Market Watch(ing): Off Brands are Cool Too

Hello, Market Watch(ers). Right on time, we’re back with another solid edition of Market Watch(ing). Neil couldn’t make it this week, so, down a man, we’re doing the best we can. Dean went the auction route since he was lucky enough to check out the Phillips preview, Isaac went for watches that didn’t have listed prices, and I (Shane) went for “affordable” pieces. Turns out, all roads led to awesome picks. As always, get your wallets ready and READ UP! (Also, Let’s Go Mets!)

Dean’s Picks

This past week I took an opportunity to swing by the Phillips Auction preview in midtown Manhattan to take a look at a selection of some of the most highly coveted watches in the world. Before I blather on about fantastic watches I have no right having an opinion on, I’d like to share a couple of other observations. First of all the crowd was exceedingly YOUNG and unsurprisingly male. I’m pushing 35 and I was easily one of the oldest guys in the room. Is this another Hodinkee effect? Are these young bucks real players for these stratospherically priced watches? Who knows, but it sure was interesting to see. Secondly, Philips really has a great thing going here with the Bacs team. Clearly they are very passionate about watches and continue to put together some of the best catalogs in the game.

The selection of watches on display represented only a fraction of the catalog for the upcoming Nov. 7 & 8 auctions. Usually the top lots tour around the world to drum up interest and put the watches into the hands of potential bidders. Pretty much every piece on display would represent a capstone for any collection, it’s that well curated. Here are a few watches that caught my eye. Surprisingly, they were not the Paul Newman Daytonas (with the exception of the Panda 6263), or the Patek 2499s.

Lot 168 – Rolex 2737

Now I am by no means knowledgeable about Rolex watches that predate the well known sports models. Anything before 1958 or so is pretty much uncharted territory for me, so I was shocked to be drawn to this watch. The 2737 is a regulator chronograph produced in 1938 and it sports a stunning black “gilt” type dial with hours and minutes in a sub-dial at 12:00. While the Oyster case was introduced in 1926, it apparently wasn’t used to house chronographs until around this time period. This particular non-Oyster case comes in at a svelte 36mm and has a gorgeous slim profile and smooth bezel. The Phillips catalog notes that only a handful of these watches have come to market. One of these sold for $82,594 at Christie’s back in 2010 and the current estimate is $71,500 to $102,000. So it will be interesting to see how this rare bird does and we will be provided with yet another data point that speaks to the market for older, non-Oyster Rolex watches.

Est. $71,500 to $102,000

Tudor Heritage Black bay one Lot 30

Actually I was NOT drawn to this watch but I feel like I need to say a few words about it. Certainly this is one of the most highly talked bout watches in recent memory. Firstly, the estimate by Phillips is laughable: $3,700 – $4,800. That’s not much more than the retail price of a standard black bay. Obviously someone over there at Phillips was having a larf. The fuss is over the fact that apparently this is the only, kangfirmed unique watch EVER produced by the house of Rolex. Let that sink in for a minute. Now, before the Black Bay Black was introduced, this really was a MORE unique watch. One that could pretty much be spotted from across a room. Now, it’s clearly not that. However, it still holds that very special distinction of Rolex uniqueness and it’s clearly going to get a lot of money. In the metal, it inspired a hearty, “meh”. Tribute watches don’t usually inspire strong emotions in me and this watch is no different. However, in today’s watch world this is something of a trophy piece and I expect it will bring in $20k-30k without breaking a sweat, and remember that the money goes to charity (they just write it OFF!!!).

$3,700 – $4,800

Isaac’s Picks

Jaeger LeCoultre Reverso Tribute to 1931 US Edition

Within this industry and community, it’s well known that while many watches will be released and collected over the years, only a select few will ever reach a genuinely iconic status. One watch that I can confidently say has achieved such status is the Reverso. Jaeger LeCoultre‘s popular, case-flipping, ruggedly elegant offering has been a hit for generations now, but in recent years, the brand has released some stand-out pieces that harken back to the earliest days of the Reverso. Back in 1931 when the watches were first used by British Army officers who enjoyed playing polo, a terrific variant was produced with a steel case, containing a black dial with sword hands. Historians of JLC were certainly pleased when the Tribute to 1931 was released just a few years back, but it was it’s less commonly available cousin, the US Edition, that really got people talking.

