While the past four years have been plagued by prophesies of
impending financial doom, the market in quality vintage Omega watches has
remained buoyant. Prices continue to
rise for authentic Omega models in a range of different lines. So as to remain faithful to the theme of this
website, we will, however, focus on Omega Constellations.
The vintage watch market can be divided into four markets: Global
Internet (on-line auctions, sales forums and specialist on-line auctions run by
auction houses); Internet retail (on-line vintage dealerships with stock at
fixed prices); High-End Auction Events (such as Christies, Antiquorum,
Patrizzi, Doctor Crotts and Sothebys) and Bricks & Mortar Retail (geographically
located dealerships). Generally, prices
realised within the Global Internet market are the cheapest and it is a source
for inventory for both Internet Retail and Brick & Mortar establishments.
Risks are higher and due diligence is essential. As a rule, Bricks and Mortar
Dealerships and High-End Auctioneers (particularly when an event is hyped up)
are the most expensive sources for collectors. Risk at B&M establishments
can be seen as the lowest in most instances.Global Internet prices are used in this review.
Increasing gold prices have had an effect on all quality
Constellation stock, prices for guilloche dialled model 2648 calibre 354/352 RG
examples in good condition, for example, having averaged between USD 3,100 and
3,500 over the past year. In general,
caution needs to be exercised when buying 18k gold watches, because of the
potential downward fluctuation in the price of gold. As a rule of thumb, a 1952 – 1965 vintage
Constellation watch head will contain between 1,400 to 1,600 USD worth of gold
based on a global gold price of USD 1,700 per troy ounce. Astute collectors
calculate the premium they wish to pay above the base gold value by assessing
case sharpness; dial originality, style, colour and quality; movement status
and condition; compliance with factory specifications; aesthetic value and
perceived demand for specific models. White gold examples in all models up to
and including the Omega C-Shape Constellation have achieved a premium of at
least 50% above their red gold and yellow gold contemporaries.
The most sought-after Constellation models in terms of
appearance are guilloche dialled models in 352 RG, 354 and 501/505 calibres; Deluxe
models 2699 and 2700 are also eagerly sought-after; pie pan dials in all models
are in high demand; deluxe execution pie pan models with solid gold dials up to
model 168.006 attract strong interest (the differential between gold value and
market price for calibre 354 and 501/505 Deluxe pie pan Constellations has increased
to over double the 18k content of those pieces); authentic black dials in all
models are quickly snapped up and Omega ‘Globemaster’, or ‘No-Name’,
Constellations attract strong demand particularly from the U.S.
While, generally, there is plenty of inventory available
across the various digital and physical markets, an increasing premium is being
paid for the top end or best quality/condition stock. For example, a stainless
steel, authentic 168.005 pie pan model with a sharp case, excellent original dial,
original decagonal crown and pristine movement commanding around USD900.00 two
years ago now fetches in the vicinity of USD1400.00, or more, depending on the
level of demand generated. Six years ago, I purchased a pristine 168.005
stainless pie pan for less than USD600.00. The rise in values of top condition
Constellation models is also impacting on medium quality stock, the price of
which has risen commensurately.

As supply of quality, top end Constellations comes under
pressure because of demand and attrition, current trends indicate prices will
continue to rise. Curiously, there is an
emerging market for Constellations that exhibit interesting and even patterns
of dial patina. Dial degradation is a fact of life for any nineteen-fifties or
sixties watch that has been worn and not coddled, and there is a growing body
of collectors who enjoy even, but attractive patterns of patina. Black
Constellation dials printed over copper plate and showing copper flecks that
look like stars in a night sky; ivory dials that present a marbleized effect
and other interesting and even displays of age do well in the middle part of
the market as long as the pieces meet factory specifications.
There is real interest in Constellation C-Shapes of all
metals, particularly 18k models with Milanese bracelets, and a growing interest
can be seen in the chunkier integrated bracelet models. Prices for mid-500
series powered models (including calibre 751) have increased over 30% for quality
examples in the past three years.
As values increase for well preserved Constellations especially
those powered by the classic calibres, so do the opportunities for the fakers
and frankenmeisters to turn a profit. Fake gold Constellations and stainless
versions of dog leg lugged models continue to circulate as do ‘put-together’ or
franken versions of more popular models.
With the substantial investment now required even for a good stainless
steel model, I strongly urge you not to buy until you know exactly what you are
buying. Front-end research is
imperative, and the resources on this site, if used properly, can mean the
difference between a pleasant acquisition experience and a nightmare.