Maybe there's some softening right at the top end too (top end for Heuer enthusiasts, that is, not the rarefied air of the Antiquorum top end!) - that black PVD Monaco Kav linked to was up for quite some time before selling. Mind you, the AAAA Monacos really are in a different price league to pretty much everything else Heuer so not sure how much that says for the rest of the market and that piece was fairly ambitiously priced in the current climate.

Point four of the TZ post:

4. Items that are frequently available were not being snapped up. As far as I could tell, the only lots that generated real bidding interest were those that people did not feel they could just wait to pick up in a later auction.

is, I feel, something of a truism and was ever so - how often have we bid on something sooner than we would really like after another purchase just because it was rare and we don't know when we will see another - the Seen Per Year factor at play. I guess the emphasis is really on the first part - common (high SPY) stuff isn't being bought because we can afford to wait on those.

Prices are still finding their level in the market in this climate too - sales might be down but there's still enough movement that we haven't seen any fire sales yet. I don't think we will see massive changes in price but there may need to be some adjustment to what the market can stand. Let's watch and see who blinks first :)