Vintage Heuer: The Most Predictably Volatile Market Around?
Some of my earliest watch-collecting memories concern vintage Heuer. The ’60s chronographs, with their captivating names, left an indelible mark in my subconscious. How could they not? The breadth of choices, from clinical (the Carrera) to zany (the Monaco), has always been a veritable feast for the eyes. Yet, have watch collectors ever witnessed a sub-series of watches so prone to over-interest and periods of complete and utter disregard?
Indeed, the vintage Heuer market exhibits the strangest dynamics among commonly collected watches. I can recall periods when nothing aside from Rolex was hotter. Unfortunately, these eras of flying very close to the Sun were followed by an Icarus-like fall. Why is this, and why do I care now? Well, the Heuer market is starting to wake up again after a very long slumber. I’ll offer some thoughts on this and mention a few references as a refresher.
Heuer Carrera 2447 S
The 1990s — the first boom
It was 1995, and I was home from college during the summer. One weekend, I went with my family down to Bal Harbour in Miami and walked around the glitzy outdoor mall bearing the same name. We walked into the small Tourneau nestled next to a department store. Even though I was still a teenager, I was already keenly interested in watches. The TAG Heuer CS3111 Carrera reissue with its plastic crystal and manual-winding movement peered back at me through the showcase, and I had to try it. Magic! Sadly, I was still several years away from graduating and making some real money, but the seed was planted. Vintage Heuer was cool.
When I graduated in 1998, I traveled a bit for work. I started noticing the large photographs of Steve McQueen on billboards because the TAG Heuer Monaco was back in stores. It was the early days of the internet, but there I was, waiting for my modem to go through its calisthenics to connect to whatever service I had near Youngstown, Ohio.
Heuer Temporada 733.809 R
Retro nostalgia was dusting itself off after the weirdly futuristic and bubbly ’80s and ’90s. People wanted the ’60s and ’70s. Websites were selling vintage Heuer, Omega, and Tissot chronographs with ease. The prices were nothing like today but were higher than several years before. Classic cars and racing were becoming increasingly popular as baby boomers started to claw back some of their youth. Plus, Formula 1 was coming back to America in Indianapolis. Even then, people wanted a cool watch to wear at the event. I bought my dad a vintage Heuer Temporada for $400 because it was all I could afford. Yet, it still looked the part.
IWC Big Pilot’s Watch IW5002 — Image: Chrono24
Quieter during the early to mid-’00s
I could be wrong, but vintage Heuer fever faded during the millennium’s first part. Let’s blame it on the big-watch phenomenon when pieces from Panerai ruled the market. The IWC Big Pilot and Bell & Ross BR-03 also had notable and successful runs. Smaller, older watches weren’t that interesting.
Heuer Carrera Dato 2547 S
Back again in the 2010s for good? Not so fast…
In the early 2010s, vintage watches, especially ’60s chronographs, caught fire. Certain generations came of age, motorsports figured out how to market to a wider crowd, and the world recovered from a brutal recession. All of these instances came together to propel the market like never before. It was time to spend! I still remember watching auctions and seeing vintage Heuer pieces sell for obscene sums — the kind of numbers that smelled a bit fishy. But the gravy train rolled on, and everyone wanted a piece. Thankfully, I was fortunate to get in early and pick up some lovely watches that would never make it to a platform like eBay today. Watches like the “Jochen Rindt” Autavia, the “Dark Lord” Monaco, and others were auction house darlings and consistently set records.
The beginning of the end for vintage Heuer
But when the fever pitch hits an all-time high, what happens? If you’re a fan of American football, the bittersweet curse of having your favorite player on the annual Madden NFL video game cover means that player is likely to suffer a season-ending injury. The vintage watch corollary is to have a brand-focused or themed auction, and that’s exactly what happened in November 2017.