The US Edition is both structurally and mechanically identical to the standard 1931, but the minor-yet-impactful design changes were made to the dial and hands, giving this 200 piece limited edition watch (100 on black strap, and 100 on brown) an older, more vintage-inspired aura. Additionally, the use of a special, shell cordovan strap produced by storied Argentine boot-maker Casa Fagliano was greatly appreciated, and the straps are now highly desirable and rare in their own right.

One of these great watches just popped up for sale on Instagram from Chicago collector “@wispete“, and if I hadn’t already decided on what my next piece will be, this would surely be high up on my list. Its rarity and range of subtly unique details make it a seriously compelling modern watch.

Inquire for Price

Vetta Oversized Chronograph

After writing about a Doxa chronograph last week, and the entire market for small-brand chronograph’s in general, I’ve been digging deeper, and trying to gain a further understanding of the market and the main players within it. It has almost felt liberating in a way, seeing as the colossal attraction that goes along with well-known models or brands is to be slightly disregarded, with a greater focus being put on exciting or appealing details. This week, I’ve found another watch that fits nicely into this collecting realm – an oversized, gilt dial chronograph from Vetta.

I could easily see myself putting this watch on quite often before leaving for the day, simply for the depth of the patina that’s developed on the dial. Although the all the gilt detailing is still defined and present, the inner black surface has aged to a rougher shade of black, and the scale surrounding the dial has taken on a wonderful shade of grey, that could also be described as tropical in a way. On top of that, the case’s lines have still held up likely after a few polishings, which is always nice to see, and the pushers extend strongly away from the case, created an even greater 38mm wrist presence. If interested, just pondering, or even the slightest bit curious, contact the team over at Caso Watches.

Inquire for Price

Shane’s Picks

Chronographe Suisse Oversized Chronograph

Isaac got me thinking about off-brand chronographs, and then I happened upon this Chronographe Suisse salmon dial chronograph. Frankly, I don’t even care if the dial is untouched, if the case is unpolished, or what have you. It’s freaking cool looking with the copper dial, it’s a great modern size at 37mm, and it’s $375 or best offer. If you’re seeing something wrong here, I beg you to look again. The Landeron caliber 51 inside was used by lots of brands back in the 1940s, and this one happened to just be serviced. The seller’s photos aren’t great, but I bet you that dial looks awesome in natural light, and it’s just asking for a brown shell cordovan strap to complement it. To me, this looks like a guilt-free purchase that will pay off when you see it on your wrist.

$375

Enicar Sherpa Dive

For anyone who keeps a close eye on the vintage market, I’m sure you’ve noticed Enicars popping up all over, and their prices slowly rising. No exception is this awesome 40mm Sherpa Dive. According to the seller, it’s in entirely original condition, down to the sharp case. I don’t see anything to refute that, but it’s not easy to verify these things on such uncommon watches. Claiming your matte dial 5513 is all original is asking for the experts to pick your watch apart, but here, I don’t think there are a many folks who can do the same for Enicar watches. At any rate, I find these obscure pieces to be really interesting, and I believe they will continue to rise closer to the $5,000 mark over the next several years. Pricing this one just under $2,500 sounds aggressive at the moment, but for a vintage 40mm diver that’s really clean, I don’t have a good argument against.

€2,250

Airain Type XX Flyback

Here I go again with my military chronographs. I’m sorry, but I can’t get enough Bundeswehr Flybacks, French military Type XXs, and Zenith A. Cairellis in my life; I still need more. Luckily a Chronotrader seller came to the rescue with this Airain Type XX flyback caliber 222. Apparently made by Dodane, these Type XXs are exactly what a lot of us vintage nerds look for in a chronograph: clean, functional, and bearers of provenance. While I lust over Breguet Type XXs, these are eminently more affordable, and just as cool if you can overlook branding (which is a good skill to have). This example looks to be lovingly worn, and that is to say, it’s not super clean. However, the edges on the lugs are quite sharp, and likely not polished. For €2,750, it’s a fraction of what the equivalent Breguet would cost, and it would be a great addition to a military-inspired watch collection. The seller didn’t provide much in the way of details, so I recommend emailing if you’re interested — get some more shots, especially movement pictures, as well as more info on service history.