No general Price Decline in the luxury Watch Market: Chrono24 names Winners and Losers

No general Price Decline in the luxury Watch Market: Chrono24 names Winners and Losers

Largest marketplace for luxury watches analyzes price development and trends worldwide

Karlsruhe/Germany, July 19, 2022 – „Crypto Meltdown Claims Rolex and Patek Philippe as Victims“ – the collapse in cryptocurrencies has Rolex and Patek Philippe as victims, so headlined by the financial experts of Bloomberg at the beginning of July this year. Chrono24, the largest international marketplace for luxury watches, can also confirm this: „We are currently experiencing a consolidation of the market – there is more supply and prices are falling accordingly. The supply of Unicorn or Trophy watches, both very limited for a long time, such as the Patek Philippe Nautilus 5711A or the Rolex Daytona, is much larger now, and, thus, individual watches are becoming cheaper. At the same time, however, we have seen a significant increase in trading volume of more than 50 percent year-on-year in the first half of the year on Chrono24, resulting from both, rising prices for some models and increasing sales. The current price development therefore possibly provides a good opportunity to enter the watch market,“ analyzes Tim Stracke, Co-CEO of Chrono24. The marketplace is considered the most transparent platform worldwide on the market prices of luxury watches, the market data is currently based on more than 507,000 watches from 129 countries that are on offer at Chrono24.

More homogeneous prices within the model families  
Although the prices achieved have declined in recent weeks, they are still well above the level of recent years: while a Patek Philippe Nautilus 5711A – new price $35,000 – was still selling for up to $240,000 in the first quarter, current prices are around $190,000, more than five times the list price. As a result, the individual collections are once again receiving more homogeneous prices: „In recent months, prices for individual models from certain collections in particular have risen extremely, while very similar watches – for example, the Patek Philippe Nautilus 5712/1A with the moon phase display – have seen significantly less growth in value by comparison. In this respect, an adjustment and homogenization of prices within the model series is currently taking place,“ explains Chrono24 CEO Tim Stracke. The company will soon present a detailed study based on the global data.   

Other brands record significant increases  
The shortage of trophy watches, such as the Rolex Daytona or the Submariner, the Patek Philippe Nautilus or the Audemars Piguet Royal Oak, resulting from the last few months have also caused other manufacturers to suddenly come into the focus of collectors: „Based on our data, we see significant price jumps upwards for watches like the Girard-Perregaux Laureato. Demand for virtually all models from the Omega Speedmaster collection has risen significantly, as have sales prices, partly due to the enormous publicity success of the Moonswatch – a collaboration between Swatch and Omega. Watches from Cartier and Breitling have also risen significantly in price and demand,“ says Tim Stracke of Chrono24. Likewise on the rise, according to Chrono24, is a demand for smaller, independent brands such as H. Moser & Cie. or Czapek & Cie. The general growth in the luxury watch segment is unbroken, however, and Chrono24 expects a further increase in sales in the second half of the year.

„Chrono24 – The World’s Watch Market“ has been a leading global online marketplace for luxury watches since 2003. With approximately 500,000 watches from more than 3,000 dealers from over 100 countries and over 30,000 private sellers, the portal reaches more than nine million unique visitors per month. In 2020, Chrono24 achieved over 30% growth in transaction volume with six-figure monthly purchase requests. With a large combined global offering of new, pre-owned and vintage watches, Chrono24 offers a comprehensive service portfolio that enables buyers and sellers to complete their transactions in a trusted environment. The global support team provides assistance via email or phone in 15 different languages. Chrono24 employs nearly 400 people in its offices in Karlsruhe, Berlin, New York and Hong Kong.  
www.chrono24.com