Mobile phones, cameras and watches have one thing in common; we all own a succession of them throughout the course of a lifetime, and yet seldom dispose of the old ones. Furthermore, watches in particular are a very personal possession, and inherited examples often exercise a special sentimental hold on the descendants of their original owners. For this reason large numbers of long neglected watches are to be found in many a bureau drawer or jewellery box, passed down through generations.
As an auctioneer I am commonly presented with such accumulations of timepieces. Often replaced because of a fault, possibly a cracked crystal or over-wound mainspring. Sometimes simply forsaken because of changes in fashion or technology; how many good mechanical watches were abandoned at the advent of the digital age? While some of these remnants to time long-since past are of but modest value, most are collectable to come extent, and others are valuable in the extreme.
First things first, let’s get one thing out of the way, and differentiate between gold and silver-cased watches. Regardless of variety or condition, the former will have a value, so for the purposes of this article assume we are discussing silver or non-precious metallic examples. Now let us divide the subject into those worn in the pocket, and those on the wrist. The origins of the former lie in the 15th Century, when they were first known as pocket-clocks, though these are rare, and most of us will only encounter those from the Georgian or Victorian eras. The former most commonly run on a verge type movement, using an escapement ancient in origin, indeed most old church tower clocks are of this type. These watches also commonly have two cases and are thus termed ‘pair-cased’. Not rare as such, the value starts at around £100, although early 18th century examples can sell for £2,000-3,000. The verge was gradually replaced during the 19th Century by the more accurate lever escapement, a watch of slimmer proportions.
Such Victorian examples are the most commonly encountered, and variations include smaller examples worn by women, known as fob watches, and hunters and half-hunters, both with hinged protective covers to their faces for more active pursuits. Unexceptional examples generally sell at between £30 and £80, although again, higher values can be achieved. Find one such with a repeater movement, indicating the time by means of chimes, or having a chronometer movement, or perhaps a Masonic or military example and you could be looking at closer to £1000.
The First World War changed the way watches were worn, and how indeed the majority of us wear them to this day. It is generally accepted that it was demands from soldiers serving in the trenches for a more practical means of carriage that brought about the wristwatch. Small wristwatches dating to the early 20th Century are today commonly (and erroneously) referred to as trench watches, and regardless of quality or condition the market for such is strong, and prices high. Poor examples start at a few tens of pounds, though examples with prestigious movements such as Longines or with patent guards to protect the crystals can sell for closer to £300. The current vogue for military issue watches of all periods has driven prices of late. Values often appear out of proportion to the utilitarian appearance of these military issue pieces. Find a Second World War army or RAF issue watch by say the International Watch Company and you’ll likely have a timepiece worth £2,000-3,000 at auction. A military issue Rolex Submariner can fetch up to £50,000.
In our modern, brand-driven economy, names such as Rolex, Omega and Breitling are as familiar as Mercedes and Ferrari. More than anything else it is such names that add value to post-War wristwatches. As money in the bank is viewed as a wasting asset, many are choosing to enjoy their wealth and indeed wear it. Demand for elite watches is strong, and prices for such are on the rise.
Perhaps now is the time to revisit Grandad’s old army wristwatch or Dad’s long-service presentation Rolex.
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