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Over
the last few months, there have been several
oversized "Heuer" chronographs offered for sale on
the internet and at watch fairs. What styles of
oversize "Heuer" chronographs are currently being
sold and which ones are genuine
Heuers? To answer the
second question first, none of the oversized
chronographs are genuine Heuer timepieces. They are
all reproductions / fakes. These oversized
chronographs have been produced in the last couple
of years (so they are not "vintage"), usually by
craftsmen in Eastern Europe and Germany (so they
are not "Heuers"). In terms of the
styles, most of the oversize chronographs currently
being offered are one-button chronographs with two
registers -- continuous seconds at 9:00 (nine
o'clock) and a 30-minute recorder at 3:00 (three
o'clock). The button in the crown controls the
stopwatch -- with start, stop and reset to zero.
There are also
some split-second chronographs being sold
(illustrated below). These are two-button models,
with a pusher at 2:00 (two o'clock) controlling the
split-second function. As on the standard
chronograph, the button in the crown controls the
basic start-stop-reset unctions. So
if they were not made by Heuer, where are these
fakes coming from? These oversize
chronographs are being made in at least three
places -- in Prague (in the Czech Republic),in
Ustka
(a city in Poland), and in the Black Forest region
of Germany. Case-making is something of a cottage
industry, and in all likelihood, pocket
chronographs are being re-cased and converted into
oversized wrist chronographs in several additional
locations. We are most
familiar with the operations being conducted in
Poland and the Czech Republic, and will focus on
case-makers working in those markets. To the extent
we have reliable information, we will also discuss
the reproductions being made in Germany. Which
ones are coming from Poland and which ones come
from the Czech Republic? How you tell them apart?
And what about these German ones? Most of the
pieces sold on ebay over the last year have come
from a case-maker in Prague. The distinctive
feature of these chronographs is the coin-edge
bezel, with the black stripe marker, Ýand
the screw-back, which also has a
coin-edge. It takes some
expensive equipment and highly skilled workers to
produce the coin-edge finishes and screw-backs on
the Prague pieces. Working in steel is far more
difficult than working in gold or silver, and these
cases actually represent an extremely high level of
case-making skill. The ones coming
from Poland (illustrated below) do not have a
rotating bezel and are snap-back models. The ones from
Prague come from a single craftsman, who works
alone. (We have not spoken with him, so we do not
have the details of what he is doing.) The ones from
Poland come from a shop that employs three
craftsmen. We have spoken with the owner of this
shop, and can provide some details about what he is
doing. We have less
information about the German operations, though we
have received detailed descriptions of the
chronographs being produced there. We believe that
there are additional shops producing these
oversized reproductions, and would welcome any
additional information that our readers might be
able to provide. This is somewhat
complicated, but here are the basic
steps: For the Heuers
currently on the market, a one-button model is
the favored "donor". If the
case-maker will be making a split-second
chronograph, then, of course, the "donor" must
be a split second pocket chronograph. The Heuer
Reference 11.204 is the "industry standard". All else being
equal, the Valjoux
76 and
Valjoux
5 are
the favored movements for the one-button
chronographs; the Valjoux 76R and Valjoux 9 are
used for the split-second chronographs. By using
a genuine Heuer pocket chronograph, with the
correct movement, the manufacturer may save the
step of adding bogus "Heuer" marks to the
movement (as described in step 3). The dial is
less important, because it will be refinished
anyway. What
does it actually cost to produce one of these
oversized chronographs? The real issue is
the price of the new case that is produced to house
the chronograph. You can find the pocket
chronographs, that will be the donors of the
movements, in the $200 to $400 range, with the
genuine Heuers selling at the top of this range.
The dials can be refinished in the $50 to $100
range. Producing the new case is time-consuming and
the most expensive part of the
operation. Are
the guys who are producing these chronographs open
about what they are doing? We have not
spoken with the case-makers in the Czech Republic
and Germany, so we cannot comment on how they are
operating. We have heard that these shops are
offering their re-cased chronographs at watch
fairs, in Munich, and generally disclosing that
they are reproductions. We have spoken
with the case-maker working in Ustka, Poland, and
he is entirely open about what he is doing.
