It wasn’t too long ago that the current generation of Vacheron Constantin Overseas was one of those watches that many called “underrated”, myself included. A classic steel sports watch with a distinct bezel design and a vibrant sunbrushed dial, reviewers have praised its beautiful design, as well as fantastic ergonomics and exceptional finishes on everything from its integrated strap to the bevels on its bridges. movement.

And buyers have found that if they wanted one, this watch wasn’t difficult to acquire, at least from its launch in 2016 until around 18 months ago.

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In June 2020, the buzz about delivery times started to crop up among collectors across North America. Around the same time, aftermarket selling prices for the Overseas began to climb, according to Mike Manjos, chief revenue officer of Watchbox, a major distributor in the global used watch market.

“Since the first quarter of 2020, we have seen an 83.5% increase in the market value of the current generation Blue Dial Overseas. At the start of this quarter, used copies of the blue-dialed Overseas were trading for around $ 17,000, which is below its retail price of $ 22,500, ”says Manjos, referring to the version at. Blue three-hand watch dial (referred to as reference 4500V by the company). “In contrast, current sales of these parts are now over $ 32,000. The biggest jump took place about six months ago.

Over the past year, I have heard several stories of people struggling to acquire a foreign reference of some sort in the Vacheron store network, with wait times hovering around the window of six to eight months between order and delivery. Some North American retailers have informed their customers that the wait for a steel blue 4500V can be up to two years in some markets.

Unlike the waiting lists found at Rolex, Audemars Piguet and Patek Philippe – which can stretch up to four or five years (or, at one point, up to eight years for the now discontinued Patek Philippe Nautilus 5711. ) – waiting six months to two years seems minor. But the key here is that not long ago you could just walk into an authorized boutique or retailer and buy an Overseas out of the storefront.

These waiting lists at other brands don’t just increase aftermarket values ​​for their respective products (the Nautilus, Audemars Piguet Royal Oak and pretty much all Rolex steel models). They also help Vacheron.

In the fall of 2017, I had a conversation with Aurel Bacs, senior watch consultant at Phillips Auctions, who has been central to the vintage watch collection boom over the past half decade by auctioning high-powered pieces like the Rolex by Paul Newman. Daytona, which sold for over $ 17 million that year.

When I asked Bacs about the exploding market for another vintage watch, the Heuer Chronograph, he explained to me a particular aspect of the collectible psyche that seems to apply to Overseas. “We have to look at it in terms of ‘the next best thing’,” he explained. “This happens as much with watches as it does with cars and other collectibles. At a certain point of market desirability and interest, certain items simply become beyond the reach of the primary buyer. The person who was happy to pay $ 50,000 for a Rolex Daytona will not necessarily be willing or able to spend $ 150,000 to $ 200,000 for the same watch. These collectors will always have $ 50,000 in their pockets, so they set out to find something comparable, he said. “As more and more buyers find a common answer to the same question, then we see that the ‘next best thing’ begins to increase in turn. “

I’ve heard this sentiment echoed in one way or another by nearly a dozen foreign owners I’ve spoken to recently. For many, the decision has gone so far as to become a matter of principle; even though they could crack the code to get their hands on a Patek Philippe Nautilus 5711 these days, the instinct of seeing one in the wild is to think the wearer has overpaid.

A brief introduction: Sports watches like the Overseas have been very popular in recent years, led by the coveted Nautilus, an unworn copy of its ‘latest edition’ green dial variant of which fetched around half a million dollars. last July. at the auction of Important Modern and Vintage Watches of Antiquorum in Monaco. (Retail price is $ 34,893).

Up close we have the Audemars Piguet Royal Oak and the Rolex Daytona, Submariner and GMT-Master II. To be classified as a “sports watch”, a timepiece is usually made entirely of metal (preferably steel) and often has a strap integrated into the watch case itself, rather than sliding between a pair of watches. horns.

Prices for these watches range from $ 8,100 for the Submariner on the low end to over $ 120,000 for a Nautilus perpetual calendar on the high end. Even for the cheapest models, there are waiting lists of hundreds, if not thousands.

After a decade of collecting watches, securities lawyer Tom Ng decided earlier this year to move abroad. “The AP and Patek sports watches have just become too prominent these days, given the attention they get online, and just might send the wrong message in some professional circles,” he says. “In the meantime, the Overseas will still fly under the radar most of the time, while still being distinctive and versatile for everyday use.”

Although demand has increased considerably, the low annual production of the Overseas collection has led to the supply drying up in no time. Vacheron’s annual production fluctuates between 20,000 and 25,000 watches per year. Vacheron doesn’t share the specific number of models made, but says the Overseas accounts for around 20% of the brand’s production: we’re only talking about 5,000 watches a year. For the context, there are watch brands that will call a series of 5,000 pieces a “limited edition”. (After months of requests, Vacheron executives declined to comment on this article.)

“At Wempe, demand for Vacheron Constantin Overseas models started to increase exponentially in 2018,” said Rudiger Albers, US president of watch retailer Wempe. “The new ad campaign at the time, ‘One of not many’, summed it up perfectly,” he adds, alluding to the promotion of the brand that year, anchoring Vacheron as the brand of connoisseurs who want something rare.

Albers attributes some of the continued popularity to increasingly casual working conditions that allow for slightly less dressy watches. “It doesn’t make our job any easier,” he notes, “because the annual allocation of Overseas watches per model can easily be counted with one hand.

So what’s the next step for Overseas? Very recently, Vacheron unveiled a pair of Everest references in a limited edition of 150 pieces, paying homage to the prototype worn by Cory Richards during his ascent of Everest. When the prototype sold at auction for the shocking sum of $ 100,000, it was clear that there would be interest in a production version; when the two models were launched, we were informed that all 300 watches had been sold.

The sports watch market for used and new watches is very stable. Modern Rolex references remain unobtainable without the help of a company or retailer, and waiting lists for a Nautilus or Royal Oak have grown for so long that many boutiques simply don’t take names. Adding a new competitor with burgeoning desirability and comparable quality that hasn’t been ruined by being the “it watch” for new money freaks with a thirst for attention? Overseas are probably not going anywhere anytime soon.

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