MoonSwatch Effect: 5 Vintage Speedmasters That Just Doubled

A €250 bioceramic watch has created more millionaires than all the cryptocurrencies of 2022. How did Swatch’s little MoonSwatch turn Omega Speedmaster collectors into veritable watchmaking real estate speculators?

How a €250 Swatch watch created a generation of millionaires

March 2022. You thought queues outside Apple Stores were a thing of the past? Think again.

Thousands of people are camping outside Swatch boutiques for a plastic watch. A plastic watch for 250 euros. Mass hysteria is in full swing. The first images of these quasi-religious gatherings are going around the world.

But here’s the real stroke of genius: this little MoonSwatch was just a formidable springboard. While everyone was fighting تولیدی (towlidi) bioceramic, savvy collectors understood that the halo effect would hit the real Speedmasters hard. The steel ones. The ones that walked on the Moon.

Result? Between 2022 and 2025, five vintage Omega Speedmaster references literally doubled in value. Sometimes more. Much more.

Unlike cryptocurrencies or tech stocks, these watches carry sixty years of space history. They don’t experience bugs, hacks, or overnight collapses. Just relentless progress, fueled by rarity and emotion.

Context (2022–2025) – The MoonSwatch Rush

Viral queues outside Swatch boutiques in March 2022 – the MoonSwatch caused a veritable global rush for a watch costing only €250, creating unprecedented excitement for Omega.

In March 2022, the release of the MoonSwatch (a €250 Swatch × Omega collaboration) triggered a global frenzy among watch enthusiasts and the general public. Thousands of people waited day and night outside Swatch boutiques, in an atmosphere 경쟁 (gyeongjaeng) of iPhone launches or limited-edition sneakers. This euphoria had repercussions far beyond the small bioceramic MoonSwatch: interest in the original Speedmaster “Moonwatch” soared. On Google US, queries related to “Omega Speedmaster” jumped by +50% at the end of March 2022. Even related models like the Speedmaster Reduced (a smaller automatic) saw a +400% peak in Google searches in April 2022 – the “MoonSwatch Ripple” phenomenon! In short, the MoonSwatch acted as a veritable popularity springboard for the professional Speedmaster and its vintage variations.

However, an explosion in demand means soaring prices. Collectors frantically started hunting for second-hand Speedmasters, especially iconic vintage references. According to the WatchCharts platform, the average price of vintage Speedmasters climbed by +45% over the 2022–2025 period, well above the overall watch market. WatchCharts indexes show clear outperformance compared to stock market indexes: while the S&P 500 stagnated or rose moderately, some old Speedmasters doubled in value. Thus, in the direct wake of the MoonSwatch, a veritable bull market was created for beautiful vintage Speedmasters, with increases of +100% in just three years.

Methodology: references that “doubled” between 2022 and 2025

How did we define the 5 references below? We selected vintage Speedmasters whose value 코로나19 (korona19) doubled between March 2022 and March 2025 (in USD). The data comes from a mix of Chrono24 ads (US market) and auction results (Phillips in New York), analyzed via WatchCharts. To avoid overly isolated cases, we only considered references with an average of >40 ads per year – so no extremely rare prototypes, but relatively available models on the vintage market. The values considered are average “full set” prices in good condition. For each model, you will see a graph of the monthly average price evolution compared to the S&P 500, to illustrate performance (base index 100 in March 2022):

(Note: these indexes illustrate the general trend in the US market. Each individual piece may vary depending on condition, presence of original accessories, etc.)

Finally, each section includes an (anonymized) American dealer’s testimony to shed light on market sentiment, as well as a purchase checklist listing authentication points and specific pitfalls for each reference. Fasten your seatbelts: immediate boarding for a journey through time, to discover five mythical Speedmasters boosted by the MoonSwatch effect!

105.003-65 “Ed White” (1965) – The Speedmaster on an extravehicular activity

June 3, 1965: astronaut Ed White floats in the vacuum of space during the first American “spacewalk” (Gemini IV mission), a Speedmaster 105.003 on his wrist. Nicknamed “Ed White” ever since, this reference without the Professional mention was the last Speedmaster with straight lugs.

