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The Omega Vintage Store, located in London’s Burlington Arcade, has all its watches approved by Omega and each comes with a certificate of authenticity. ST237_7_QP30_Complete_03.qxd 29/5/08 15:35 Page 89

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2 Omega would, no doubt, prefer that they are talked about purely in their own terms, as Switzerland’s best-established watchmaking giant. But while it would be too much to say that the shadow of Rolex informs their entire brand strategy, the question of when and how they will catch and overtake Rolex can never be entirely ignored.

James Gurney

And, too be fair, Rolex regard Omega as their caters for the interest in vintage and recent prime competitor and are equally adamant that Rolex watches dwarfs that surrounding any Omega are the last thing on their mind when other brand and adds considerable appeal to the looking to the future – particularly as Rolex are, Rolex name. There is even a publishing company at their own estimation, far more than simply a that publishes books only on Rolex. Curiously watchmaking company. Rolex refuse to acknowledge anything more about their past production, except that the Doric value watches were made and might, owing to the One of the pillars on which Rolex’s superlative carelessness of some owners, require the odd performance and brand value rests is the spare component. And the more rigorously Rolex perception of long-lasting value that surrounds refuse to comment on their past, the greater is the house. The mini-industry that supports and the interest generated among collectors. ST237_7_QP30_Complete_03.qxd 29/5/08 15:35 Page 90

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With the 2007 Omegamania sale at Antiquorum and practice this meant ensuring a credible source and the opening of the world’s first official Vintage standard for vintage Omega watches. Omega store in London, it seems that Omega are looking to create a similar lustre for themselves – but Out of the ruins with their weight behind the push. Omegamania was Six months before Omegamania, George Somlo, the most widely promoted and reported watch sale one of London’s most respected dealers in vintage ever – and by a considerable margin. Omega watches was opening his Piccadilly Arcade store collaborated and supported the sale to the utmost by when armed robbers struck. With the lease coming authenticating watches, providing extracts from the to an end and the inevitable time-consuming fight archives, arranging worldwide previews and even with insurers, Somlo and his wife Sandy decided to providing space at Baselworld for a second, internet take the opportunity to relocate and start afresh. linked auction room when the sale happened. In his case relocation only meant a few hundred yards to the north end of the Burlington Arcade, Vintage watch specialist, Colossal capital but before the new lease was even settled, Omega George Somlo, the proprietor of the Omega Vintage Store. In its own terms the sale worked, with lots knocked had spotted the chance and asked him to devote down for prices far higher than previous his new store to vintage Omega. Eighteen months benchmarks – though not altogether credibly in the after the Piccadilly Arcade store was attacked, QP eyes of some observers. However, even allowing visited the Vintage Omega store to talk with for some natural falling away from the more George Somlo. What was most noticeable was how manic prices achieved, values for Omega busy the store was barely a month into its “soft” vintage watches have risen steeply as has opening. Clearly the public was interested, but demand and, at least in the short term, supply, what made Somlo hitch his star to Omega? which is where the second part of the story comes into play. The first reason was that he too felt that vintage Omega watches were undervalued, compared to Following up the success of Omegamania meant contemporary watches from Vacheron Constantin, ensuring that the values and interest in Omega Patek Philippe and Rolex – particularly 1950’s vintage watches were not allowed to fall back, Constellations and Seamasters. Somlo insisted, as Steven Urquhart, the company’s CEO however, that while this price difference was put it, “we felt the time was right to enough to interest him, there were other questions take an innovative approach in the that would need answering before he was to stake vintage watch market. True his reputation on Omega. The first step was to collectors had long understood examine the sort of watches that would become the value of vintage Omega his stock in trade. Were they of a quality to watches and the results of compare with the likes of Rolex and Patek, could Omegamania made it clear that they be handled and restored effectively, were aficionados around the world parts available, what sort of state were forty year have started to appreciate the old Omega’s likely to be in and would Omega offer full force of the brand.” In sufficient support to validate watches? ST237_7_QP30_Complete_03.qxd 29/5/08 15:35 Page 91

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Omega are looking to create a similar lustre – but with their weight behind the push

Composite support to modern chronometer standards, but Constantin is still measured in the Essentially the answers to Somlo’s that the watches should show their age, £1,000’s. In terms of quality, Omega questions were yes; the watches of a point on which Omega needed some watches from the 1950’s and 1960’s are sufficient quality could be effectively and persuading apparently. the equal or more of Patek Philippe or economically sourced and restored – the Rolex – this was after all, the era when average cost of restoration being critical Returning to the current and future Omega were regular prize winners at and only likely to go up given the values of vintage Omega, Somlo believes observatory trials such as Kew. Time will shortage of qualified watchmakers. He that Omegamania helped prices re- of course tell whether the market really insisted on being allowed to set the adjust, but not in excess of their real agrees with the value Somlo sets, but standards in terms of restoration levels – value. Even after this jump in values, there is a substantial collector base just always a tricky subject – and being left to Omega is still undervalued by waiting for Omega to get the recognition source his own stock. He believes that comparison. The differential between a it deserves, their increased activity will movements need to be restored to a late 1950’s Constellation and its then be a spur to a new generation mechanically effective level, at least up equivalents from the likes of Vacheron of collectors. 8

(Left to Right) Omega Constellation, launched 1952. The Omega Speedmaster, otherwise known as the Moonwatch, was launched in 1957 and made famous when Nasa chose it for the Apollo Program. Thanks to Buzz Aldrin’s Speedmaster 145.012, the watch has claim to being the first worn on the moon. Omega Usine de Geneva ‘Tourbillon’ was made in 1947 and entered into the Geneva Observatory Trials in 1950. It scored 812 points and was the tenth highest scoring watch of the 38 in the class. The Omega Flightmaster was launched in 1969 and was designed to cater for long haul pilots. The watch is multifunctional, including: chronograph, 30 minute recorder, 12 hour recorder, 24 hour indicator, independently adjustable second time zone hand in the for of a jet and a turning bezel with minute scale.

Further information: Omega Vintage Store,35-36 Burlington ArcadeLondon W1J 0QBUnited Kingdom / www.omegawatches.com