Vintage watches: Everything to know before starting a collection of pre-owned timepieces

There’s more than meets the eye when it comes to collecting watches

Vintage watches are beautiful objects full of life and history, and collecting them has become more popular than ever. However, such a hobby can be treacherous, especially for the novice. Watches were typically treated as tools in the past, and parts were often altered with no consideration for originality and future value.

While I know I’m likely talking to a knowledgeable audience here, I’ve seen relatively seasoned collectors lose money from even overlooking the tiniest restoration detail. Did you know that a relumed Rolex “Paul Newman” Daytona can be worth less than half its purchase price? The smallest change to a watch can affect its value, so study every corner of the watch before you take the plunge.

Reprinted dials are worth much less

The dial often holds the majority of a watch’s value, and in some cases, 99 per cent or more. Watchmakers would often reprint a dial’s markings if they show signs of ageing, and the quality of the text usually suffers. Reprinted dials are generally worth significantly less.

Another common restoration is a “relumed” dial, meaning that the luminous paint that makes the hands or numerals glow in the dark is removed and reapplied so it’s brighter and more functional. Sometimes an entire set of hands have been replaced. The value of a 1950s Rolex Submariner could easily drop from US$500,000 (S$676,000) to less than US$50,000 (S$67,600) in such an instance.

To identify any discrepancy between the dial and hands can be done easily with a UV flashlight. In the case of watches made prior to 1963, they may have been relumed with paint that isn’t radioactive enough for a UV flashlight, and testing them with a Geiger counter can help with that.

Some watches, such as Patek Philippes and Vacheron Constantins, had enamel printing on the dials prior to 1960. The hardness of the enamel enabled the manufacturers to clean the dials with sandpaper during routine service. This “cleaning,” however, left vertical striations on the metal, which can also hurt the piece’s value.

Watch out for new bezels

Watches such as the Rolex Submariner and GMT-Master have bezels to help a diver track time underwater or a pilot monitor 24-hour time in another time zone. Given that the aluminium bezel inserts would often fade or scratch in time, it is common for Rolex to replace them during service. However, originality is important to collectors, and in some cases, a 1950s Submariner, which original bezel insert can be worth tens of thousands.

Know that the movement in such a watch can also become so damaged from water and rust that watchmakers have to replace the whole thing. For brands where there is an extract (or certificate of authentication) from the archives, such as Patek Philippe, a movement with a serial number that doesn’t match the one on the case will make the watch harder to sell.

Polishing it only makes it worse

Look out for polishing, too. Some watchmakers polish old cases to make them look shiny and new, though most collectors prefer to retain the authentic, aged look.

Beyond aesthetics, another downside is that the process removes metal from the cases and causes them to lose the beautiful edges many had at the time of production, such as the chamfered edges that Rolex Submariners and GMT-Masters had in the 1950s and 1960s. The more polished a piece is, the less it is worth.

Eric Wind runs Wind Vintage, a watch shop and advisor to vintage watch collectors