145.012

Produced in 1967-1969

The last of the calibre 321 speedmasters. In two identical executions, the -67 and -68. The -68’s seem to be very scarce, and I do not have any observed serials that I can confirm the range a -68 should fall into. A -68 is one of those quirky things a collector will enjoy, but it would be hard to say that value is added.

This is the cheapest calibre 321 Speedmaster, and for a period of time about 15 years ago the value of them was quite close to twice the cost of servicing. As a result, quite a lot of them are in very poor condition, or show evidence of cut-price servicing. All this has led to the situation that there are very few fine examples out there, although it is the most plentiful 321 Speedmaster on the market. So lots to choose from.

In addition, there are three special editions, in the form of two black racing dials, and the Orange Hand Ultraman.

This is an almost perfect example, and if you find one like this, then buy it.

The 145.012-67 pictured above is very hard to find fault with. Completely original from new, with very little evidence of use or damage, and a perfect dial, hands and almost perfect bezel. It has the original 1039 bracelet. It is a wonderful example and some collectors would be happy just owning this watch.

The watch above is in used condition, but very attractive to me – it’s all about the price paid. I would reckon this one to be valued about a third of the first watch in this post. Note the correct dial, hands and bezel. The crown and pushers may be service. Note the dial has complete but dirty plots, and the hand lume is falling out. That should really be stabilised to prevent particles floating inside the watch. As a whole, the watch is attractive and interesting, as I find it appears to be a gently aged watch with honest patina.

145.012-67 Charming brown dial and patinated hands. Poor but correct bezel. Note clean pusher tubes from recent service.

145.012-67 with a charming brown dial. Brown dials need to be valued much higher than the standard black dial. However, this one is let down by the almost complete absence of luminous material on the plots.  This makes it very hard to value, and I am torn because I love the colour of the dial, but the lack of plots is bad – this is the kind of watch I would relume.

Note, this watch has new pushers from service. The correct omega service pushers are identical to the originals.

Here are two examples of the 145.012-67

145.012-67’s. On the left is a drop end chrono, and on the right the flat, or square end. Note the log indices, AML dial, and DO90 bezels.

Calibre 321

Serial Range:

2406 xxxx – 27xx xxx

Dial

  • Stepped
  • applied metal logo
  • Professional text
  • Wide spaced  SWISS MADE T’s
  • Long indices

Case

  • Asymmetric case, 20 mm lugs
  • Caseback- single step with speedmaster engraved on rear

Hands

  • Hour/minute – baton
  • Subdial – Stick, painted
  • Chrono – spear, and square end spear fitted concurrently

Pushers

  • 5mm x 3.5 mm

Crown

  • 7mm

Bezel

  • Black BASE 500 bezel with dot over 90 (DO90)

 

Here is a quick guide I published elsewhere to help buying a 145.012:

The first thing you need to check, (as usual!) is that you actually like the watch. Don’t waste time on an ugly watch, or one you think you ought to like.

Find a watch that attracts you, has a charm, a patina, or lack of it if that is what you prefer. People often get lost in technicalities, buy a watch that, while having all the correct parts, has no charm, soul or attraction.

You need to read the page above on this reference to be confident, but here is the short overview:

  • Check the serial, and case back reference are correct and matching. In this reference, the range is 2406xxx to 27xxxxx.
  • Check the case for (over) polish and condition. I have seen some recently with corrosion. If they have corrosion, make sure its inexpensive. Corrosion will prevent water resistance.
  • Check the dial for correctness and condition, and attraction. Have confidence in yourself. If you do not like the dial, it is unlikely to be a valuable watch. The Dial is an Applied Metal Logo, long indices 321 dial. They are all stepped. They all carry the professional moniker.
  • Check the hands for correctness and condition. Hands are white, should be aged, (no bright superluminova replacements) and it is this reference that first gets the square end chrono. So either drop end or square end is acceptable.
  • The bezel should be a DO90 and if it is not present, or in very poor condition, remember replacements are $1500 to $4000.
  • Assume the movement needs a $600 service unless you see documents.

Things to be aware of:

  • The hippocampus on the rear on the premoon is acid etched, and was designed to be easily removed for re engraving by the customer. Careless servicing (polishing) might reduce the etching. For me the outline of the back is more important than the presence of the hippo, but ideally it should be clear for the most value.
  • These watches were sometimes serviced by replacing the hands, bezel, and even dial with modern ones.  This destroys the vintage attraction, and therefore value.
  • Brown dials can be very much more valuable than the Price Chart. See the Brown Dial page. This is a whole different area of collecting.
  • As a rule, everything will need a service.

Special 145.012’s

The reference also came in a Black Racing Dial version, with red hands, and an Orange Hand version known as the Ultraman

 

The black dials are extraordinarily rare, and the last examples seen at auction fetched over USD$95,000. I have seen, or heard of about 10-16 in total – and there are two black dials, a Professional and a non-Professional with an applied logo dial.

It is essential when considering one of these watches to have an extract. There are several black dials that have been retro fitted (I have seen two) and now there are long Orange Chrono hands on the market from Asia.

 

Above is the Professional dial version. This is especially interesting as the size of the subdial depressions is unique to this dial. This means that the subdial hands are also unique, being shorter. I have seen a black racing dial with circular damage from a watchmaker incorrectly fitting standard length hands.

Above is  a Professional  AML logo as seen – This watch was sold by Phillips in May 2018 for USD$40,000. (Photo from Phillips)

This watch has considerable dial damage. Undamaged examples are headed to $100,000

Above is the Ultraman sold by Sothebys in their speedmaster sale. (Photo from Sothebys)These watches often have poor lume. The thing that makes them special is the long orange needle chrono hand, which is longer than all known Omega orange hands fitted to other watches, so we dont know where it is from – possibly unique. Once thought to be never copied, be aware there are now imitation UM hands coming out of the alps of Vietnam.

It was also thought that all UM’s were in the 2607xxxx range but this example below was sold by Antiquorum for CHF70,000, rumoured to be to the Museum with a serial much higher and out of range. I have only hearsay to tell me that, but who ever bought it was bidding against others, and surely had good knowledge and confidence in the watch. (Photo from Antiquorum)

 

Now we look at the most numerous reference, the 145.022

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