Ulysse Nardin

Zheeeem
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Vintage

Marcus captured most of what you need to know in his post.

Most vintage UN watches use OEM movements.  There were generally 3 assembly points - Le Locle, New York and Buenos Aires.  Vintage UNs from the 40s-60s are reliable and attractive, but are certainly not noteworthy.  But they can often be found on the used market for under $1,000 in good shape, and they are not expensive to have a full UN overhaul.  I think I paid about 600 CHF about 4 years ago.

A high proportion of such vintage UNs are not fully original.  Most frequently, the dial is completely redone.  Often there is a different, non-original movement.  And it is very frequent to see non-UN replacement crowns.  (The latter UN can replace at overhaul for a low price.)  With an overhaul you also get a nice paper telling you the provenence of your watch, including the source of the movement.

Marcus' post tells you how to mark a vintage UN as having been made in New York.

The best way to familiarize yourself with what's available is to browse eBay.  You will see that the diversity of vintage UNs is indeed scary.  There are few great deals and many "created" watches that bear little resemblance to an actual UN.  Indeed, I would estimate that an unknowledgeable buyer hoping for a great deal on a vintage UN on eBay has about a 90% chance of disappointment.

Because of the economy, there are many excellent vintage UNs coming from dealers in Buenos Aires and Montevideo.  (BA is a wonderful place to shop for all sorts of vintage watches, and when I was last there several shops had 3-4 UNs for sale.)

Please note that I am not advocating making a purchase from eBay, which is a bit like skydiving with a parachute packed by a trained monkey.  However, it is a resource with many pictures of what's being sold.

Having rambled a bit, let me say that my 1956 18kt vintage UN is the watch I wear most frequently.  It looks great, the size and feel is perfect, and I am not overly worried about it getting stolen or broken.  Plus I really like the look of simple gold watches.