Rolex GMT-Master II White Gold SA (116759 SA)

WORLDTEMPUS - 20 August 2012
When I am evaluating the condition of a watch, I always examine the case's lugs for thickness and uniformity. With experience after studying lots of watches, you will learn what a case looks like before it is refinished. For example: on complicated Patek Philippe models, especially perpetual calendar chronographs starting with the second-series 2499 models, the lugs have steps. Study these watches closely to learn what the steps look like when they are new. Stay away from cases with soft lugs or request a deep discount for a soft case. The metal can never again be made whole once it is polished away.
In the previous three parts of this series, we have learned that the dial is the most important and valuable part of a vintage watch. Accordingly, the condition of the dial is paramount. Ideally, there will be no imperfections like flaking paint, no rust, or missing applied pieces. Many vintage watch dials have lacquer on them; after many years lacquer can craze or crack. This is actually a desirable effect on some watches like the glossy dial of the Rolex 5513 Submariner. Spotting on a dial that is a few decades or more in age is normal, and as long as it doesn't detract from your enjoyment of the watch, it is normally acceptable. The hands, usually included with the dial in grading condition, are frequently in different condition than the dial. Oxidation or pitting can often be found on hands. If there is luminous substance on the hands, it can be cracked or have completely fallen out. In this regard, original hands, regardless of their condition, are more valuable than replacement hands, even if the latter are like new.

In terms of dial condition, there are some specific discolorations that enhance the value of the watch. Most common is patina, which is the word used for something whose color changes over time. The luminous hour markers on Rolex dials are the most useful example. Study the dials of, say, Reference 5513 Submariners. You will find hour markers from snow white (no patina) to deep butterscotch color. The important thing, in terms of value, is that the patina is uniform across all luminous elements. Another permutation in hue is the so called Color Change (or "Patrizzi") dials on the Rolex 16520 Daytona models. This only occurs on the black dials and, specifically, on the chapter rings around the subdials. Originally, the chapter rings were white or pale silver. Some, over time, develop a brown coloration. For many collectors, this is a pleasing effect and makes the watch more valuable. Incidentally, dials with a propensity for having chapter rings turn brown usually also have an inverted 6 on the chronograph hour totalizer subdial. One last example of a desirable color change is the Rolex Explorer II reference number 16550, whose white dials have turned to a deep cream color.

Bracelets hopefully stand the test of time without stretching or losing links, however this is not as important as replacement bracelets are usually fairly easy to find, though likely expensive. Nothing is more personally disgusting than a used strap, much less a really old used strap. A new strap is preferred, as no one likes to wear a strap that someone else has sweated on. An exception to this is certain vintage pilot's watches with special straps or even ankle straps, which are basically almost as historic as the watch itself.
The last variable in determining the value of a vintage watch is provenance: the old "box and papers" thing. Without exception or qualification, it is always better to get as many of the elements that were originally delivered with the watch as possible. For many high-end vintage watches, the presence of the original box, documents and other paraphernalia can enhance the value of the watch by as much as 25 to 35 percent.
Interestingly, what was given out with the watch was often different depending on where in the world the watch was purchased. Let's face it, we all like to get as much as possible for our money, and the goodies and extras are important and quite valuable. The original guarantee or chronometer certificate for a watch also proves authenticity. There is an active market for vintage watch boxes, product booklets, hang tags and the like. Buyer beware, however: these items can also be faked. You can never be too careful in learning about the paraphernalia, what to look for to know if you are looking at genuine artifacts or fakes.
A final thought when it comes to finding a watch with its original elements: the original owner and perhaps subsequent owners who cared enough to keep the watch and its things together was probably an owner who took good care of the watch itself. Easily 90 percent of vintage watches have no box and papers, so finding a complete package is rare, exciting and valuable. Good luck!

Related stories:

COLLECTING - Vintage Value Equation (1)
COLLECTING - Vintage Value Equation (2)
COLLECTING - Vintage Value Equation (3)