:
: I imagine that many of us were watching the EBay Auction of
: Stewart Kay's NOS Monaco, perhaps the last unworn McQueen Monaco
: in captivity. The auction just ended, with a sale at $12,100.

: Stewart had previously told the Story of this Monaco . So what do
: we think of this auction / the price achieved / what it might
: mean for the market?

: Jeff

:
: ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Jeff:

As the neutral and objective commentator (?!), a primarily Omega collector, speaking from the sidelines, I will make a few "unbiased" (and largely uninformed!) general comments.

$12,100 for something that you can't get anywhere else is a reasonable price. All that is required for the one example in the market at auction to escalate in price is two interested and determined buyers. If the buyer is happy, the price is fair.

Stating the obvious, I don't conclude that all Monacos of a similar vintage will now trade in a similar range. Statisticians refer to data points significantly above or below where most data points fall as outliers. This trade price is clearly an outlier, with ample justification for its atypical price.

As a collector, I am perplexed at the decision to wear the watch. Not at the desire to do so, but at the economics. As you know Jeff, I won't buy a watch that is not going to be worn.

But if outstanding original condition 1133Bs are bringing, say $8,000, this watch brought a premium of about 50% over that range. As soon as it is worn, the price drops back to the $8,000 range. (I used $8,000, which is a bit above Jeff's price guide amounts, just to make the math easy.) That is a 33% loss in value from just putting the watch on your wrist.

We are familiar with new watches losing that kind of value when you leave the retailer, but not vintage pieces. Most of us are astute buyers and can often own a piece we got at a good price, hold it for some time, and sell it, breaking even or making a gain.

This buyer won't have that experience. He now has an $8,000 watch. Since he essentially purchased a new watch, perhaps the drop in market price makes sense.

The economics of the above is why I have never been interested in NOS watches that are of a significant age. I will never bid on a NOS watch that is rare and desirable, because I have little interest in watches I can't wear and partially believe such items should be preserved.

Nothing earth shattering in my thoughts; I suspect I have merely voiced that which all of you acknowledged.

Sam aka Hewybaby