The day that we have been waiting for has come and gone, and I wanted to share a few additional thoughts before signing off. It has been a memorable day for our community, a day that we are likely to discuss and analyze for the next several weeks and months. We are probably too close to the auction to put it into proper perspective, but let me give it a try, with the acknowledgement that this is especially difficult, not having been in the auction room today.

A Triumph of Promotion (and Perfection). I believe that the strong prices achieved today were the result of a fantastic promotional campaign by Arno, Bonhams and TAG-Heuer. We can ask ourselves how two bidders went to the $70,000 mark for the PVD Monaco, or near the $47,000 mark for the Chronomatic Autavia ("Siffert"), but these bidders didn't just wander into the auction room by chance. Arno and Paul introduced our beloved Heuers to a new audience, using multiple channels (magazines, blogs, events, etc.), and some fantastic imagery from the glory years of motorsports. Of course, this auction was much more than a promotional triumph; these watches are the best of the best, a collection of near-perfect watches that Arno meticulously assembled and documented over the years. We have all seen Panda Carreras, 2446C Skippers and the colorful Camaros . . . what we saw today are the values of the very best samples of these watches. We saw the premium that promotion achieves for perfection.

The Value of Motorsports. A quick review of the auction results tells me that the tie-in to motorsports paid a real premium. The two Monzas fetched huge premiums over any prices that we have seen previously, while the Calculators may have been laggards . . . indeed, there is much more excitement about the racetracks than the scientific laboratories. People would rather time laps that chemical reactions, and the Monzas and Carreras seem to have earned the premium from the motorsports connection.

The Watches that Got the "Ink" Drew the Cash. A quick review of the results also tells me that the watches that were featured during the promotion of the auction achieved the top prices. We saw the Carrera 1158 CHN as the poster child for the auction (cover of catalog and brochure); as we walked into the Bonhams previews we saw banners with the Chronomatic Autavia ("Siffert"); the Hodinkee picks all did very well. These pieces became the icons of the auction, and the bidders wanted them . . . it's that simple.

Steve McQueen Is Cooler Than "Polished Steel Hands with Squared Ends" or a "Brushed Metallic Finish". As Rich pointed out in an earlier message, people paid up for "the watch that Steve McQueen wore in Le Mans", but were relatively unimpressed by the scarcity of a "Transitional" watch that has polished steel hands with squared ends. Imagine the winner telling his friends about his triumph at the auction; would he brag that he had won "McQueen's Monaco" or a "Transitional Monaco"? Several lots demonstrated clearly that scarcity itself will not be valued above "curb appeal". Perhaps scarcity is more valued by the enthusiast who owns 50 Heuers, and is adding numbers 51 and 52; people buying their first few Heuers are not so enthusiastic about having the super scarce ones.

Is This a Good Thing? People are already asking whether the very strong results of the Haslinger auction will be good or bad for our community, but this seems like an easy question to answer. Members of our community have a lot of knowledge; we also have a lot of watches; we do not need to bemoan the fact that we may not have as much disposable income as some of today's bidders. The fact that today's bidders have marked up today's prices of the very best vintage Heuers does not seem like a bad development. Yes, we may see some new sellers asking for some very high prices, but I won't blame the Bonhams bidders for that. Someone may list a Carrera Ref 1158 CHN for $30,000, or the Easy Rider for $7,000, but I expect that these watches will continue to change hands at some fraction of these prices.

These are just a few quick thoughts, looking at the results of the auction. I am confident that members of our community who were in the auction room will be better able to explain the results. I look forward to seeing their views.

Thanks to everyone who contributed to what I believe will be remembered as a great day for our brand and for our community.

Jeff