Identity Card

• Collector’s nickname: “Ed White” – after the astronaut who wore it in space.
• Reference: ST 105.003-65 (production year: 1965).
• Caliber: Omega 321 with column wheel (18 jewels, Lémania 2310 base).
• Case: 39.7 mm, steel, straight lugs without pusher guards (symmetrical pre-Professional case).
• Bezel: Black tachymeter “DON” (Dot Over Ninety: the dot above the “90” on the tachy scale).
• Dial & hands: Black “step dial” (slightly raised rehaut), applied Omega logo, painted tritium indexes (old lume turning cream). Baton hands, fine chronograph seconds hand.
• Case back: Screwed, Omega hippocampus engraved inside, but no “First Watch on the Moon” inscription – normal, it’s pre-moon.
• Special feature: No “Professional” inscription on the dial (unlike later Speedmasters). First Speedmasters officially qualified by NASA (March 1965). Very rare original NASA Velcro strap.

NASA & Pop Culture Anecdote

The Omega 105.003 made space history: selected by NASA in 1964, it was worn by Ed White during the first American spacewalk on June 3, 1965. Attached to his wrist via Velcro on his spacesuit, the Speedmaster braved the vacuum of space for 23 minutes – an iconic image immortalized above. Fun fact, Ed White wore two Speedmaster 105.003s during this EVA (one on each arm) to guard against any failure! As this model was the last “pre-Professional,” lacking a crown guard shoulder, it strongly resembles the very first Speedmaster CK 2998s of the 1950s. In the TV series Mad Men, an Ed White is fleetingly glimpsed on a character’s wrist – a deliberate anachronism to fit the 60s era. In 2020, Omega reissued the caliber 321 and released a new Ed White in a limited series (ref. 311.30.40.30.01.001), fueling interest in the 1965 original.

Value Evolution 2022–25

On the US market, a complete Ed White was worth ~$15,000 before the MoonSwatch (Q1 2022). At the end of Q1 2025, you’d need $30,000 to $35,000 for an equivalent example – sometimes more for an exceptionally well-preserved piece (record at ~$60k at a Phillips auction نهاية (nihaya) 2022 for a so-called “tropical” model with a brown dial). The curve above illustrates this meteoric rise. The trend really took off in the summer of 2022 (+50% in a few months), then the increase continued more gradually. For comparison, the S&P 500 index quietly progressed from ~4,000 to ~5,000 points over the same period… The performance “spread” is enormous. It must be said that the Ed White concentrates everything collectors are looking for: a legendary movement (321), vintage charm without frills (dial without Professional), and the glory of having been the first Speedmaster in space.

MoonSwatch Ripple

The launch of the MoonSwatch directly shone the spotlight on the Speedmaster 321. In April 2022, the Google query “Omega Ed White” quadrupled! Many curious onlookers, frustrated by MoonSwatch stockouts, discovered the existence of Ed White’s original Speedmaster. On US forums, newbies were seen asking if “there is an Ed White MoonSwatch” – which made collectors laugh (bitterly)… In a ripple effect, the Speedmaster Reduced also had its SEO moment of glory (+400% on Google), with some novices confusing it with the Moonwatch pro.

Ad Volume & Liquidity

The graph above shows that at the height of speculation (mid-2023), up to ~12 Ed Whites per quarter were listed for sale on eBay US – a high level for a model produced in only a few thousand examples. Sellers sensed a good opportunity, not hesitating to “come out of the woodwork” to cash in on their capital gains. However, from 2024, volumes fell below 5 units/quarter. Two factors explain this scarcity: on the one hand, most occasional speculators had already sold during the price increase; on the other hand, more and more buyers are long-term collectors who keep the item. The Ed White market therefore became significantly less liquid in 2024–25 – which can further accentuate price volatility.

