Heuer was acquired by TAG in 1985, and the brand has been operating as TAG Heuer for forty years now. That detail matters more than it sounds. The pre-owned market draws a clear line between vintage Heuer-era pieces and modern TAG Heuer production. Both have collector bases. Neither trades like...

Two collectors arguing in front of a vintage Carrera at a Sydney watch meet last spring captured something real about the TAG Heuer market. One had paid $4,200 for the watch ten years earlier and was annoyed it had appreciated to $5,500. The other was annoyed he'd missed the same...