Watch Value Barometer #7

It has been four years since I published Watch Value Barometer #6 in December 2021. Yes, it has been that long! In those four years the world (and the watch market) has gone through a sharp boom, a painful correction and, more recently, a gradual stabilization. This new edition of the Barometer is meant to capture where vintage Enicar values have landed after that rollercoaster.

As always, this Watch Value Barometer is nothing more than my personal opinion of current market values for the Enicar models mentioned. It is based on auction results, dealer listings, private sales, forums, social media and conversations with collectors. These numbers are not official dealer prices, guaranteed sale proceeds or formal asking prices; they are simply my interpretation of what well-bought and well-sold Enicars tend to fetch today, assuming honest descriptions and no hidden issues.

What happened since December 2021?

When Barometer #6 was published, we were in the later stages of the Covid-era. Liquidity was abundant, people were still traveling less, and a good part of that “stuck at home” money flowed into watches. The wider luxury and pre-owned watch market continued to climb into early 2022 before hitting its peak. According to Deloitte’s Swiss Watch Industry Insights 2024, secondary-market prices for luxury watches reached their high point around March 2022 and then declined by roughly 16% over the next two years, settling in 2024 at a level still clearly above 2020 valuations. At the same time, the pre-owned watch segment kept expanding. One major market study estimates the global pre-owned luxury watch market at around USD 24–25 billion in 2023, with a robust growth rate expected through 2030. That growth has meant more price transparency, more professional dealers, and a broader buyer base, all of which influence how niche brands like Enicar are perceived and priced.

Fast forward to 2025. Prices stabilized and the best examples – honest, original and with strong provenance – have retained most of their gains compared with the pre-Covid era, while average pieces now trade more cautiously, with buyers scrutinizing originality and condition in far more detail. In short: the speculative heat has gone, but serious collectors have not. They are simply more selective and better informed.

So how does this affect vintage Enicar prices?

Top-tier chronographs (Sherpa Graphs, Aqua/Jet Graphs, rare Valjoux references)

• • Prices surged into early 2022, with some individual results exceeding the ranges given in Barometer #6.

  • The subsequent correction trimmed the most optimistic expectations, but the strongest pieces – especially all-original, early-generation Graphs – still tend to transact above their December 2021 ranges when sold privately between informed collectors.

  • Heavily polished or “assembled” pieces, however, now struggle to achieve even 2021 levels. The market is punishing anything that looks like a compromise.

Desirable tool watches (40 mm Super-Dive, Ultradive, OPS, Super-Jet, 36 mm Supercompressors)

• • These models have generally held their own. In many cases, solid examples now sell roughly in line with, or slightly above, the 2021 ranges, reflecting the ongoing appeal of wearable vintage divers and travel watches.

  • The upside is more modest than for the Graphs, but the downside has also been more limited; they benefit from being usable, characterful daily watches.

Entry-level & “character” pieces (regular Sherpas, Star Diver, Sherpa Electric, time-only pieces)

• • Here the global cooling of the market is most visible. Prices have drifted sideways or modestly up in euro terms, but once you account for inflation and higher transaction costs, they feel cheaper today than they did at the height of the boom.

  • This part of the market is now largely collector-driven rather than speculative; buyers know what they want and are less inclined to impulse-buy purely because “everything is going up”.

This Barometer remains, as ever, a snapshot. It is an attempt to make sense of the market as of December 2025, not a promise about where prices will be next year. If you have recent sales data, surprising auction results or strong disagreements, I’m always happy to hear them, because they are exactly what keeps the next Barometer honest.

The Sherpa Graphs

Sherpa Graph Mk Ia

very good – mint: € 8.500 – € 20.000

average – good: € 6.000 – € 8.500

poor – fair: € 4.000 – € 6.000

Sherpa Graph Mk Ib

very good – mint: € 7.500 – € 15.000

average – good: € 4.500 – € 7.500

poor – fair: € 3.000 – € 4.500

Sherpa Graph Mk II

very good – mint: € 6.000 – € 10.000

average – good: € 4.000 – € 6.000

poor – fair: € 3.000 – € 4.000

Sherpa Graph Mk III

very good – mint: € 5.500 – € 10.000

average – good: € 4.000 – € 5.500

poor – fair: € 3.000 – € 4.000

Sherpa Graph Mk IV

very good – mint: € 6.500 – € 8.500

average – good: € 4.500 – € 6.500

poor – fair: € 3.000 – € 4.500

Aqua Graph / Jet Graph (MkI versions add 20%)

very good – mint: € 6.500 – € 8.500

average – good: € 4.000 – € 6.500

poor – fair: € 2.500 – € 4.000

 