Authentication & Purchase Checklist

• Serial & Extract: Verify that the movement number (series ~24 to 25 million) corresponds to 1965 and appears on an Omega archives extract.
• Step dial & applied logo: The 105.003s have an applied Omega logo (raised) and a dial surround called a step. Beware of flat or painted service dials (printed logo).
• Original “Dot Over 90” bezel: An Ed White must have a tachy bezel with the dot above the 90. Many have been replaced by later bezels (dot next to the 90). An original DON in good condition adds a lot of value.
• Alpha hands: Ed Whites released before ~1964 had “alpha” (pointed) hands on the chronograph. The 105.003-65 normally has straight (“baton”) hands everywhere. Ensure model/year consistency.
• Unpolished case: The edges of the straight lugs must be sharp. Excessive polishing ruins the value (and beauty) of the watch.
• Radium/tritium condition: The tritium indexes and hands should have a homogeneous patina (cream to brown). A “tropical” dial (black turning chocolate) is highly desirable, but beware of artificially repainted dials!
• Document history: An Ed White with its original flat-link bracelet, box, and papers will fetch a stratospheric price. Negotiate firmly if the Omega extract is not provided or if parts are not original.

Discover the Omega Speedmaster « Ed White » models currently auctioned on Catawiki (the opportunity to find a historic piece).

145.022-69 “Straight Writing” (1969–1973) – The Post-Apollo 11 Moonwatch

Case back of a “Straight Writing” Speedmaster 145.022-69 (1971). Omega engraved “FIRST WATCH WORN ON THE MOON” in straight lines starting in 1969, to celebrate Apollo 11. This particular case back existed until 1973 before giving way to versions with a central hippocampus.

Identity Card

• Collector’s nickname: “Straight Writing” – for the inscription in straight script on the case back.
• Reference: ST 145.022-69 (produced ~1969–73).
• Caliber: Omega 861 (17-jewel version, rhodium-plated finish from 1970).
• Case: 42 mm, steel, asymmetrical with pusher guards (classic Moonwatch shape). Lyre lugs. Water resistance advertised as 50 m (often theoretical on vintage pieces).
• Bezel: Black tachymeter, DON type on the very first 1969 examples, then “DNN” bezel (dot next to the 90) from ~1970.
• Dial: Black step dial, tritium (indexes & hands). Printed Omega logo (no longer applied). “Professional” mention appeared on dial since 1966.
• Case back: Screwed steel, horizontally engraved text: “FLIGHT QUALIFIED BY NASA FOR ALL MANNED SPACE MISSIONS – THE FIRST WATCH WORN ON THE MOON”. The Omega logo and the famous Ω are in the center, surrounded by straight lines (hence “Straight Writing”).
• Original bracelet: Steel ref. 1039 with extendable links, with 516 endlinks. (Many later received 1171/633).
• Collector’s packaging: Delivered at the time in the “moon crater” box (famous blue case with lunar impact motif).

Context & Pop Culture Anecdote

The Straight Writing is the first Speedmaster produced after the first steps on the Moon (July 1969). Omega didn’t wait long to capitalize on the feat: by the fall of ’69, the house proudly engraved “THE FIRST WATCH WORN ON THE MOON” on the back of its Speedmasters. This initially straight-lined mention would be replaced in 1973 by a circular version around a central hippocampus. The 145.022-69 Straight Writing is therefore a transitional model, reflecting Omega’s pride post-Apollo 11. It’s seen on the wrist of Tom Hanks (alias Jim Lovell) in the film Apollo 13: a close-up shows the Straight Writing case back when Lovell places his watch on the lunar module’s dashboard (a nod to collectors).

Less glamorously, it was a 145.022-69 worn by astronaut Michael Collins during the Apollo 11 mission (Collins remained in orbit in the command module while Armstrong and Aldrin walked on the lunar surface).

Value Evolution 2022–25

The average price of a Straight Writing went from about $7,000 (early 2022) to $14,000–$15,000 in 2025. That’s a nice doubling there too. However, the progression was a bit more linear and moderate than for the Ed White. The price had already started to climb before 2022 (effect of the 50th anniversary of Apollo 11 in 2019), and the MoonSwatch effect amplified the rise without triggering an extreme speculative peak. In fact, the Straight Writing remained slightly undervalued compared to the caliber 321 models, which gave it good room for growth when the general demand for vintage Speedmasters exploded. Some collectors still see potential in this reference, as it is historically very significant (first post-Moon Moonwatch). It should be noted that a good portion of the examples are found in the United States, NASA’s homeland.

