Caribbean Gemological Institute

Valuations of Older Watches

 

Value is determined by the price a person is willing to pay for an item.

So who ultimately establishes the value of an item?  The consumer.  Sounds simple in a perfect world.  In a perfect world there would be no need for appraisers.  If we had an item stolen, or lost in a fire we could simply tell the Insurance adjuster what we paid and they would either replace or send a check.  In a perfect world our houses wouldn't be burgled, and fires would not occur.   In our busy lives most people hire experts to advise them on major decisions they don't have time to research themselves.  A competent appraiser and a knowledgeable consultant are utilized by those who wish to make wise purchases.

One of the most commonly asked questions I receive through email is "Can you tell me more about this watch and what is it worth?". Good question. And the toughest one somebody could ask. The valuation of wrist watches without seeing the watch is a very difficult thing to do. There are a lot of variables involved in the proper evaluation of a watch.  One needs to see it up-close to get a feeling for its authenticity, the over all condition of the watch and the mechanical soundness of the piece.

When appraising a timepiece you have to first establish what type of appraisal the client wishes.  Is this for insurance purposes, market value, an estate item, probate, or does the client wish to place the item for sale and needs to establish a fair price.  Sometimes the client wishes to purchase the item and wisely called on an expert to evaluate it.

Everyone has images of Antiques Roadshow in their head when they bring in Great Uncle Charlies treasured watch.  Because it is very old and actually still works it must be worth a fortune.    But let's face it. About 99% of all the watches made were manufactured in the thousands, if not tens of thousands, and holds little interest from a collectors point of view. There is a great number of brands that brought out watches which were entirely made by other companies, and sold with the brands name on it. The value of these watches is very little, and I often have to give people the disappointing reply that the "Emotional" value must be much more than the actual monetary value. "But I have no emotional connection with the watch" Even still... Since the early 1990's, the market for antiques has grown immensely, and everybody seems to be selling their old stuff as "Valuable antiques" or "Collectible items".

Does that mean that old wrist watches from unknown brands are worthless? Not in the least. There are two markets to be distinguished in the used watch field: the world of collectors and the people that want a vintage watch for esthetical reasons. Because although a watch may not be the most interesting collectable, it still holds the contemporary beauty and craftsmanship of the period. As the twentieth century came to a close its only human nature to look back on that time with a bit of nostalgia. 

So what determines the value and collectability of a watch? There are 6 terms that describe collectability in general: Quality, Craftsmanship, Availability, Desirability, History and Reputation. The higher a watch scores on all of these factors, the more collectable it is. 

Quality
The quality of a watch comes close to the craftsmanship. It is exemplified by the care that was taken in the design and construction of the watch, both the case, dial and movement. The accuracy in time keeping, the reliability and longevity of a watch determine the quality. The ultimate test of any watch is how reliable it is, over a given period of time, to keep accurate time. Watches that have an accuracy of +\- 5 minutes a day are not good time  keepers, are not reliable as timepiece and are not very interesting from a collectors point of view.

Craftsmanship
Not only determined by the quality of the watch, but also by the complexity of the movement (how many functions does the watch have) and the mechanics of it. Some watches were mechanically very innovative, although they were not very reliable. These watches were probably not a great success, and very few were made. Thus, the craftsmanship determines other factors as availability and quality as well. One good example is the Autorist automatic wrist watch.

The main spring was wound by the action of the wrist, which stretched the lugs of the watch by pulling on the leather strap. The idea was great, but it didn't really work. It required too much wrist movement to keep the watch running. This watch has become very collectable, because it was one of the first automatic wrist watches, and very innovative.

Availability
The numbers in which a watch was produced determines the demand for it. A watch that was made in millions is less collectable than a watch of which only 500 pieces exist. Availability is the key factor for the value of a watch. For instance, the Bulova A-11 military issue wrist watch was standard equipment for GI's during WW II. And there were vast numbers of GI's during the war, thus the number of that particular watch. It is still considered a collectable watch, since it is of good quality and has an interesting history to it. But the value of these watches is rather low, around $ 100-150.  However nostalgia comes to mind when we see this watch.  These were the watches strapped to our fathers wrists as they landed on the Normandy Beaches.  It will always be a cherished collectable. 

Desirability
Desirability almost seems misplaced here, because it sounds very much like collectability. Desirability in my view is a combination of collectability and attraction. Some watches from the 1950's and 1960's are so odd in shape and design, that they become a curiosity. Designer watches are a good example of that.
Another form of desirability is the brand name. A number of brands are so famous and are widely considered as a status symbol, that many people wish to own one. Rolex is such a brand. In the case of Rolex, availability is not really an issue for the basic collectability.

History
Watches and brands with a history hold particular interest of the collector. The Longines Hour angle for instance. Designed by Charles Lindbergh for his solo flight over the Atlantic. Or the Omega Speedmaster Professional Mk I, the first watch worn on the moon. One interesting detail is that there is an assumed piece of film in which one of the astronauts sets foot on the moon and notices: "Hey, my watch has stopped". 
Watch brands never fail to advertise with the history of their watches.The Longines Hour Angle has been reproduced by Longines, and the Omega Speedmaster still bears the inscription "First Watch Worn on the Moon".

Reputation
Reputation can be divided in two categories: Reputation of the watch and reputation of the brand. Watches of a reputable brand are likely to fetch higher prices, no matter what the quality of the watch is. In contrast, some models of smaller brands are very sought after because of their reputation, functionality and rarity.
The reputation of a brand can well be established by good marketing. 


Other factors that need to be taken in account are the following:

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