There has been a lot of discussion of rarity and value lately given the recent record sale price of the first version Autavia on eBay. As a longtime collector and dealer in watches I thought I would post a little illustration from the American pocket watch world to show how this rarity/value thing can work.

This first picture is of a 16 size, 23 jewel, Illinois watch made for the Ball Watch company. Ball was a famous distributor of railroad watches. Ball watches are very sought after among collectors of American RR watches. There were 3,500 of these Illinois Ball watches made which in my book makes it not rare or even scarce. These watches, in decent original shape, have typically sold for between $2,500-5,000 in the last 10 years or so.

The second picture is of a 16 size, 23 jewel, Illinois watch made for a large jeweler in Boston named Jason Weiler and Son. Although this watch was given a different grade number, it is mechanically much the same watch as the above Ball/Illinois. To me it is a much prettier watch. Only 200 of this grade of watch were ever made in the 23 jewel version. It is a much rarer watch. They seldom come on the market. Mine, which was in its original Weiler marked wooden presentation box and with it original serial numbered guarantee papers sold for what I believe to be the highest recorded price for this grade which was $700.

What is the point...The rarity of the watch does not make the market price. What makes the market price is how much demand there is in the market for a watch. Does the market care about rarity. Yes it does, but the point is that there are many other market forces which go into desirability and demand. Is the market fair? I hate the word fair but the answer, to me, is yes. The answer is probably not yes if you believe that rarity should be the only factor in determining market value. I also hate the word "should."

JohnCote