, 7-row BOR, near mint, gold hands, case 165.003, 拢365
SS Geneve 552, fixoflex bracelet, poor photos, 拢197
SS Geneve 552, as mine but SS hands, supposed serviced, vgc, 拢300
14ct Geneve 552, no BOR, good, 拢364
18 ct 552, no BOR, good, 拢620
SS Dynamic 552?, black dial blue s-hand, looked ok but poor photos, 拢155
SS Omega 552, red second hand, vgc, no BOR, 拢250
GC Const 561, ok, no BOR, 拢460
SS 561, BOR, good but well redialled, 拢580
18ct pie pan 561, no BOR, good, 拢1440
14 ct dome dial 561, 9 ct BOR, 拢1020
SS 561 or 564, good, orig crown, non-Omega bracelet, 拢430
SS SM date 562?, vgc, all orig, BOR, made 拢271
GC SM De Ville, 560 or 562, average, BOR, 拢332
18ct SM De Ville, 560 or 562, vgc, 拢670
GT SM chronometer, 564, good, no BOR, made 拢410
GC Const 564, no BOR, 拢363
564 movement made 拢225 in US
18ct dome dial Const, 564? (1967), Arabic numerals, near mint, 拢1230
Good SM 300, cal 565 w bracelet, 拢1420
SS Const 751, non-BOR bracelet, mint, 拢575
GC Const 751, leather strap, made 拢271
Near-mint SS SM 752 w steel bracelet, 拢299
SS Const 1011, black TV dial, bracelet, 拢216
SS Geneve 1012 w bracelet, mint, 拢310
SS SM 1012 w bracelet, near mint, 拢190
SS SM Cosmic 2000, good, bracelet, 拢180
GT SM Cosmic 2000, 1012, bracelet, poor photos, 拢200
SS SM 1020, mint, no BOR, 拢642
SS SM 1020, steel bracelet, vgc, 拢255
SS SM 1020, steel bracelet, vgc, Regency dial, 拢228
GT Const 1021, vgc, no BOR, 拢353
Modern Seamaster chronometer w box and papers, white dial and date, 拢650
V nice SS SM 600, manual, 拢225
7-row BOR, 11 end links, 拢103
9-row BOR, worn but ok, 拢53
9-row BOR, near mint, 拢110

Jan 2013
SS SM, black dial, 501?, no BOR, looked ok but poor pics, 拢166
SS SM, black dial, 501, vgc, Arabic corners, no BOR, best offer 拢385
18ct SM De Ville (no BOR or buckle), 拢731
18ct SM De Ville, no BOR or buckle, 拢995
9ct SM 552, Arabic numbers, spots and scratches but nice, no BOR, 拢377
SS SM 552, faulty BOR, few scratches but ok, 拢190
SS SM 552, dial slightly discoloured, 拢252
SS SM 552, vgc, non-Omega crown, 拢369
Dynamic 552, bracelet, quite good, 拢218
SM 300 552, no bracelet, 拢1354
SS SM Memomatic, bracelet, ok, 拢500
SS SM chronometer, 拢600
SS SM yachting chronograph, blk face orange hands, bracelet, vgc, 拢1675
SS Constellation 561, case 168.004 (hidden crown), 7-row fake? BOR, good, 拢367
SS Constellation, black dial, 561 or 564, BOR, vgc, 拢435
GC Const 561, piepan, 拢515
GC SM De Ville, 562?, BOR, worn but ok, 拢216
SS SM 562?, non-Omega bracelet, vgc, 拢255
GC Const, BOR, prob 564, ok, 拢377
SS SM 565, no BOR, quite good, good write-up, BIN 拢345
SS Geneve 601, vgc, box, 拢242
GP Geneve 601 bracelet, mint, box, papers, 拢236
De Ville auto date, prob. 711, 18 ct, no strap, BIN 拢1100
SS C-shape Const 751, near mint, no BOR, 拢499
SS SM 752, BOR, vgc, 拢352
9ct SM 752, 9ct bracelet, vgc, box and papers, BIN 拢1950
SS SM De Ville date, slight discolour, no BOR, 拢448
SS Const date 1001, black TV dial, bracelet, exc, 拢235
SS SM 1010, bracelet, ok but slight spots, 拢175
SS Const 1011, bracelet, near mint, serviced, 拢452
SM Cosmic 2000 Diver, 1012, bracelet, vgc, best offer 拢740
SS Geneve 1012?, bracelet, non-orig Crown, slow, 拢181
GC SM 1012, no BOR, v good dial, scratches to back, 拢294
SM Cosmic 2000, 1020, white face, bracelet, vgc, 拢350
SS SM 1020, bracelet, vgc, 拢275
SS SM TV dial, prob 1020, ok, no strap, 拢167
GP Geneve 1022, mint, seems unused, orig strap and buckle, 拢397