“The Crosthwaite & Gavin Collection: Exceptional Heuer Chronographs From The Jack Heuer Era,” held by Phillips on November 11th, 2017, was a highly-anticipated event. A total of 43 rare (and some controversial) vintage Heuer lots crossed the block, and almost all sold for well above their upper estimates. However, as is often the case in such an auction, 43 “rare” lots were too much of a good thing, and the market burned itself out. If you follow the vintage watch market, a lot happened after 2017 for many brands. Records were set, and while the market has recently quieted, it is alive. The vintage Heuer market, however, has remained dormant until recently.
Heuer Camaro 7220 NT
2025 — start your engines?
Nearly eight years is an astoundingly long time for a slump, but interest in vintage Heuer is growing again. Astonishingly, it has taken so long despite TAG Heuer releasing chronographs using classic model names. Then again, those modern watches could be smaller and more evocative of earlier models.
So, why are we seeing an era of interest again? Interest in racing, such as Formula 1 and Le Mans, has never been greater. Shows like Formula 1: Drive to Survive and the fact that there are now three (!!) races in America have all contributed to the surge in popularity.
Perhaps a new generation of collectors is also discovering these iconic watches. Wind Vintage, one of my favorite sites, has stocked a healthy selection of well-preserved and rare pieces since early last year. Frankly, most probably thought Eric and Charlie were crazy to take repeated gambles on such out-of-fashion watches. However, as 2024 wore on, I noticed that pieces were no longer languishing on the site for months.
Heuer Carrera 2447 S Yachting — Image: Wind Vintage
Thoughts from the experts
I asked Eric Wind, Charlie Dunne, and Jeff Stein for their thoughts on vintage Heuer, why the market is volatile, and why it’s on the rise again. Their responses make sense and reflect what I’ve seen in the market.
Abercrombie & Fitch 2447 SF by Heuer — Image: Wind Vintage
Charlie Dunne of Wind Vintage
Charlie of Wind Vintage added, “It’s possible there are potential buyers who are seeing the fluctuations and get excited to get their first Carrera or an exceptional Heuer at a bargain compared to where it was only a few years ago (when they probably were on weighing other options when considering an expensive Heuer).
In all honesty, Heuer is very much an enthusiast brand. You’re not buying it to get anyone’s respect or props. I usually see collectors grab a Heuer after they’ve gotten a great Rolex or two or are maybe getting more into chronographs and already purchased other complicated models. It’s a fun brand.”
Heuer Autavia 2446 First Generation — Image: Wind Vintage
Eric Wind of Wind Vintage
As for Eric, he’s a firm believer that color is an undeniable calling card for vintage Heuer. He mentioned that “no one does color like vintage Heuer watches, whether the colorful Seafarer and Solunar models made for Abercrombie & Fitch or models such as the ‘Jo Siffert’ and ‘Orange Boy’ Autavias. They have a distinct retro and futuristic feel at the same time.”
Image: OnTheDash
Jeff Stein, the world’s leading vintage Heuer expert
Jeff Stein is the leading expert on vintage Heuer and owner of the informative OnTheDash site, so I wanted to get his thoughts. He sees a strong tie to the current interest in racing, TAG Heuer’s current activities, and the brand’s deep racing history as keys to success. Regarding the wild ups and downs of the vintage Heuer market, he said, “Compared to other popular brands (of the 1960s and ’70s), it seems that the Heuers were relatively low production. Jump onto Chrono24 or eBay, do the searches for vintage ‘Rolex Daytona’ (or ‘Submariner’), ‘Omega Speedmaster,’ and ‘Breitling Navitimer,’ and then try ‘Heuer Autavia’ or ‘Carrera,’ and the number of vintage Heuers offered for sale at any time will be very small compared to the other brands.
There just aren’t that many of them out there, so they are more volatile. Heuer has had good exposure in the media, with some high-profile auctions and other events that get coverage (Ryan Gosling in the Barbie movie, the Senna series on Netflix, and Ford vs Ferrari and Rush in theatres), so these events can trigger popular interest in the watches. Over the last five years, the most viewed page of OnTheDash has been ‘Watch Spotting — Heuer Chronographs in Ford v Ferrari,’ posted in November 2019.”
