PeterCDE
10167
A matter of quality/perfection/effort
Hi Alberto,
based on my own (limited) experience i would say that vintage watches in general is a field filled with landmines, especially prices and "value".
But one thing is sure: Quality stays and will be appreciated.
Apart from marketing issues like advertising campaigns and the value of the material, it?s mostly the amount of very expensive hand work which makes a watch precious.
"Not so far different from others" is a relative conclusion:
Yes, a Patek Calatrava is watch. It does have (often) three hands, most likely a gold case and it usually tells the time quite accurate.
That?s something any other watch will do as well and many many others do have a nice dial and a solid gold case.
The difference is the effort put into the movement, the dial, the hands, the case.
If you look at a vintage Vacheron, AP or Patek movement, you will notice the difference.
These do have (among some other features) incredibly accurate angled and polished bridges (even on the undersite), polished/chamferred counter-sinks for the jewels, polished and chamferred wheels and extremely accurate balances.
All this is done by hand and assembled by hand.
The cases are often more elaborate than many others and most of them are quite unique to the brand. The dials are much finer and the hands are better than standard ones.
This mixture of expensive hand work and highest quality parts has been expensive then and it is expensive today.
Of course, to some degree the appreciation for a given brand will cause a demand for their vintage pieces.
But a really "good" watch will certainly cause a specific demand and a higher price even if the brand or maker is long gone.
There are quite some makers which did high quality watches in the past; Haas Neveux, Touchon, the chronograph watches by Longines or the chronometre watches and chronometers by different makers just to name a random few. And of course almost any complicated watch, almost regardless the maker: Perpetual calenders, tourbillons or repeating watches never have been a cheap mass-production item.
Some makers have closed their doors more than 50 years ago, but the quality of their products is still much appreciated (and usually not inexpensive).
And the condition is very important; a good original condition can easily make a difference of some 100 percent of the price.
A severly scratched or damaged case is something hard to refinish, so it will often cause a much lower demand. A broken/faded/scratched dial is impossible to repair; either you have a new one (which should be the proper dial matching the specific model of the watch) or you have to refinish it. But a crystal is in most cases something very easy to replace for only a very small amount. So i?d say a perfect dial and a good case with not more than slight signs of use is important and many collectors will pay a premium for this condition.
Another aspect is the "collectability":
I think an important price-building factor is the rarity of a given example. If there were only 50 or 100 made, only few collectors can have such watch.
But a low production total is not important if the watch isn?t of high quality: A vintage watch with a standard movement in a simple case with a standard dial and hands is something i?d regard not as collectable even if it?s rare. Just because it?s not of very high quality. And it certainly did not retail for more than a "basic" model of a high-end brand then. So i don?t see any reason to pay the same price i would pay for a high-grade watch which was made in far higher numbers.
In terms of vintage watches i?d like to quote a comparison i recently read:
Around 1900, a Lange&Soehne gold pocket watch of the first quality retailed for almost the same prize as an average farm, including land, buildings and animals.
Today, it will sell for not much more than the doors of the farm house. It?s still expensive if compared to other pocket watches of that time, but it?s less than it was worth when new.
I think that?s not limited to watches: Any fine car, painting, furniture or other object is expensive to do and will be a desireable item if the quality is high enough. It is very likely that someone (often more than one) enthusiast will enjoy it?s quality and pay a certain price for it. If the maker does have a certain recognition, it will often raise the price.
One thing i?d recommend is a quick self-test:
Take a watchmaker?s loupe and have a look at the details of a given standard movement. Then look at a very high-grade one with the same functions. You will see many differences even if you may not recognize all of them.
And a very good thing to start with are the in-depth reviews ("Home Page" on the index page, then "In-depth reviews") on this site; the principles of a "good" watch are basically the same for vintage and contemporary watches.
But be prepared to enter the crazy world of vintage watches: The more you see and you learn, the more you want to know. It?s an endless circle.
On the other hand, it?s quite a fascination 
Just a few random thoughts, hope this helps anyway.
Greetings from germany,
Peter
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