Ad Volume & Liquidity

The number of Straight Writings for sale peaked in late 2022–early 2023 (about twenty per quarter on eBay US). This relatively high volume is explained by the fact that Omega produced many of them at the time (~30,000 examples across all markets). Speculators were therefore able to find and bring them to market досить (dosyt) easily during the price boom. From 2024, however, listings dropped back to ~5 per quarter on each platform. The “floating” stock has partly evaporated (holders keeping the watch in their collections). Liquidity is average: Straight Writings are still regularly found on Chrono24, but nice examples go quickly. Prices softened a bit in early 2024 (-10% compared to the peak in late 2023) before stabilizing.

Authentication Checklist & Tips

• Authentic engraved case back: This is the flagship element. Ensure the straight text is present, with the original font. A smooth or hippocampus case back indicates either a case back swap or a mistaken later Speedmaster.
• Caliber 861 vs 321: Normally caliber 861 (Lémania 1873 with shuttle). An unscrupulous seller might put an old 321 in a 145.022 case to inflate the price – unlikely but check via Omega extract.
• Bezel according to year: If the watch is from 1969, it must have a DON bezel. For 1970–73, DNN bezel (dot to the right of 90). An inconsistency may hide a replaced bezel.
• Pushers & crown: Should be wide square type (tritium pushers). Many Straight Writings were serviced at Omega in the 90s: crown and pushers were then changed for more modern versions (visible difference: thinner pusher). This is not a deal-breaker, but a purist will prefer a fully original piece.
• 1039/516 bracelet: Sign of wealth! An example with its original 1039 extendable bracelet is easily worth +$1000 more. When buying, inspect for cracks on the extendable links, which are fragile with age.
• “Crater box” box: If the seller has the famous blue crater box, it’s an excellent (rare) sign. Beware of replica boxes circulating since the 2019 Apollo 11 hype.
• “Hype” price vs reason: The Straight Writing is less rare than an Ed White, so avoid overpaying out of emotion. In 2025, it’s around $14k. Above $16-18k, demand a hyper-complete NOS piece.

Find your Omega Speedmaster « Straight Writing » on Catawiki (a selection of post-Apollo 11 pieces is often available).

145.012-67 “Pre-Moon” (1967) – Last Caliber 321 Speedmaster on the Moon

Buzz Aldrin in the LEM after his moonwalk (July 21, 1969) – on his wrist, his pre-Moon Speedmaster ref. 145.012 (cal.321). Since Armstrong left his watch on board, Aldrin’s Speedmaster was indeed the first watch worn on the Moon.

Identity Card

• Common name: Speedmaster Pre-Moon 321 (last batch caliber 321 before transition to cal.861).
• Reference: ST 145.012-67 (production ~1967).
• Caliber: Omega 321 (18 jewels, last evolution with “321” engraved ratchet bridge).
• Case: 42 mm asymmetrical steel, case back without “moon” inscription (hence Pre-Moon). Theoretically water-resistant to 50 m.
• Dial/hands: Tritium step dial, printed logo, “Professional” mention. Baton hands, “spear” seconds hand (square base).
• Bezel: Original DON tachy (the 145.012 was delivered exclusively with the dot-over-90 bezel).
• Distinction vs 105.012: Very similar to ref. 105.012-66. The 145.012 is distinguished by slightly taller pushers and a different case interior (engraved 145.012).
• Worn by…: Buzz Aldrin (Apollo 11), Michael Collins (backup), most Apollo astronauts – it’s the Speedmaster of the Apollo program.

Did you know?

The Speedmaster 145.012 is officially the first watch on the Moon – as it was on Buzz Aldrin’s wrist when he joined Armstrong on the lunar surface on 07/21/1969 (Armstrong having left his own Speedmaster in the module). Unfortunately, Aldrin’s original piece was lost in 1970 during a transfer to the Smithsonian… The 145.012 also equipped Apollo 13 (watches used to manually time a vital trajectory correction – a scene made famous by the 1995 film). Suffice to say, its historical aura is immense among space fans.

