This is bits from a convo I had with Sogeha on here. I hope he doesn't mind me sharing it, because I think he made a great point.
My thoughts:
I'm curious about the Franken market, ups and downs and such. I know some extreme watch freaks out there, like the guys at HQ Milton, Paul Altieri at Bob's Watches and Ben Clymer at Hodinkee, Bob Maron - I've talked to them all, and they're of the opinion that Franken's should be crushed just like $200 rep's.
They drive the secondary market and are the current "knowledge-base" so that tide-turn might come much later than we think... they'd have to appreciate mechanical charm and build, and the parts and get out of their head that original #'s matching doesn't always mean the watch is worthless.. Look at classic bikes/cars.
If you send a Franken to Paul, you'll get a watch back with "REPLICA" engraved on your inner or outer caseback, depending on the mood he's in.
Sogeha's thoughts:
I remember when a franken Ferrari 250 was treated the way top quality franken watches are. Basically they are the same thing. Some genuine parts from a lesser model that are identical or can be made so and some replica parts. A 250 GTO is what 30 Million Stering whatever that is in Dollars, a California or SWB is a solid 20. Those replicas are now accepted on historic rallies and races partly because nobody is going to risk a 30 Million car in racing. The prices and demand for the frankens is solid despite Ferrari not recognising them.
Rolex is never going to recognise "put together watches" it doesn't suit the imagine they wish for. But the same thing will happen. A top end 5513 gilt is now 20. How many people are happy having that on their wrist everyday? When they hit 50? I wouldn't spend that on a watch but I could if I really wanted. Probably you could if you wanted it badly enough, but would you wear it on the bus? I know I wouldn't. Plus as genuine watches increase in value, genuine parts will track them or maybe outdo them. Rolex is seriously limiting access to genuine parts and even Rolex doesn't have parts for vintage watches.
The guys you mention. I don't know any of them, but I know of all of them. They all make a living selling watches and they are all "bigging up" stuff they wouldn't have touched ten years ago. Hodinkee in particular bangs the drum for a watch for a while, then low and behold they just happen to find a few to sell at the newly inflated price they created.