Feb 2013
SS Seamaster 30, 286? mvt, no strap, very nice, 拢215
SS Seamaster 30, 286 mvt, vgc, 拢203
9ct Omega manual w milanese bracelet, 拢600
SS SM 351, vgc, 拢320
18ct Const calendar 504, good, 拢1855
SS Omega manual 520, Omega bracelet, slight spots but nice, 拢200
SS Omega manual 520, Omega mesh bracelet, good, 拢218
SS Const 551, worn case and dial, no strap, 拢310
9ct Omega 552, non-Omega bracelet, appears fair, 拢190
9ct SM 552, Speidel bracelet, face spotty, 拢225
9ct SM 552, v slight spots, Dennison case, non-Omega crown, 拢461
18ct SM 552, non-orig crown, slight marks, 拢660
SS SM 552, vgc, 拢212
SS SM 552, crosshair dial as mine, no bracelet, vgc, 拢350
SS SM De Ville 562, date stuck, slight dial discolour, 拢294
SS Const 564, no bracelet, vgc, 拢620
SS Geneve 565, slight discolour, 拢205
SS Omega 600, vgc, 拢155
GC Seamaster 600, near mint, 拢297
GC SM Cosmic, 752?, BOR, vgc, 拢361
SS SM 752, bracelet, vgc, 拢245
9ct Omega 1012, papers, vgc, 拢351
GC SM 1022, Omega bracelet, mint, 拢345

March 2013
Triple moon phase manual c. 1948, discolour, 拢1270
18ct Const 354, 2-tone dial, gold arrowheads, unsigned crown, slight discolour, vgc, 拢797
SS SM 501?, vgc, 拢301
GC Const crosshair pie pan 505?, Arabic corner numbers, 拢632
S Const 551, 7 row BOR, Arabic corners, cracked glass ow good, 拢432
551 movement 拢352
552 movement 拢79
SS 552 auto, quite nice but cheap-looking, 拢145
SS SM 300, 552, big triangle, military marked, 拢6354
SS SM 552, Speidel flex bracelet, near mint, 拢310
9ct SM 552, Arabic corners, vgc, 拢490
SS Const pie pan 561, vgc, 拢455
9ct SM 562, glass scractched otherwise ok, 拢304
SS SM 562, 7-row BOR, later Omega crown, good, 拢245
SS Const domed 564, v slight discolour, 拢359
SS SM 565, 7 row BOR, slight discolour, 拢287
SS Geneve dynamic, 565, bracelet, v good, clean dial, 拢201
18ct SM 600 w 18ct bracelet, vgc, 60g overall weight, 拢770
SS 600, 601 mvt, bit speckled but good, Omega non-BOR bracelet, 拢180
SS Const 711, vgc, 拢334
SS Const 711, dial bubbling slightly, otherwise ok, 拢167
18k Const 711, face v slightly grubby, 拢820
GC Const 751 w brick bracelet, dial good, slight wear to gold, 拢410
GC SM 752, mint, Omega bracelet, 拢400
SS SM 1022, bracelet, vgc, 拢275

April 2013
SS SM 501, vgc, raised dial, 拢650 (newbiggen)
GC Const 505, black dial, arrowhead markers, initials to back, vgc, 拢554
SS Const 551, domed dial, engraving, 拢477
SS SM De Ville, 550/552, 9-row BOR, very nice, 拢335
SS SM De Ville, linen dial, steel hands, vgc, 拢370
SS SM 552, Hirsch strap, vgc, 拢561
SS Omega 552, 1961, looks a bit cheap but good condition, 拢107
9ct SM 552, face good, 拢500
SS SM 552, appears average, 拢255
GC SM De Ville 552, slight discolour, 拢192
GC Const pie pan 561, vgc, 拢665
561 movement only, 拢92
18ct SM 562, vgc, 拢1170
18ct SM 562 w 18ct bracelet, 99g, vgc, 拢3250
SS Const 564, black dial, vgc, 拢505
SS Const 712, vgc, 拢326
SS SM 1012, bracelet, vgc, 拢322
SS SM 1020, bracelet, 1979, vgc, 拢360
GC SM 1022, Omega bracelet, mint, 拢430

May
Geneve dynamic 565 with bracelet, 拢287
GC Const 1021, good, no bracelet, 拢300
Wow..that's some research!
 
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I've been noticing it for the past few months. I've been thinking about adding a Kon Tiki and a C cased Connie, but the prices on both have been steadily going up since the new year.
 
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I think that the vintage watch market is largely insular. The majority of pieces worth owning are being purchased by informed members from forums like this one.
A lot of us have made money on vintage pieces in the last few years by virtue of collecting pre-boom. Many of us have sold pieces because the margins were so good but rather than rationally investing in some other medium we take our new found dividend and re-invested it in more watches because... we're watch junkies. Once our profits dry up and our collective old stock has been sold off prices will settle because we won't have extra money to play with.
 
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BTW, popular modern watches from respected brands keep going up too. That concerns me a lot more. $42k for a 5711 anyone?

Indeed all watches are going up in price, I really don't get the premium on still in production Rolex pieces for example, but people will pay over list it seems.
 