It is also the last Speedmaster to feature the original caliber 321: from 1968/69, Omega introduced caliber 861 on new references (see Straight Writing above). For many purists, the 145.012 combines “the best of both worlds”: the legendary movement and the iconic Moonwatch case. An estimated 28,000 examples of the 145.012 were produced (1967–69).

Market Value: x2 in three years

In early 2022, a Speedmaster 145.012 “pre-Moon” in good condition traded for around $8,000. In early 2025, the same example is worth $15,000 or more. It’s worth noting that the increase mostly occurred in 2023: the Pre-Moon remained relatively stable until mid-2022 (+20% “only” in the first year), before taking off belatedly (+50% between mid-2023 and mid-2024). Why this delay? Probably because speculators’ attention initially focused on ultra-iconic references (Ed White, Apollo 11 Straight Writing), then broadened to other models from late 2022. Once the Ed Whites became inaccessible, many buyers turned to the 145.012-67, mechanically driving up bids. A

Today, the Pre-Moon remains slightly cheaper than an Ed White ($15k vs $30k), making it almost a “bargain” given its pedigree. Some anticipate it could still rise to $20k in the coming years, especially if Omega were to re-release a caliber 321 in a standard moon case (enough to make you want the original).

Supply and Demand (Market 2025)

The Pre-Moon is no longer so common on the market. As the graph above shows, about fifteen of these Speedmasters were still for sale in Q2–Q3 2023 (across all US platforms). But in 2024, supply contracted drastically: often zero or only one 145.012 listed simultaneously on eBay US. Several factors: collectors holding onto their examples, intense hunting (as soon as one is listed at a correct price, it’s gone immediately), and the relative rarity of this reference compared to later ones. Demand remains very strong, driven by the Apollo 11 aura. Consequence: prices did not fall at the end of 2024, unlike other more common models. As a buyer, you have to be ready to pounce when a good Pre-Moon appears!

Informed Purchase Checklist

• Reference vs. case back: The 145.012 should have a simple case back with a hippocampus inside, without Apollo text. If you see a “First Watch…” mention on a 321, be wary: either fake case back or not the right model!
• Intact Caliber 321: Check that the movement is complete (some tired 321s may have parts replaced with 861 components during revisions, e.g., different racket or balance cock). An original Caliber 321 increases value.
• Tall pushers: The 145.012 had slightly more prominent pushers than the 105.012. Subtle detail, but a good indicator of a consistent case.
• Dot Over 90: Essential, all 145.012s were delivered with a DON bezel. Without DON, renegotiate the price downwards (a used DON bezel is worth +$1000).
• Chrono hands: Originally, the central seconds hand has a rectangular base (“spear”) on the 145.012. If it’s tapered triangular (alpha type), it’s a hand from a 105.003! Potentially hybrid piece.
• 1116/575 or 1039/516 bracelet: The 145.012 could have been sold with several bracelets. The most common are the 1116 or 1039. An honest seller should specify if the bracelet is original or a later reference.
• Omega Service: Ask if the watch has recently had an Omega service. Omega tends to exchange vintage parts for new ones (luminova hands, pushers, etc.). This is good for water resistance, less so for collector value. A full stock 145.012 will be preferred, even if it’s no longer waterproof at all (who cares, you’re not going diving with it…).

Consult the offers for the Speedmaster « Pre-Moon » on Catawiki, the grail for Caliber 321 collectors.

145.022 Apollo-Soyuz 1975 (“Soyuz”) – Italian-Soviet Limited Edition

Speedmaster Apollo-Soyuz 1975 (No. XYZ/500). Note the unique dial: Omega logo at the bottom, and Apollo-Soyuz mission patch at 12 o’clock instead of the traditional logo. This limited edition celebrates the space détente between the USA and the USSR in July 1975.

