I am no Monaco expert and don't think I'll ever be (not 'cool' enough for Monaco me, as Abel knows :-)), still I think Jeff's exercise is very important for it can really apply to any watches of Heuer's or other brands whose vintage is cherished. So I am in no position to spell out absolute values and I'll just try to provide a relative value where 100 points is the one of the No.1, the 'true' / 'dream' NOS we all look for, and the others trade at discount.

1. NOS 100 points
2. Put-together NOS 90 points
3. Mint / Near mint 80 points
4. New Old Something 65 points

I know most will not agree with the relatively high-value of the Put-together NOS but indeed I feel it's not that far from the real McCoy, and on the other hand I never have got the 'patina' thing very much: to me NOS has to have also a perfect (i.e. bright) lume, as I remember for some outstanding pieces offered by Alex on Chronotrader.

By the way, I love the definition of "New Old Something": a smart one again Jeff, my compliments!
Cheers
Fabrizio

: Yesterday, we had an excellent discussion about the meaning of
: New Old Stock ("NOS"), and I am optimistic that we
: have developed some shared understandings and language that will
: be useful to describe our beloved vintage Heuer chronographs,
: going forward. So today, let's move from theory and language and
: see how we would apply this new learning to the actual valuation
: of four watches.

: So here's the situation. Participants on this forum will now have
: the opportunity to estimate the "fair market value" of
: four different watches, each a Monaco 73633B (blue, three
: register, manual-wind Monaco). For purposes of this exercise,
: let's assume that each of these watches is being offered by a
: reputable dealer, meaning that the descriptions are entirely
: accurate and the dealer will stand behind the watch. We will
: also assume that each watch is on the original metal bracelet,
: but with no box or papers. In other words, it's the watch on the
: bracelet, with no "extras". We will also assume that
: none of these watches has any gasket or dial issues, so the
: "gasket goop" does not present any risk in pricing or
: purchasing any of the four samples.
: "True NOS". Our first sample is the
: dream . . . "true NOS", with no "ifs",
: "ands" or "buts". Our dealer found this
: Monaco at a local shop, where the little old shopkeeper had
: purchased the watch for his inventory, in 1972, but he never
: managed to sell the watch. This Monaco has been stored
: carefully, and never exposed to the elements, so that the colors
: are vivid, with no fading at all; the dial is printed perfectly,
: with every numeral and hash-mark as strong as the day that it
: left the factory. The watch has never been opened or serviced.
: Over the years, a couple of prospective buyers carefully put it
: on their wrists, but it was never sold. All would agree, this
: one is "NOS". So how much is it worth?

: "Recently-Assembled" / "Put Together"
: / "Second Tier" NOS. Our second sample is
: the newly-defined "Recently-Assembled" or "Put
: Together" NOS. Here is the story: The dealer knew a
: reputable watchmaker who has been servicing Heuer watches for
: many years, let's say since 1970. Well, our watchmaker recently
: found a perfect 73633 dial, carefully stored since 1972, along
: with a pair of the original hands and an unused case, all
: original production from 1972, all in perfect condition. The
: watchmaker found a Valjoux 7736 movement that was in excellent
: condition . . . not new, but now freshly overhauled. The
: watchmaker put all this together, with a NOS bracelet, to
: produce a Monaco that is newly-assembled, with these 100%
: original, old parts. So how much is this one worth?

: "Aged to Perfection" . . . some might call it,
: "Near Mint". Next up in our dealer's
: wonderful display case is a Monaco 73633 that has been
: "aged to perfection". This Monaco is not New Old
: Stock, under any definition, but has been a one-owner watch
: since 1972. This Monaco has absolutely perfect patina, on the
: hands and matching luminous dots; has been worn very carefully,
: only five or six times per year; has been serviced regularly,
: every eight or ten years; and has only the very lightest
: scratches on the case and crystal. It is 100% original and aged
: to perfection . . . the only thing that has been changed since
: 1972 is the oil. The bracelet is original and also very near
: mint. What is this one worth?

: "New Old Something". The last Monaco
: that we will consider is the one that David posted yesterday
: (shown below). This watch is a bit of a mystery. The dealer
: tells us that it has never been sold, but somewhere along the
: way, it suffered some damage in the store . . . maybe from
: moisture or humidity. So the watch was sent to a reputable
: watchmaker (or even to a TAG-Heuer service center), where it
: received a new set of service hands, along with a
: slightly-too-long chrono second hand. There was some work done
: on the dial, including newly-painted luminous dots and maybe a
: little touch up here and there. We can see a couple of tiny dots
: of the midnight blue paint, on the surface of the dial. We see
: that all the luminous dots have been replaced, with super
: luminova. When this work was being done, the movement was fully
: overhauled, so it is running perfectly. There are very light
: marks on the case, but nothing major. We're not sure, but some
: might look at the dial, and think that it had been refinished
: (or at least retouched).
: OK . . . so there are our four Monacos, Reference 73633B . . .
: please tell us the "fair market value" for each, as we
: might see offered by a reputable dealer / as you might be
: willing to pay. Or let's say that you must enter a bid for each
: of these four watches. What will your four bids be? Of course,
: if I have missed anything, then you should feel free to add any
: assumptions or other information which you consider important to
: the valuation.

: Give us the four prices, or write an essay on each of the watches .
: . . Yesterday was the classwork and studying; today is the test
: . . . good luck!!

: Jeff

: