Factors that determine the value of a Waltham watch include its condition, quality of craftsmanship, its material, its historical value and the rarity of the watch. The general condition of the economy, which influences individuals' decisions to put money into collectibles, also influences a watch's value.
If the Waltham watch is in its original state and no parts in it have been repaired or replaced, it commands a higher value. If the watch is made from precious metals such as platinum, gold and silver, it is more valuable than one made from brass because of the higher scrap metal value of the former. Additionally, Waltham watches that bear a better quality of workmanship possess more value.
If the Waltham watch is associated with a historical figure, it is of a higher value. In comparison, a watch with no association with a famous person is of lower value even if it is of better quality. Furthermore, watches that are more rare are generally more valuable than more common watches.
Finally, if the general economy is buoyant, it implies that people have more spare money to invest in collectibles. This pushes the value of Waltham watches up. The opposite is true when the economy does not perform well.