Why the market is hot
When it comes to why the market is heating up, Jeff added, “Maybe it’s a ‘perfect storm’ — the audience for Formula 1 (and other racing series) is experiencing strong growth, with new fans being young and affluent (and Heuer has a unique position in motorsports); the current team at TAG Heuer is designing some great watches, which fuels interest in the vintage models; TAG Heuer has gone all in with racing and gotten behind its heritage; Heritage Director Nick Biebuyck is effective at telling the stories, capturing the romance of the 1960s and ’70s racers; there is also a strong community of collectors (on social media, for example). Boiling it all down, today’s collectors are attracted by the stories of how the watches were used in the ‘golden age,’ and they want authenticity. Heuer offers this authenticity — the watches that racers, teams, and events actually used to time races and to look like racers. And they remain relatively affordable.”
Thanks to Eric, Charlie, and Jeff for their thoughts!
Heuer Autavia 73663 “Jo Siffert Colors” — Image: Wind Vintage
Too damn cool to keep down
You don’t have to love vintage Heuer, but it’s hard to deny these watches based on looks alone. The shielded logo is legendary, and the styling still ranks as relatively distinct among a sea of very similar ’60s and ’70s chronographs. Movement-wise, Heuer depended on third-party suppliers, but the brand largely used good calibers. The Valjoux 72 and 23 were ubiquitous throughout ’60s references, and the Caliber 11 family was nothing short of groundbreaking. So at least the watches aren’t only about looks.
Heuer Autavia 2446
A few points
Trends rarely take shape in the same form as the previous one. This time, it seems some models are slower to catch fire than others. Eric Wind quipped on his latest podcast that models such as the Autavia garner slightly less interest than stalwarts like the Carrera and Monaco. It will be interesting to see if that continues or if all vintage Heuer pieces catch relative fire. Another important point to note is that the rise in popularity of older watches is helping boost the relative interest in ’40s and ’50s Heuer chronographs. This is not a well-covered subject, so I’d suggest visiting the mecca for all things Heuer, Jeff Stein’s OnTheDash website. Now, with all that said, let’s discuss some references.
Heuer Carrera 2447 S
The vintage Heuer Carrera 2447 and 3647
I should probably avoid making grandiose statements like, “The Carrera 2447 is the best chronograph ever designed,” for fear that I’ll contradict myself one day. Still, I think I’ve been fairly consistent with this sentiment. I love the Speedmaster, Daytona, and many other chronographs, but the original Carrera is so clean and so well designed. The early single-color models lack superfluous add-ons or flourishes of color. They’re instrument-like, which makes sense considering the brand’s former focus on timing instruments and stopwatches.
Ready for another wild statement? For a long time, I’ve felt that the vintage Heuer Carrera 2447 and the two-register 3647 are the best deals in the game. Yes, good models can be challenging to find, and there are rare color schemes. However, a nice 36mm silver model is still a bargain. Here’s a watch with a waterproof case, a Singer dial, and a Valjoux 72, and it just happens to be the piece regarded as the original racing chronograph. Heck, Eric Wind penned the seminal article on the watch back in 2013 on Hodinkee.
Heuer Carrera 2447 S
Experiencing the 2447 firsthand
I’ve purchased two 2447s during my collecting career. One is an early 2447 with a transitional silver “no T” dial. I gave it to my dad for his 65th birthday, and it’s a lovely watch. My 2447 was a dumpster fire that I bought in Lucerne in 2011. I was naive and bought a badly overpolished late-first-generation watch with service pushers and a horrendously overpolished and bent case. Thankfully, the dial, hands, movement, and case back were all very nice.
Recently, I purchased a used but unpolished 2447 case with the correct pushers. The good parts were transplanted into the new case, and I now have a lovely, wearable 2447 (don’t worry, I’m not selling, and if I did, I’d disclose this). The only regret I have is not fixing this watch sooner! For €7,000–10,000, it’s still possible to find a nice, presentable 2447. For those who like the 3647, that reference goes for even less. That, folks, is the best deal in the watch game.