The other Graphs

Valjoux 72 chronograph, Ocean Pearl Interlagos, “Garnix” 

very good – mint: € 3.000 – € 5.000

average – good: € 2.000 – € 3.000

poor – fair: € 1.500 – € 2.000

Valjoux 72 chronograph, cushion case (Gerhard Mitter)

very good – mint: € 3.500 – € 5.000

average – good: € 2.500 – € 3.500

poor – fair: € 1.500 – € 2.500

Valjoux 23 chronograph Big Eye, Lausanne

very good – mint: € 3.000 – € 4.000

average – good: € 2.000 – € 3.000

poor – fair: € unknown – € 2.000

Valjoux 23 F45 football timer,  Big Eye yacht dial version 

very good – mint: € 3.500 – € 5.000

average – good: € 2.500 – € 3.500

poor – fair: € unknown – € 2.500

Grapho-Matic

very good – mint: € 2.000 – € 2.500

average – good: € 1.000 – € 2.000

poor – fair: € 750 – € 1.000

Mantagraph

very good – mint: € 1.500 – € 2.000

average – good: € 900 – € 1.500

poor – fair: € 600 – € 900

 

The Supercompressors 40+ mm

Sherpa Ultradive and OPS

very good – mint: € 5.500 – € 7.500

average – good: € 4.000 – € 5.500

poor – fair: € 2.000 – € 4.000

Sherpa Super-Dive MkI and II 

very good – mint: € 3.500 – € 5.000

average – good: € 2.000 – € 3.500

poor – fair: € 1.000 – € 2.000

Super-Jet Mk I and II

very good – mint: € 3.500 – € 6.000

average – good: € 2.000 – € 3.500

poor – fair: € 1.000 – € 2.000

Sherpa Super-Dive MkIII, Super-Jet Mk III (cushion case)

very good – mint: € 2.500 – € 3.500

average – good: € 2.000 – € 2.500

poor – fair: € 1.500 – € 2.000

Sherpa Dive (red pointer ring)

very good – mint: € 1.800 – € 3.000

average – good: € 1.500 – € 1.800

poor – fair: € 1.000 – € 1.500

Sherpa Dive (pre-1958 version)

very good – mint: € 2.500 – € 3.500

average – good: € 2.000 – € 2.500

poor – fair: € 1.000 – € 2.000

Sherpa Guide (42 mm, long lugs case and cushion case)

very good – mint: € 2.200 – € 3.500

average – good: € 1.200 – € 2.200

poor – fair: € 600 – € 1.200

 

The Supercompressors 36 mm

Sherpa Super-Divette and Jet (Jet is approx. 20% more expensive) 

very good – mint: € 1.8000 – € 3.000

average – good: € 1.000 – € 1.800

poor – fair: € 800 – € 1.000

Sherpa Divette

very good – mint: € 1.800 – € 2.700

average – good: € 1.000 – € 1.800

poor – fair: € 700 – € 1.000

Sherpa GMT and World Time

very good – mint: € 2.200 – € 3.000

average – good: € 1.700 – € 2.200

poor – fair: € 1.000 – € 1.700

 

The other Sherpas and collector’s pieces

Sherpa Star Diver

very good – mint: € 1.800 – € 2.500

average – good: € 1.000 – € 1.800

poor – fair: € 800 – € 1.000

Sherpa Star (37 mm)

very good – mint: € 400 – € 600

average – good: € 250 – € 400

poor – fair: € 75 – € 250

Sherpa Memostar

very good – mint: € 1.800 – € 2.500

average – good: € 1.000 – € 1.800

poor – fair: € 750 – € 1.000

Sherpa Seapearl 600 (turtle lugs), Healthways

very good – mint: € 1.300 – € 2.300

average – good: € 900 – € 1.300

poor – fair: € 700 – € 900

‘Regular’ Sherpa (Date, Day-Date)

very good – mint: € 500 – € 750

average – good: € 300 – € 500

poor – fair: € 150 – € 300

Sherpa Electric

very good – mint: € 900 – € 1.400

average – good: € 700 – € 900

poor – fair: € 400 – € 700

 

DISCLAIMER: All photos used are from my personal archive or public sources. This Watch Value Barometer is nothing more than my own personal opinion of the current (December 2025) market value of the Enicar watches mentioned.