Few collectors may have paid attention. But last week in New York, a very rare 1962 Omega Speedmaster  2998-2 with a brown or ‘tropical’ dial offered collectors an important lesson in watch collecting.

Estimated at a reasonable $5-8′ooo the watch ended up selling for an exceptional $28’750 or almost 6x the low estimate! Did the buyer overpay? Not according to us.

Lets take a look why, the buyer in our opinion paid a handsome but fair price.

Early Omega Speedmasters of the 2998 reference were made in 3 series and are considered rare today.

Collectors like the 2998 reference as it carried the famed ’321′ calibre- considered one of the best chronograph movements available. So what is so special of the watch above? Several things. First notice the grey faded bezel with the Tachymetre scale of 1′ooo. It is completely original and this version of 1′ooo scale is more sought after and rare than the later scale of 500 that is also found on many early Speedmasters.

Secondly the dial has faded to an even ‘brown tone’. Collectors prize such dials as they contrast nicely with the grey bezel. While the dial is not in perfect condition (notice the marks within the sub-dials) it appears as if the lume is still original to the watch. Sure the lume is not perfect and seems to have ‘flaked off’ in many areas but this ‘patina’ is what many collectors love.

The hands also appear original but sadly does not carry the same the lume color as the dial anymore. The seconds hand also appears original and the only thing that would have made this watch ‘even’ better would have been the large ‘lollipop’ hand that is often found on these watches.

So an original dial that has faded naturally to a wonderful brown combined with the original and very rare Bezel insert that has faded to a nice grey is rare by itself. When this is found on a 2998-2 reference – collectors take notice. This explains the tremendous price achieved.

Was the watch in perfect condition? No. Was the watch largely original? Yes. Combined with this ultra-pleasing grey / brown combination – it was not surprising that a bidding war took place.

The buyer rightly saw the value of originality here combined with a stunning example of an already beautiful watch. Originality carries a large premium – in this case almost 600% above the low estimate.

(For the original listing of this watch please click here. For more on the famed 2998 series Omega Speedmaster – see our report here)

by Edmond Saran