Heuer Camaro 7220 NT
The Camaro 7220 — lowly no more
For those of us who have tried on or owned the former red-headed stepchild of the vintage Heuer family, the Camaro, we’ve grasped the magic of these watches. The 37mm Camaro 7220 is the squarish-shaped ’60s chronograph that escaped the admiration of most collectors. However, with the trend towards smaller watches and a revived interest in non-round watches, the Camaro is finally earning some long-overdue respect.
I like the 7220 models because of the Valjoux 72 movement. These watches came with an assortment of dial options, from basic to exotic. All look good, but with a Camaro, there are two key points. First, they’re dynamite on the wrist and fit beautifully. Second, it’s critical to find one with a sharp case. Badly polished examples are widely available, but losing the fragile case lines is a travesty.
I was lucky enough to buy my chocolatey exotic 7220 years ago when one of our readers sent an email asking if I was interested. At the time, I wasn’t, but the offer was fair, and the dial was rare. Looking back, it’s one of the best watch purchases I’ve ever made. The Camaro will always be a bit “different” than the Carrera, but it’s deserving of any increase in interest.
Heuer Monaco 73633B
The vintage Monaco
If you recall the beginning of this article, I mentioned seeing the Steve McQueen posters when TAG Heuer brought back the Monaco. I tried one on and was gutted because it looked like a slab of cheddar on my wrist. Several years later, I thought I’d try again, and I left the shop with the same rotten feeling. Here’s the thing, though. Vintage Monaco models, especially the manual-wind 73633B, fit differently. They’re narrower and, in some cases, thinner.
The Monaco, especially the Caliber 11-powered 1133B, was one of the first vintage hype watches I can recall. That wild EPSA case and the incredible blue, white, and red color combo… Was there ever a cooler watch that evoked the gritty late ’60s/early ’70s racing scene so perfectly? Fine, the watch was a movie prop and forced its way onto the scene, but it just feels so right.
The Monaco, in my view, has also seen some of the most volatile price moves of any vintage Heuer. As a hype watch, perhaps that was and always is bound to happen. But again, get one on the wrist with a chalky blue or gray dial and the right strap or bracelet, and you’ll see why these are so damn good.
Heuer Monaco 73633B
Adding a Monaco to the collection
A couple of years ago, my friend Eric in Japan came across a nice 7736-powered Monaco 73633B. To be clear, this is the manual-winding version with three registers and all the controls on the right side of the case. He didn’t “bond with the watch,” as he likes to say, so I bought it for a reasonable sum. It was a leap of faith and sort of like purchasing a watch I thought I’d never own. The chunky chrono shipped from Japan to Belgium, where it fell under the care of the OG Heuer master, Abel Court. Abel sent me over 200 photos of the service, with the bulk of the pictures related to the removal of the melted black crystal gasket. The finished product is sublime and feels like a carnival on my wrist. Frankly, I love it and am ecstatic to own the watch.
Heuer Monaco 1133B — Image: Wind Vintage
I can’t recommend a Monaco enough. It’s lovely as a curiosity, and if it fits, it’s wildly endearing as a watch. Models with Caliber 11 are still pricey ordeals, although gray-dial models command less. Caliber 15-powered 1533s are an outright bargain and provide the funky left-sided crown look for a fraction of the price of a Caliber 11. The hand-wound 73633 models are also relatively approachable. With these watches, there are some key things to keep in mind. A sharp case is key to enjoying this watch in all its glory. Then, there are dials. With the Caliber 11 models, beware of counterfeits. Most importantly, though, with all vintage Heuer Monaco models, check the dials carefully. A melted gasket can cause irreversible damage when removed during a service.
Heuer Autavia 2446
The Autavia
The Autavia is probably the vintage Heuer that rose the most during the last run-up and fell the furthest when the boom ended. I can’t explain either phenomenon other than to say it was a historically overlooked model and, suddenly, everyone had to have one.