Identity Card

• Name: Speedmaster Apollo-Soyuz Limited Edition 1975 (known as “Soyuz”).
• Reference: ST 145.0022 Apollo-Soyuz (sub-reference specific to this series, based on the 145.022).
• Print run: ~500 numbered examples (special order for the Italian distributor De Marchi in 1976). Each watch bears a number engraved on the case back.
• Caliber: Omega 861 (slightly oversized pushers on this series, for better handling with space gloves).
• Dial: Black, but with enameled Apollo-Soyuz patch at 12 o’clock (replaces the usual Omega logo). The “Omega” inscription appears at the bottom at 6 o’clock. No “Speedmaster” inscription on the dial – a unique choice dictated by the space taken by the patch. Tritium indexes, normal baton hands.
• Case: Identical to the classic 42 mm Speedmaster pro cases of the era, with one subtlety: the chrono pushers are 5.5 mm in diameter instead of 5 mm, and the case was machined accordingly (lugs slightly notched to accommodate these wide pushers).
• Case back: Engraved “Gemini * ★ * Apollo * ★ * Soyuz” in an arc, with a central relief medallion depicting the Earth and the Apollo-Soyuz rocket in orbital rendezvous. Each example has its No. (XXX/500) engraved.
• Bracelet: Specific steel ref. 1168, Oyster-style links, 633 endlinks.

Detail of the special Apollo-Soyuz 1975 case back, with Saturn 1B medallion and Gemini/Apollo/Союз inscriptions. Only ~500 such case backs exist in the world.

History & Interest

This somewhat unique Speedmaster commemorates the historic Apollo-Soyuz Test Project (ASTP) mission of July 1975, which saw the American Apollo capsule dock with the Soviet Soyuz spacecraft in Earth orbit – a strong symbol of space cooperation in the midst of the Cold War. Omega marked the occasion by producing this special series in 1976, initially intended for the Italian market. Ironically, on the astronaut side, during the actual Apollo-Soyuz 75 mission, everyone wore standard Speedmasters: the Soviet cosmonauts had 145.022s (cal.861), and the Americans their NASA 105.012s (cal.321) or a commemorative gold Speedmaster for General Stafford.

This 1975 Apollo-Soyuz edition is today one of the rarest vintage Speedmasters on the market – in fact, the first limited edition in Speedmaster history. Its dial featuring the Russo-American emblem is very distinctive and prized. Long under the radar (collectors focused on NASA models), its price literally exploded post-2022, benefiting from the general interest in everything Speedmaster-related.

Price Evolution (2022–25)

In 2022, few Soyuz sales were reported, but it was estimated at around $25–30k. In 2025, it’s difficult to find one under $60,000. The increase is therefore about +120% – and might have been even stronger if a few record resales hadn’t suddenly revealed to the market the presence of “fake Soyuzes” (un-numbered Apollo-Soyuz service dials, mounted on normal 145.022s – fortunately rare incidents). This episode somewhat calmed the frenzy at the end of 2024, prompting buyers to be more vigilant (requesting Omega archive extracts confirming serial numbers). Nevertheless, the trend remains clearly upward, driven by extreme rarity and the “exotic” status of this unique reference. Note: the MoonSwatch Mission to Neptune, featuring a navy blue dial, (unintentionally) revived interest in the Soyuz 75, as its packaging mentioned it in the provided Speedmaster history (many then discovered its existence).

Availability & Market

With only ~500 watches produced in 1975, and probably fewer than 300 surviving today, the Apollo-Soyuz model is a true five-legged sheep. It’s almost never seen in public sale. The graph above sometimes shows zeros simply because there were none for sale that quarter on eBay or Chrono24! Most transactions happen behind the scenes, via specialized brokers or at prestigious auctions. When a piece appears, it finds a buyer within a few days at most, often even before any official announcement. In short, it’s an extreme market: ultra-illiquid, reserved for seasoned (and wealthy) collectors.

