A Vintage Year - The Enduring Appeal of Vintage Watches

There can be no doubt that the market for vintage luxury watches is increasingly on-the-up. In November 2014 the world's most expensive watch - the Patek Philippe Graves Super complication - was sold at auction for approximately £13.4m. It was previously sold in 1999 for approximately £10m - certainly then, a worthwhile investment.

That is not to say that vintage watch collectors are relegated to the top percentile of the world's richest people! Indeed there are many other models that are relatively affordable. The marketplace for vintage watches provides an interesting landscape - some watches are sold for more than expected while other models can fail to reach their reserve auction prices. Here we look at some of the driving forces of the market and what, if you are considering an investment vintage piece, you should look out for.

One of the most important factors that will determine the price of a vintage model is of course the brand and rarity of the piece. In November 2013 Christie's Geneva held a sale of 50 Rolex Oyster Daytonas, a model approximately half a century old - the sale raised roughly £8m. While of the top 100 most expensive pieces auctioned, 80 carry the name of Patek Philippe. The company's 175 year history as well as their exceptionally high quality and small production numbers serve to drive up prices of rare vintage models.

As well as brand name and rarity, a famous or perhaps, infamous connection can increase the desirability of a piece. A 1969 Rolex Oyster Daytona Paul Newman model sold for more than £610'000 even though it had never been worn by the star and was simply named after the model he wore in the 1970's. Similarly, Elvis Presley's Omega has been sold for more than £32'000. Legendary actor James Dean's pocket watch engraved with his initials sold for eight times its estimated value in 2013. Steve McQueen's Swiss Heuer Monaco Series watch worn during the film LeMans also sold for around £500'000 in 2012.

A celebrity connection isn't the only thing that can impact the value of a vintage timepiece. Many of the higher fetching models come complete with a noteworthy historical anecdote. A Rolex owned by a World War II prisoner of war held in the notorious Stalag Luft III camp - made famous by 1963 film The Great Escape - was sold at auction for £50'000. The former flight Lieutenant originally paid £170 (£5'000 modern day equivalent) for the piece. The same model without the prisoner of war story sold for £24'000 in 2013. Such historical references can add value to a watch and make it more likely to hold its value several years down the line.