Heinz,

Thanks for this detailed and well thought out essay. I agree with all you say but I would like to flesh out one aspect and add a comment:

First I think it might be said that even thought they did not make everything "in-house" and they did source parts, mechanical assemblies, cases and dials etc, some Swiss watch companies stuck closer to a standard/specification than others.

Second, even if some companies, and I think Heuer might have been one of these, were a bit looser, especially at some points in their production, collectors know what "the specification" is and anything that falls outside the spec, whether it might be factory original or not, is looked upon as a variation/deviation. The collector market subtracts value for some variations and may even add value for others. Generally well known variations might add value where-as minor variations such as color deviations of bezels etc may subtract value.

As far as value is concerned market perception makes much more difference than general history. If the market says it isn't right, even when history says it might be, the market will always be right in terms of value.

JohnCote