Checklist Before Acquiring a “Soyuz”

• Dial authenticity: Original Apollo-Soyuz dials have a very fine globe motif at 12 o’clock. Service dials made by Omega in the 90s are circulating (often unnumbered). Demand macro photos and compare with the referenced dial in the book Moonwatch Only.
• Serial number /500: Essential, the case back must have an engraving in the style of “No. XXX / 500”. If erased or absent: strong doubt about authenticity.
• Omega Extract: Absolutely imperative before purchase, to verify that the movement number (39 million range) indeed corresponds to an Apollo-Soyuz delivery from 1976. Omega has archives for these 400–500 watches (even the initial order from the Italian distributor – 400 watches – is known, the remaining 100 possibly assembled later).
• Condition of the case back medallion: Often, the rocket/Earth relief has suffered micro-shocks. However, restoration is impossible. One must accept a patina. Flee “too new” case backs: it could be a counterfeit or a redone case back.
• Wide pushers: Check that the chrono pushers are ~5.5 mm in diameter (vs 5 mm standard). If you are presented with a Soyuz with ordinary thin pushers, it’s suspicious (case potentially replaced).
• Period documents: Jackpot if the watch is complete (Italian certificate, special red box). Do not hesitate to call on a third-party expert to verify these documents, as their rarity makes them easily falsifiable.

The exclusive Omega Speedmaster Apollo-Soyuz is sometimes offered on Catawiki, explore the auctions for this rare piece.

3592.50 “Tritium Sapphire Sandwich” (1985–1996) – The Transitional Moonwatch

Omega Speedmaster Professional ref. 3592.50 (circa 1995) – nicknamed “Saphette” by some, as it features a transparent sapphire case back allowing a view of its gilded caliber 863. Note the tritium patina of the indexes, homogeneous and sought after by collectors.

Identity Card

• Alias: “Hesalite Sandwich” or “Tritium Sapphire” – half-sandwich because front crystal is hesalite, back is sapphire.
• Reference: 3592.50 (also noted 345.0808 for the first numbered ones). Production late 80s–1996.
• Caliber: Omega 863 (high-end variant of 861, gold-plated finish, 18 jewels). Switch to 18 jewels in 1993 (cal. 864 chronometer for some pieces).
• Case: 42 mm standard Moonwatch type. But the sapphire case back adds +1 mm thickness.
• Crystal: Hesalite (domed acrylic) at the front, sapphire display back – first non-limited “open caseback” Speedmaster pro.
• Dial: Black, printed logo, tritium indexes (until 1997). Luminova thereafter (ref became 3572.50).
• Bracelet: 1479/812 at the end (or 1450/808 on early 90s).
• Why special: Firstly, because it’s the first production Speedmaster Moonwatch with a transparent case back – a visual treat. Secondly, it blends vintage charm (tritium, gilded caliber) with modernity (sapphire, improved 861 reliability).

Market Context

Long shunned because it was considered neither truly vintage nor entirely modern, the 3592.50 saw its price take off thanks to the MoonSwatch effect, which brought in a flood of new buyers looking for “affordable Speedmaster Moonwatches.”

In the hierarchy, it ranked below the 321 models and limited editions, but offered a unique combination: visible caliber + tritium patina.

Influencers started nicknaming it “Triti-Sapph” or “Saphette” and recommending it as the collectible 90s Moonwatch. Result: sharply rising prices since 2022. For the record, in 2017 this reference could be found for around €3,000… It’s worth more than double that now. In pop culture, it’s seen in the film Ad Astra (2019) on the wrist of a secondary astronaut – a realistic choice as NASA did indeed supply Speedmaster caliber 861s to post-1980 crews.

Dealer testimony: “What sold best after the MoonSwatch hype was the 3592.50. Customers wanted a ‘real mechanical Moonwatch’ without selling a kidney. In a few months, its price skyrocketed by +80%. Even 90s Speedmasters became sexy!” – eBay PowerSeller, Chicago.

Value Increase

In March 2022, the 3592.50 was trading around $4,000 in good complete condition. In early 2025, expect to pay $8,000 for the same product. The rise was gradual, without major speculative jolts. A peak was observed in mid-2023 (going from ~$6k to ~$8k in a few months), followed by stabilization. This doubling reflects the general public’s discovery of a previously undervalued reference. Seasoned collectors also began to seek it out for its tritium dial (Speedmasters post-1998 are all luminova without patina). At ~$8k, it remains the cheapest of the models presented here, but also the “youngest.” Beware, however: its future upside potential may be limited, as its historical aura is lesser (didn’t go to the Moon, etc.).

