Many people own just one watch, which they wear every day, possibly for their entire adult lives \u2013 they end up owning a vintage watch as they themselves turn \u2018vintage\u2019. At the other end of the scale are prolific collectors, who amass multiple watches and become deeply knowledgeable about the subtleties of their design and manufacture. <\/span><\/p>\n

\u2018Collectors often feel passionately about vintage wristwatches,\u2019 says Penny. \u2018They are personal \u2013 you wear them on your body. Maybe a watch has been passed down to you, or it marks a special occasion. Maybe you bought it yourself as a reward for a job promotion. There\u2019s lots of emotion in a watch.\u2019 <\/span>Like furniture, well-made watches develop a patina as they age. \u2018Vintage Rolex, for example, were sometimes made with black faces,\u2019 Penny adds. \u2018If the owner lived in the tropics, the dial aged differently, fading to chocolate brown or even pitting. Collectors love that kind of detail, which you just don\u2019t get with new watches. <\/span><\/p>\n

Watches with interesting provenance fetch higher prices. We are soon to sell a Rolex Daytona, bought by the vendor in the 1970s. It\u2019s likely to make \u00a325,000 to \u00a330,000 \u2013 which is more than a comparable watch without the history.\u2019 <\/span>At auction, Penny says most buyers are male, and the resale value of men\u2019s watches tends to be higher, perhaps because women typically have more options for self-adornment, whereas men pour their passion into watches. <\/span><\/p>\n

Vintage men\u2019s watches are divided into dress watches, originally worn for formal occasions, and sports watches, which have additional functionalities designed for a specific purpose, like timing motor races, flying, or deep-sea diving. Nowadays, a good-quality vintage sports watch is likely to cost more than the modern equivalent, whereas dress watches tend to be cheaper than a new model.<\/span><\/p>\n

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Really dedicated collectors are often interested in the technical modifications made to sports watches, and embark on a quest for examples that show the development of their favourite model over time. Rolex, for example, changed the material used to make luminous dots on its dials due to the radioactivity of radium \u2013 a keen collector might seek out watches with different versions of the dots. <\/span><\/p>\n
Small differences between watches can provoke great excitement. In July 2020, Bonhams sold a Rolex Comex (a diving watch made in collaboration with French diving company Comex) dating from 1976. Including the premium, it made \u00a318,812. Five months later, Bonhams sold a very similar Rolex Comex, this time from 1979, which made vastly more at \u00a3150,250. Why? The first watch didn\u2019t have the word \u2018Comex\u2019 on the dial.<\/span><\/p>\n
Condition impacts value, but enthusiasts are wary of what they call \u2018Frankenwatches\u2019 \u2013 watches that have replacement parts, even if the newer parts were issued by the genuine manufacturer. \u2018Fifteen to 20 years ago, the trend was to repolish the case and restore the dial,\u2019 says Daniel Somlo, director of boutique Somlo London, which specialises in vintage wristwatches. \u2018Nowadays, work like that would tank the value, because buyers are looking for authenticity.\u2019 <\/span><\/p>\n
It\u2019s all in the name, too. \u2018At auction, brands like Rolex, Patek Philippe and Cartier are particularly sought after,\u2019 says Penny, \u2018followed by Jaeger-LeCoultre, Piaget, and Vacheron Constantin. But high-quality vintage sports watches like the Universal Gen\u00e8ve Tri Compax and Enicar are underappreciated.\u2019<\/span><\/p>\n
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