Whenever he sells a re-cased timepiece on ebay, it
appears that he indicates clearly that the piece
has been re-cased, and he has a very good feedback
rating on ebay. He also advertises that individuals
can send their old pocket watches to him to be
re-cased. He indicates that he will not add the
name "Heuer" to a case that he produces. It would appear
that the problems do not really arise as much with
the gentlemen who are producing these re-cased
chronographs, as with their customers who are
re-selling them as "vintage", "originals" or "New
Old Stock" timepieces. Lately,
most of these oversized chronographs are being
offered and sold in the United States. How do they
get from Eastern Europe or Germany to the United
States? This is where it
gets interesting. The central
market for these oversized chronographs, other than
the internet, is Munich, where large watch fairs
are held regularly. Munich is centrally located
within the region where the cases are being
produced, and these fairs are very well attended.
At a typical Munich watch fair, there will be
several dealers offering these oversized
chronographs, with each seller having a selection
of a few pieces. Recently, it has become common
knowledge at these fairs that these chronographs
are reproductions, and they are offered and sold as
such. In fact, they are thought of as something of
a novelty item, rather than as a serious,
collectible chronograph. Recently, the
main buyers of these oversized chronographs have
been dealers located in the United States. While it
may be well-known at these fairs, and in the
European dealer network generally, that these
oversized chronographs are "fakes", word is only
beginning to spread in the United States and
certain other markets. So when these dealers return
to the United States, they are able to offer them
as NOS pieces and create some history to accompany
the watches. In addition to
being offered at the European watch fairs, these
chronographs may also be sold by the case-maker
directly to customers. These customers may be
individual collectors or dealers who then resell
the chronographs as vintage NOS pieces. So
what is this "history" that the United States
dealers create for these chronographs?
The typical story
is that these chronographs were produced by Heuer,
in the 1950's, for a grand prix or rally team and
"put away" for many years by a keen collector. The
story often includes references to the chronograph
having something to do with the Targa Florio race
or being produced for Juan-Manuel Fangio and his
team. Those offering the watches proceed with the
story that a small "cache" of these chronographs
has been discovered recently and is being released
into the market slowly. Sometimes, they are said to
come from the estate of the collector who put them
away, many years ago. Of course, this
history is a complete fabrication -- the
chronographs were not produced by Heuer in the
1950's; they were produced in Eastern Europe or
Germany just a few months ago. They are being
released slowly because there is a limit on how
many the case-makers can produce and there is a
limit on how many the market can view and absorb,
without the fraud becoming too obvious. Do
these dealers know the real history of these
chronographs? Absolutely. They
are buying them directly from the people who are
making them, with full knowledge that they are
reproductions. I am told that their status as
"reproductions" or "fakes" is common knowledge in
the circles where these pieces are being offered
(primarily the Munich watch fairs). The dealers are
being told exactly what they are, and then making
up the "history" and representing them to be
vintage, New Old Stock pieces in order to realize
higher prices when they resell them. (When they
were first introduced into the US market, typical
selling prices are around $3000 for the standard
(one-button) chronographs and over $4500 for the
split-second (two-button) versions.) I have presented
the "facts" to two of the dealers located here in
the US, and they continue with their stories about
race teams, special editions, collectors in
Germany, caches being found, estates, etc. The
story changes a little from time to time, as they
forget some of what they have told me, but they
continue offering them as NOS / vintage / original
timepieces. What
are the names of the dealers that are selling these
fakes? We do not see any
real purpose in naming the dealers who are selling
these fake chronographs. In addition, there are
some reputable dealers selling these chronographs
that seem to have absolutely no idea what they are
selling. Some of them have accepted the pieces on
consignment. Rather than
guessing which dealers are in on the scam and which
are innocent bystanders, all we need to know is
that if you are reading this page, then you will
know at least as much as any of the dealers and can
avoid buying one of these fakes (unless you
actually want to own one). Most of the
oversized chronographs have been offered by dealers
based in Southern California. They are being
offered on ebay, through internet watch dealers and
even in some reputable stores. As word is getting
out among the dealers, that these are "fakes", ebay
and the internet become the only channels of
distribution. Prices appear to have declined in
recent months and many of these fakes remain
unsold. So
the Southern California connection explains the
stories about these chronographs being worn by
movie stars and celebrities? Correct. We know
