SOLID GOLD? PULSAR P1 EBAY

[KARNAK]

Hi Bruce, (Wegman),

Just looking at the above watch on EBAY,ITEM NBR 200950438502 $25,000 OR £16,01.81 has had 7 offers all declined. Bruce as you are the recognized expert on all things PULSAR, a couple of questions please.
1.What in your opinion is the realistic selling price for this watch.
2. What is it worth from a scrap metal point of view.

Frankly I cannot see anyone paying that kind of money for this watch irrespective of all the buildup, well known names thrown in all over the advert, cannot see how this could make a diffference to anyone buying it. The face remains this is a bloody old watch and down the road the workings will give up eventually then they will be coming to Hanno or yourself to supply a module-bang goes the value of the watch.

I would be most interested to hear your opinion, even if I had the means to purchase it I would put the money into something worthwhile I know it is rare, but it is the tyoe of soft gold that would needed to be locked away in a vault and who wants that, be afraid to wear it in case of damage.

Many thanks,
KARNAK

[bruce wegmann]

I appreciate the compliment, but I don't think anybody is an expert on ALL things Pulsar...there are still too many unknowns (I would agree that I know more than most, but even I am still learning); the P1 just happens to be of particular interest to me (my favorite, actually!).
So, to the questions at hand...
1. This is not No. 280's first appearance on eBay...it sold for just over US$10,000 not long ago (along with No. 650, which, while not working, did have its' original boxes, which made up the difference in value). That was reasonable then, and it is still reasonable now. This was one of Archer McClean's P1s, and it is in good, original, condition (the first picture in the auction, of a P1 on a stand, is of another watch, and should be removed; in my opinion, this is deceptive, as it is NOT the actual item for sale). Certainly, the current asking price (like the $27,500 18K Calculator), is beyond all reason and completely detached from the reality of the current market (don't misunderstand me...some day these watches WILL sell for these kind of prices, but that is many, many, years down the road); actually, the last P1 listed on eBay for $25K I bought for less than $7500, and it had its' original inner and outer boxes, as well. Such a "complete package", with boxes, manual, spare magnet, etc, might go more into the $15K range, to the right buyer (there are only 7 or 8 such complete watches). As for serviceability, the majority of known P1s still seem to be in working condition after 40 years, and can be repaired by grafting in a 201-1 circuit board from an early P2 (I've done a couple of these...about a $1K fix, but the factory service on a high-end Rolex or Patek will run about the same, so that does not seem overly expensive to me, given the major historical significance of the watch, and the added value of being restored to original working condition; such a proper restoration could in no way diminish its' collectible value). My primary dissatisfaction with the current auction is that it appears to be a pretty shameless attempt to make a quick buck (I bought the first of my 9 P1s 8 1/2 years ago, and none will be for sale any time soon). I extract a scrap of solace from the fact that, short of finding some fool with a wheelbarrow full of lottery money to throw around, this watch will remain where it is, until the price drops back into the real world (I suspect all the offers have been in the $10K range, and there would be no profit in selling at that price). I think it's also important to remember that the great majority of the value is embodied in the fact that this is a P1, the first watch of its' kind, and its' historical significance, rather than the simple value of the material used to make it.
2. The awful pictures make it impossible to get an accurate count of the bracelet links, but, assuming there are 20 (most known P1s seem to have 18-20 links), that gives a gross gold alloy weight of approximately 130 grams, or 4.18ozT, giving 3.135ozT of pure gold content. With gold currently hovering around the US$1400/ozT mark, that gives a scrap, or "melt" value of US$4380, and most scrap dealers pay no more than about 80% of melt (many pay less!), so you would be doing well to get more than about $3500 for this as scrap. 3 of my P1s were "circling the crucible", in the sense that if I had not immediately purchased them, they would have been "disposed of" in this manner (so much for the notion that "no one would melt a P1 to re-cycle the gold"). With only about 50 of the original 400 accounted for (of course, that number is another story onto itself!), the loss of even a single example would be nothing short of a tragedy, to be lamented by all future Pulsar collectors.
Oh, and as for actually wearing one, I DID wear a P1 last April 4th, all day, to commemorate the 40th anniversary of the watch, and, I did again at the NAWCC National Convention last February, and on both occasions, it did attract comments. Still, I must admit it was a relief to put it safely back in the vault (unharmed) at the end of the day!

[KARNAK]

Hi Bruce,

On the compliment in my humble opinion it is warrented. Thank you for your concise and detailed synopsis of this watch, While the P1 is really an exceptional watch, in my limited knowledge I figured the price this guy is looking for the watch was way over the top. I agree the pictures for a watch of this price are rubbish and tell you nothing. He is obviously out to try and make a fast buck out of some poor misguided fool that would be taken in by his mumbo jumbo and pay $25000, the price you stated is completely in the ball park and realistic.

Thank you once again, hope you are well,
Kindest regards,
KARNAK.

[KARNAK]

Hi,

With the impressive names quoted in the ad on EBAY the guy forgot to metion Walter Mitty and Klem Kiddlehoffer

Regards,
KARNAK.

[Old_timer]

Well, seems to have sold @ UK£9,655

About US$15,000, I think

[KARNAK]

Hi,

Looks like someabody wanted the watch real bad to pay this kinda of money, a fool and his money are soon parted. The guy should have read the Pulsar expert Bruce Wegman's post more carefully. Nicve watch but not worth the money.
Regards,
KARNAK.