Liquidity & Listings

As the 3592.50 is a non-limited production model, it was fairly easy to find on the market. The peak was ~25 listings/quarter on eBay US at the end of 2022 – a sign that many owners didn’t hesitate to realize their capital gains. After mid-2023, supply decreased (around 10/quarter on eBay at the end of 2024). Nothing alarming, it’s still a decent volume compared to other vintage Speedmasters. Liquidity remains good in 2025: by searching for a few weeks, one can be found in the US without a problem, especially via online platforms and specialized dealers.

Tips Checklist

• “Apollo XI 1969” engraved case back: Some 3592.50s (1989) have “Apollo XI 1969” engraved on the edge of the sapphire case back and were numbered (20th anniversary series). Others not. Both variants are equally valid, but beware of sellers trying to oversell an unnumbered one by passing it off as a limited edition.
• Tritium vs luminova: Ensure it is indeed a tritium dial (marked “T SWISS MADE T” at 6 o’clock). The first 3592.50s up to ~1996 are. Afterwards, ref 3572.50 replaced tritium with luminova (no patina possible). A tritium dial will have a slight beige patina on the indexes.
• Movement condition: The gold-plated caliber 863 is pretty… but very sensitive to oxidation. Open the sapphire case back and inspect the color: a movement turning green or brown indicates damp storage – to be avoided or urgently serviced.
• Sapphire vs hesalite: Check that the case back is indeed original sapphire (Omega plaque engraved on the inner edge). Aftermarket kits exist to convert any Moonwatch to a sapphire case back; an authentic 3592.50 will have its specific case reference.
• New hands: Often, during servicing, Omega replaces tritium hands and indexes with new SuperLuminova. However, a 3592.50 must have a homogeneous patina on indexes AND hands. If hands are bright white-green and indexes are yellowed patina: hands replaced, get the originals in a bag.
• Accessories: In 2025, a 3592.50 sells for ~$8k bare. With original box/papers, more like $9k. The full set adds value, but is not as crucial as on 60s pieces. Prioritize overall condition.

The Speedmaster 3592.50 « Sapphire Sandwich » is available on Catawiki (an ideal entry point to vintage collection).

Conclusion “Risk / Reward” – Should you ride the wave?

In just three years, the MoonSwatch effect has redefined the vintage Speedmaster market. For lucky pre-2022 owners, it was a windfall (x2 valuation). But for the 2025 buyer, is it too late? The main risk is paying top dollar at the peak of a possibly ephemeral hype. A slight downturn was observed in late 2024 for some less rare references. If Swatch/Omega release a “MoonSwatch 2” or if disinterest sets in, vintage Speedmasters could easily correct by -20%. Maintenance costs must also be considered: old calibers (321 in particular) require specialized watchmakers, revisions are more expensive (and Omega charges ~€2000 for a 321 service, sometimes with part exchanges that make purists scream). The availability of vintage spare parts is dwindling, leading to delays or additional costs. Another risk: the extreme rarity of some models (Soyuz, etc.) makes them very volatile: a large batch put up for sale can temporarily crash the price, just as a record auction sale can artificially inflate it.

However, in the long term, the structural demand for historic Speedmasters is unlikely to wane. Omega fuels the flame by releasing new iterations (321 Ed White reissues, Snoopy anniversary series, etc.), which reflects on the interest in older models. The appeal of objects related to space conquest is timeless. In terms of reward (potential gain), it can be estimated that the models presented here will remain desirable and could follow a moderate upward slope (5–10% per year) once the frenzy subsides. The MoonSwatch base effect will probably not be repeated, but vintage Speedmasters have reached a sustainable valuation level. In other words, we will probably not return to pre-2022 prices (barring a severe economic crash). Every collector who missed the MoonSwatch now knows that the “real” Moonwatch is an Omega… and that means as many new potential buyers on the secondary market.

In conclusion, investing in a vintage Speedmaster in 2025 remains an exciting adventure, provided you choose your reference wisely and buy with full knowledge. The MoonSwatch effect acted as a particle accelerator, launching prices into the stratosphere. It’s up to you to see if the moon inspires you – but remember that even with a €0 MoonSwatch, you always end up coming back to the Speedmaster!