that Orlando Jones wore one during the filming of
Biker BoyZ. We have also heard that Arnold
Schwarznegger owned one, though he made the mistake
of jumping in a swimming pool while wearing the
chronograph. These are not waterproof, but the
chronograph was successfully dried out and
repaired. OK
-- enough about the movie stars on motorcycles. Is
it true that Juan-Manuel Fangio wore these oversize
Heuer chronographs when he drove in the Targa
Florio road races, in the early
1950's? Juan-Manuel
Fangio was one of the greatest racecar drivers of
all time, and had the distinction of being the
first five-time Formula One champion. We know that
he was fond of chronographs, and we see photographs
of him wearing chronographs in the pits, on the
racetrack and even while having a doctor fit him
with a plaster cast. Heuer had a
relationship with Fangio, and it seems that Heuer
chronographs were among his favorites. TAG-Heuer
indicates that Fangio wore a Heuer chronograph when
he participated in the Targa Florio road race, in
the early 1950's, and the company drew on this
association in designing and marketing its Targa
Florio chronograph (introduced in 1996, as part of
its Classic series). While there is
every reason to believe that Fangio wore a Heuer,
we have not been able to find any evidence that he
wore a chronograph resembling the oversized
chronographs being produced today. We have
inspected dozens of photographs of Juan-Manuel
Fangio, looking for the "Targa Florio" oversized
chronograph. YES -- he wore a
variety of chronographs, even during races and
practices, and he seems to have liked the large
ones. NO -- none of them resemble the fakes that
are being offered and sold as "the original Targa
Florio" chronograph. In simplest terms, this is
another bit of "history" being created by dealers
attempting to sell modern-day fakes. These
fakes are sometimes described as vintage "Targa
Florio" chronographs. Did Heuer ever produce a
"Targa Florio" chronograph? What about the "Targa
Florio" chronographs being make by TAG-Heuer today?
The first Heuer
chronograph to be named the "Targa Florio" was
introduced in 1996, as part of TAG-Heuer's Classic
series of re-issues; however, the real story of
this Targa Florio chronograph begins in 1935, when
Heuer introduced its "Flieger" chronograph. The
following image is from a 1935 magazine, where the
chronograph is described as a "novelty"
item. Designed for
pilots, this chronograph featured a rotating,
coin-edge bezel, with a triangular marker; an
oversized crown that made it easier to wind and set
the watch; and highly legible registers. The
following is a photograph of the chronograph,
provided to OnTheDash by TAG-Heuer, from its
archives. By 1942, the
one-button chronograph had been modified to become
a two-button chronograph, and the chronograph was
assigned Reference No. 348. Note that the
chronograph retained its signature features: the
rotating coin-edge bezel; the large crown; and the
legibility that defines a pilot's
chronograph. The two
chronographs shown above, the one-button model
introduced in 1935 and the two-button model
appearing in the 1942 catalog, appear significant
in two respects: So it was that
when TAG-Heuer relaunched the "Targa Florio"
chronograph in 1996, as part of its Classic series,
the company drew on its association with
Juan-Manuel Fangio and his choice of a Heuer as the
chronograph that he would wear during the running
of the Targa Florio. These "Targa Florios" are the
only chronographs ever produced by Heuer under that
name. (Characteristic of all chronographs produced
during the 1930's and 1940's, the chronographs
shown above did not have model names on the dials,
only the name "Heuer".) So
that explains the "real" Heuers -- the Flieger
chronographs of the 1940's and the Targa Florios of
the 1990's. How did we get from those real ones to
the modern-day reproductions? It appears that
the individuals producing the fakes took advantage
of TAG-Heuer's re-issue of the Targa Florios in
several respects. Here is the most likely
scenario. When TAG-Heuer
reintroduced the Targa Florio in 1996, its
marketing materials used numerous vintage photos of
Fangio, Formula One cars, etc. These materials
reminded modern-day enthusiats of Heuer's
connection with the glory days of racing and its
association with the greatest racer of all --
Juan-Manuel Fangio. However, Heuer did not use
photographs of the chronographs, produced in the
1940's, that were the basis for the design of the
modern Targa Florio. (In fact, TAG-Heuer did not
publicly identify the actual chrongraph that was
the historic predecessor of the Targa
Florio.) So along came the
people producing the "fakes", and decided that they
will hijack both the history of these chronographs,
as well as their design. Thus, the reproductions
take their design cues from the new Targa Florio --
the circular steel case, with coin-edge rotating
bezel; black dial with paint round figures; fluted
crown; etc. This all appears
to be a twisted case of "reverse engineering" --
with a piece produced in 2002, in Eastern Europe or
Germany, posing as the original which is said to
have inspired the re-issue in 1996. In this sense,
it appears that the re-issue inspired the forgery
of the "original". This spy-versus-spy stuff does
get confusing!! Comparing the
real Heuers with the fakes, the following
differences are most obvious: So
has Heuer ever actually produced oversized
chronographs or anything bearing any real
resemblance to these modern-day reproductions?
We do not believe
that Heuer has produced anything near the size of
the fakes that are flooding the market today. These
big boys are coming in at 48 mm, across the dial,
and 60 mm, from lug-to-lug. This is fairly typical
of today's oversized chronographs (for example, the
Hanharts, Glycines, Tutimas, etc.), but there is
nothing approaching this size in the old Heuer
catalogs (or in the memory of the old Heuer
watchmakers). Sure, the
earliest wrist chronographs (of the 1910's and
1920's) were approximately this size, but these
were really pocket watches with lugs and a strap
attached. It does not appear that Heuer produced
anything like these oversized chronographs during
the relevant periods (1940's through
1960's). In fact, there
were very few watch companies making oversized
chronographs during the 1940's and 1950's. Several
companies produced oversized pilots' watches during
the 1930's and 1940's (Hanhart, Junghans,
Glasshutte and Tutima come to mind), but relatively
few produced them in the 1950's (with Minerva and
Longines being two of the leaders in this area). In
simplest terms, there are no genuine oversized
Heuer chronographs -- whether from the 1940's,
1950's or 1960's; any oversized chronograph bearing
the "Heuer" name is a fake. The perspective
on the split-second chronographs is even simpler:
Heuer never produced a split-second wrist
chronograph, large or small. So if it a
split-second wrist chronograph marked "Heuer", it
is a fake. No need for any detailed forensic work
on this one! I can count at
least six or eight of these "Heuer" chronographs
that have been sold and there are probably at least
10 or 12 more that are currently on the market (or
waiting in the wings). I believe that there are
also some that have been sold privately, away from
ebay or the internet. Because of ebay
"shills" and sales outside ebay, it is difficult to
determine exactly how many of those listed on ebay
have actually been sold. Also, some of these
chronographs may be on consignment with more than
one dealer, so it is difficult to be certain about
how many different pieces are being
offered. It is interesting
that the production and sale of fake oversized
"Heuers" comes as part of a recent trend that has
seen several hundred reproductions of oversized
chronographs in the market. The trend probably
started three or four years ago, with the Minervas,
Omegas and Longines, and Heuer was added to the
collection of fakes with the past two or three
years. So
if there are less than 20 of these fakes, with only
about half of them sold, what's the big deal?
Putting aside the
purely legal issues (which are very complicated and
best left to the lawyers in the group) and the
ethical issues (which may be best addressed by the
ethicists in the group), from the perspective of
the collector, it is all about honesty and
deception. Let's walk through a couple of
examples. If a collector
owns a Reference 701 pocket chronograph, or a
Reference 11204 split-second pocket chronograph,
and decides to have it put into a
newly-manufactured wrist chronograph case with a
refinished dial, moist people would say that this
is the collector's own business. Clearly, TAG-Heuer
could take issue with the "Heuer" name being used
on a re-done (rotated) dial, but to the extent that
our collector keeps the re-cased chronograph for
his own use and pleasure, it is difficult to see
how anyone is harmed. At the other end
of the spectrum, let's consider the dealer who
obtains a Leonidas pocket chronograph, from the
1940's, that has an unmarked movement. The dealer
sends it to a craftsman in Eastern Europe, who
produces a new case and has the dial rotated /
refinished. For discussion purposes, let's assume
that, on the instructions of the dealer, the
craftsman marks the case "Ed. Heuer & Co." and
also adds a few "Heuer" and "Valjoux" marks to the
previously unmarked movement. Of course, as
instructed, he also has the dial changed from
"Leonidas" to "Heuer". Our friendly dealer then
lists it for $3000, and describes it as New Old
Stock, vintage, original, etc. A novice collector
makes the purchase, after telling the dealer that
he only wants to buy the chronograph if it is a
genuine, vintage Heuer and receiving assurances to
this affect from the dealer. Would anyone not agree
that this is a "big deal". That is one of
the ironies of this whole messy situation. Some of
the modern-day reproductions are fantastic pieces.
If the dealers would sell them for what they are
(and get rid of the illegal "Heuer" logos and
marks), then maybe everyone would be
happy. The version being
produced in Prague is the only one that I have seen
"in the metal", so I can only comment on that one.
The design of the case, dial and hands was
fantastic and the build quality of the case was
absolutely superb . . . first rate by anyone's
standards. The movement was pristine, and it kept
time incredibly well -- within one minute per
month. It had a genuine Valjoux 76 movement and was
one of the best timekeepers of any Heuer that I
have checked. In some respects, it is the superb
quality of the construction that allows the dealers
to pass them off as genuine pieces. As one of the
dealers wrote to me, they are absolutely "Heuer
quality". I have not
inspected any of those made in Poland or Germany,
but they certainly look nice in the photographs.
One of the usual
approaches to defining "market value" begins with
the phrase "what a willing buyer would pay,
assuming that he is fully informed." For a
beautiful looking, well-built, hand-made
chronograph, with a genuine Valjoux movement, I
believe that there are plenty of people who would
pay more than $2000 for one of the Prague pieces,
knowing exactly what they are (and what they are
not). While some buyers might like the Heuer logo,
there are others who find forgery offensive, and
would pay even more if the dial were left blank.
This kind of price would represent a fair mark-up
above the price being charged by the case-makers
assembling these pieces. Supporting this
approach, I have heard of serious Heuer collectors
being told that they are fakes, and still wanting
to buy one around the $2500 price level. As one of
them asked me, "What other chronos at this price
level look this good and are built this well?"
Similarly, a leading auction house recently sold an
oversized split-second chronograph, marked "Heuer",
for over $5000. The purchaser was advised that it
was likely a reproduction; he still inspected the
piece and decided that it was a "buy" at that
price. So if the
question is "What are they worth?", then the answer
must be "Whatever a buyer is willing to pay". The
key is that the buyer has a right to know what he
is buying, rather than being sold fictitious
"history" and "originality". The first
indication that something was wrong came when a
Southern California dealer offered me a
split-second, two-button version. Of course, it
came with the usual story of being from the early
1950's and having been "put away" by a collector
many years ago, etc. The case was marked "Ed.
Heuer" and the chronograph had the same case and
dial as the other oversized chronographs then being
offered (the Prague version). The problem was
that the movement in this chronograph was marked
"Heuer-Leonidas".
The Heuer / Leonidas merger only occurred in 1964,
so this chronograph must have been "put together"
some time after that date. Also, the movement was a
Valjoux 9, which Heuer only began using in the
1960's. It hardly required a detective to conclude
that this was not a vintage piece from the 1950's.
Most of the
evidence was outlined in our "Great Debate" table,
which we published in May 2003 -- the oversized
chronographs did not appear in any old Heuer
catalogs, long-time Heuer watchmakers had never
seen or heard of them, the paint on the dials
looked too fresh, and some of the markings on the
movements were strange looking. (For example, I
examined one chronograph with a "Swiss Made" mark
on the movement. I have seen
hundreds of Heuer movements, but I had never seen
one marked "Swiss Made". In addition, this mark was
in a strange place on the movement and the
"quality" of this particular marking looked
weak.) Once you conclude
that one piece is a "fake", then you start looking
at the others more critically. Pretty soon, you
start to see more problems and suddenly you realize
that they are all fakes. It's not as though 10
could have been produced by Heuer 50 years ago and
10 identical pieces were produced a few months ago,
in Eastern Europe or Germany. In fact, it didn't
take long to realize that all 20 must be the
reproductions. What
makes you so certain now about these being "fakes"?
Previously, you had some questions and referred to
this as being a "debate" or
"controversy". It all became
clear during the past couple of weeks, based on
three conversations with experts. Since we launched
OnTheDash.com, in February 2003, the oversized
chronograph that we have shown has generated many
questions. (It is ironic that we have received more
inquiries asking about the history and availability
of this chronograph than any other timepiece shown
on the website, and the others are all genuine.
These reproductions are great looking
chronographs!!) Similarly, these oversize
chronographs have been the subject of many
questions on our Discussion Forum. People
considering spending $2500 to $5000 for one of
these chronographs should have the real story, and
not be paying for the forged names and marks (added
by the case-makers) and the forged "history" (being
created by dealers trying to move their inventory).
One
final question -- Just what is the difference
between a "reproduction" and a "fake"? You seem to
use the terms interchangeably. Though there is
no real legal distinction, I tend to think of a
well-intentioned case-maker or dealer, who makes
full disclosure to the purchaser, as offering a
"reproduction"; when there is some intent to
deceive the purchaser, the very same timepiece
becomes a "fake". |
