What is the essence of "vintage"

[alanc]

This afternoon I read a thread concerning the hunt for a replacement dial for a red 1680 Submariner, which led to another thread about Steve M and a certain matte dial Submariner he sold. . .

It got me thinking about how desirable vintage Rolexes are (as reflected in their pricing), which leads me to ask - "What is it about vintage Rolexes that make them so valuable?"

It seems that a complete example (meaning no replacement parts) of, say, a red dial Submariner, is very valuable. Yet, such watch would presumably have hands seriously corroded by the tritium paint, and a severely deteriorated dial, for the same reason. There would also presumably be loose tritium flecks floating around under the crystal. I also assume the bracelet would be worn, and the movement not in the best shape either. Yet, people will pay big bucks for this watch, notwithstanding the fact it's not really usable.

Of course, you could get replacement hands, dial and bracelet, and service the movement. Yes, but then it's not original anymore, right? The replacement parts date from 2013, so the watch is no longer completely vintage. Is it now worth less, even though it is now a much more usable watch that retains its vintage design? Let's take this to its logical conclusion - Rolex manufacturers a brand new, exact replica of a red dial Submariner - how much would you be willing to pay for that? I'm guessing much less than an original, even though the original is probably badly deteriorated. Why should this be, since the replica duplicates the classic design and is brand new to boot?

My first car was a 1963 Chevrolet Belair. Like everyone's first car, it holds a special place in my heart. A few years ago, I saw a restored example that was nearly an exact duplicate of mine, down to the same exterior and interior colors. It was quite reasonable, and I seriously thought of buying it.

I didn't - what stopped me was the realization that I wasn't trying to buy the car, I was trying to buy my past, which of course is impossible. The restored seat in that car would not be the seat that my first real girlfriend sat on, and the restored radio would not play the Hollies' "The Air That I Breathe" unless I picked an oldies station. Finally, the world beyond the windshield would not be 1972, but 2013. . .

So, getting back to the Rolex Red Sub. Replace the hands, dial and bracelet, and those parts are not the parts that completed the watch in 1970 or thereabouts - they have nothing at all to do with that time. How far can you go with replacements before it's no longer vintage? Keep it all vintage and it's not really usable, but people don't seem to care. So I guess the question is, what are buyers of vintage Rolexes really buying? History? Sentiment?

BTW, does anyone know what happened to Steve M?