Now, early big-eye models with dauphine hands are rare and expensive, but they take time to sell. The most popular models come from the mid-’60s and are known for associations with World Champion racing drivers Jochen Rindt (2446) and Mario Andretti (3646). Like the Carrera 2447, these are findable, although sourcing one in good condition can be a challenge.
As the guys from Wind Vintage mentioned on their podcast, the Autavia is still stuck in a slump. Do I expect this to continue? If vintage Heuer continues to trend upward, I believe the Autavia will take off again. Why is that? If the Carrera is an elegant, simple racing chronograph, the Autavia is a hard-edged, brutal tool. With a rotating bezel and reverse panda dial, the design borrows heavily from the focused dashboard timers bearing the same model name. It’s a cool series of watches that reminds me of oil, carburetors, and burnt tire rubber.
Heuer Autavia 1163V — Image: Wind Vintage
Later models with color
If we consider later compressor-case models, these are large watches with a straightforward design. Here again, there’s nothing elegant about them, but they ooze old-school racing. When it comes to the ’70s, the Autavia is probably the model that translated best in the new decade. The C-shaped case design worked well with a 77xx or Caliber 11. Famous models, such as the “Jo Siffert,” the “Orange Boy,” and even the affordable “Viceroy” make these fun and exciting to collect. It’s rare for C-case watches to find a way into the hearts of collectors, but the bright colors on these pieces have helped keep them popular.
Heuer Autavia 2446 “Round Numerals”
Owning a vintage Heuer Autavia 2446
When I decided I wanted an Autavia in 2015, I was on the borderline of being too late. The hype had hit, and the days of finding a nice €2,500 watch were long gone. Still, at that time, a decent watch would sit on eBay for long enough to allow for adequate conversation between buyer and seller. I went back and forth with the seller of my 2446 for several days before we agreed on a price. When I flew to America to retrieve it, the watch awaiting me was exactly as I had hoped. Crisp chamfered lugs, a Singer dial, and a precisely knurled bezel comprise a good Autavia. Plus, compared to the other ’60s Heuer models, an Autavia is big with a nearly 39mm diameter.
The Autavia 2446 is a collection highlight for me. The buying process was fun, the unboxing blew away my expectations, and I still love owning it. For buyers, an Autavia of any type is worth deep study. OnTheDash has a fantastic section devoted to the model, which can help avoid buying pieces with incorrect hands and dials. One could argue that this was the model line most favored by racers, which is a good reason to consider owning one.
Abercrombie & Fitch Solunar by Heuer — Image: Wind Vintage
The Abercrombie & Fitch models
I can’t help it — the name Abercrombie & Fitch still brings me back to late-’90s American mall culture. Thankfully, these Heuer models have nothing to do with that cologne-infused era. I admit that I don’t know much about these pieces, but early models like the Solunar and Seafarer are so colorful and different. The former is the only non-chronograph reference I’ve included today. It includes a tidal indicator on a brightly hued disc.
The Seafarer has similar functionality and a chronograph. It includes many generations of models and uses the Carrera and Autavia cases in later iterations. Various versions are available in colors such as blue, aqua, and goldenrod, making them distinct and expensive. The Solunar, in particular, is a 36mm watch, which makes it particularly relevant in today’s market.
Heuer Autavia 2446
Conclusions
The vintage Heuer market is confounding. These are genuinely attractive and well-made historic watches with a tie to a sport that widens the potential collecting audience. However, a highly promoted auction, huge prices, and a general market slowdown all conspired to hit Heuer harder than other brands. Now, finally, after nearly eight years, the vintage Heuer market seems to be clawing its way back to respectability. A mix of seasoned and new collectors is helping drive this renewed interest. Let’s hope they don’t let it run amok this time.
Thank you to Max van der Veer for providing our header photograph of his lovely Heuer Autavia 11063 MH.
