Miller & Miller setting record prices for men’s watches
‘The market is as hot as it’s ever been’
“The market for 1950s and ‘60s stainless steel men’s sports watches has exploded in recent years,” says Justin Miller, co-owner of Miller & Miller Auctions. “It’s unbelievable.”
Exploded indeed.
At their Nov. 21, 2020 auction, Watches Jewellery & Decorative Arts, a 1966 Rolex Explorer, estimated at $8,000 to $10,000, commanded $29,500 with buyer’s premium. A 1962 Omega ‘Pre-Moon’ Speedmaster, expected to bring between $12,000 and $14,000, sold for $23,600. Two years ago, during their November 2018 auction a 1960s Rodania Geometer fetched $25,960 – almost 15 times its high estimate.
This Rolex Explorer Wristwatch (Ref. 1016) brought $29,500 at Miller & Miller Auctions in November 2020.
This Omega 'Pre-Moon' Speedmaster (Ref. 105.002-62) brought $23,600 at Miller & Miller Auctions in November 2020.
This Rodania Geometer Wristwatch (Ref. 5621H) brought $25,960 at Miller & Miller Auctions in November 2018.
So what makes them so valuable?
A New York Times story from March 2019 examined at the appeal of old watches, as well as their investment value. “Buying a good vintage Rolex is just like purchasing stock in a company like Nestlé or Google,” said Shahien Hendizadeh, 25, a business school graduate and self-described watch geek. “It is the quintessential blue chip.” The story also tracked their appeal among celebrities like Ellen DeGeneres, who was spotted last year wearing “a holy-grail Paul Newman-model Rolex Daytona from the 1960s” estimated to be worth $250,000.
“Old watches are considered cool,” summarized the writer. “They have patina, provenance, soul.”
The three highlighted watches sold by Miller & Miller had one thing in common: they were as original as collectors could hope to find.
The Rolex Explorer and Omega Speedmaster are known as tool watches, which means they weren’t bought as high-end fashion statements, but rather as accurate, reliable timepieces someone would need to do their job.
Like Sir Edmund Hillary. He was wearing a Rolex watch when he conquered Mount Everest in 1953. Astronaut Buzz Aldrin wore an Omega Speedmaster when he walked on the moon in 1969. The Omega Speedmaster was also marketed to racing car drivers for timing laps.
Pictured above is the actual Rolex Sir Edmund Hillary was wearing when he conquered Mount Everest in 1953. Source.
Buzz Aldrin (pictured above) wore an Omega Speedmaster wristwatch when he walked on the moon in 1969. Source.
“Tool watches got used and abused so it’s very rare to find them so well-preserved,” explains Miller, pointing out that if the watches were sent back to the manufacturers for servicing, which they often were, the makers would replace anything that didn’t still look exactly as it did when sold. That means a lot of these watches lost their original parts – and their well-earned, and sought-after patina and tone.
And if they come with the original box and papers, well, that only adds to the value.
In the case of the Omega ‘Pre-Moon’ Speedmaster, it holds additional appeal because it pre-dates the first moon walk in 1969, hence the name. Models of the watch sold after 1969 had the word ‘professional’ added to the face which distinguishes them from the pre-moon-walk models.
“It requires a lot of knowledge to know all the details about watches and what makes them so valuable,” acknowledges Miller. “But suffice to say the luxury brand stainless steel men’s watches from Rolex, Omega and Patek Phillippe are setting record prices.”
By Diane Sewell
Diane Sewell has been a writer for over 25 years, producing stories for some of the country’s top newspapers, consumer magazines and websites, as well as client newsletters and two commissioned books.
Did you enjoy this story? Feel free to share it using the links below: