Joe- you bring a very important and relevant post that I am sure many collectors have appreciated reading. I really can't add much than to say that I share your view. I will chose a nice watch any day over a mediocre watch but that comes with box and papers. One thing worth adding to: Have you noticed what was going on at the last May Christies auction? Do you notice how many watches were being offered with boxes and papers? However the problem was that almost 90% of the time they were 'dealer' watches who have just found correct period boxes (but not original boxes) and blank papers. But like a friend told me a correct box is a nice thing to have and a $200 find on Ebay. What was more troubling was that most of the watches were also being offered with blank certificates, blank guarantee. This box and papers watch falsely gives a sense of security to the buyer and any buyer paying more for this is being 'robbed'. This is a problem right now.