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I've seen this discussion for years now. If you're waiting for Speedmasters and other high-demand Omegas to "reset," you'll be sorely disappointed in 5 years when you can't buy a nice 145.022-74 for less than 10k to 15k usd. This market is not driven by generational desire/connection exclusively like nearly any other collectible. They were not bought and stored in brand new condition. They were worn as tool watches. New young buyers are pouring into this market for any number of reasons. There are not going to be any more vintage Speedmasters produced, but there will be MANY new collectors looking for them during the coming decades. Prices will continue upward barring a catastrophic market crash in all areas, and even then, in 2008 when the world economy was teetering on the brink, Speedmaster prices held or increased. Comparing this market to other collectibles is to use faulty reasoning
 
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I also do not think that you can say flat that all the old is getting more expensive. But there are just certain things that really apply. For me it's the old watches, vintage hi-fi and the guitar stuff. With all these things, it depends on whether they are of high quality and of renowned manufacturers.

I always see these price increases with a laughing and a crying eye. Because no matter what it is with my purchases, I have always done because I have fun in the things. Great if I can resell it more expensive. I do not do it. Stupid, if I want to buy with a 62 MIJ Stratocaster, because it is more expensive every year ....

 
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I've seen this discussion for years now. If you're waiting for Speedmasters and other high-demand Omegas to "reset," you'll be sorely disappointed in 5 years when you can't buy a nice 145.022-74 for less than 10k to 15k usd. This market is not driven by generational desire/connection exclusively like nearly any other collectible. They were not bought and stored in brand new condition. They were worn as tool watches. New young buyers are pouring into this market for any number of reasons. There are not going to be any more vintage Speedmasters produced, but there will be MANY new collectors looking for them during the coming decades. Prices will continue upward barring a catastrophic market crash in all areas, and even then, in 2008 when the world economy was teetering on the brink, Speedmaster prices held or increased. Comparing this market to other collectibles is to use faulty reasoning

I think you're right.The upward trend isn't going to stop. I expect we'll also see significant rises in the entire speedy range: Mark II's, III's etc, despite their relative abundance, as vintage moonwatches go beyond most peoples psychological threshold. What do I find more interesting is this vintage watch fandom effect on other brands. Models like JlC reversos and watches like Eterna Kontiki /Sherpa models have always caught the eye of collectors, but what of their "lesser" vintage brands and models? There are so many living and dead Swiss mechanical brands out there..some engineering marvels, others a bit more utilitarian but still functional. Complications like day/date used to automatically add value..but with the advent of the digital age in terms of smartphones and watches, I'm not so sure this will be the case. I have a feeling visual design over function (aside from condition, scarcity, and materials of course) may be something to look out for in future..Of course I may be way off the mark here..and my biscuit tin of "also rans" might end up a slightly expensive experiment/millstone. I think I've been doing this long enough now to pop off the back of a vintage watch in a jumbled mixed box of stuff in a junk shop to know a well made quality movement when I see one. If you were to advise a young budding collector on a very limited budget (say 40-100 euros) to go looking for as yet "undiscovered" brands (already knowing that condition is tantamount), what names would you put out there as possible future brands to collect? Cortebert?
Vintage Watch collecting is most definitely moving forward in ways that will surprise us!
 
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Kids growing up only knowing cell phones, internet, graduating, getting a good job see vintage primo watches as not only as a "Cool" retro thing but as an investment. Also it's about getting something no one has in their group to stand out in the crowd. Prices will only continue to rise until it's only for the very well off. Rare comics in the 80s were reachable for most but now its totally insane with them going for millions as compared to only thousands back then.. No matter how advanced we get, vintage watches especially rare movements are irreplaceable. I see this as only the beginning. Start buying or regret it later.
Edited:
 
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There's a couple of watch bulls, for sure. You make several good points. I'm not sure I could guide anyone to an investment watch for under 100 euros. The watches I see holding their own best are iconic tool watches. These can be worn daily and dressed up to wear with your finery, as well. A Speedmaster, Submariner, GMT, or Daytona (I'm leaving out others, I'm sure.) Have more than just utility and attractive cases; they have history, and some have history that propels them into the next level of collectibility.
 
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Watched them all go up over the last 10 years as interest in the vintage collection game boomed.
That all there is to it really.

Hundreds of people getting into it as home internet dealers as the prices have risen has pushed prices up further.
 
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This Constellation just sold for $3,227 USD! It appears to be in good condition but certainly not mint. No pictures of the movement or case back. Identity of bidders is protected so may be a case of proxy bids.

The condition looks pretty phenomenal to me, but I agree the price is stratospheric for a watch with no photos of the inside.
 
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Those dials in that kind of condition are rarer than hen's teeth. I'd want to see it in person, but there doesn't seem to be a single bubble on it.
 
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Those dials in that kind of condition are rarer than hen's teeth. I'd want to see it in person, but there doesn't seem to be a single bubble on it.

Might just be the lighting/crystal distortion/my deteriorating vision but it seems as though there is some dirt/patina on the outer rim/edge of the dial.