Fully agree with Jeff. The engraving looks pretty crude too and the Heuer shield has a shape that was probably last used by Heuer in the 1940s...
Likely worth less than 2000 EUR if one considers that put-togethers, no matter how nice, are worth less than the sum of their parts.
If one likes the look, then he should go to Sinn and buy a 103 or have a look at Guinand portfolio of pilot watches.
Cheers,
Fabrizio

: I haven't tracked it closely, but it seems like this watch has
: been floating around for a long time . . . at least two or three
: years.

: Everything about it looks wrong. So my guess is that the value is
: equal to the sum of the parts, if the thing were disassembled
: and used for parts. The 2,200 euro realized in the linked
: auction (LiveAuctioneers) seems about right . . . or even on the
: high side.

: It will be interesting to see what Christie's has to say about this
: one. It would be surprising to see them include this one in an
: auction.

: Any views to the contrary?

: Jeff

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