Chrono24 Debuts the ‘Dow Jones’ for Luxury Watches
The watch seller’s new index tracks sales data from 14 brands, including Rolex and Patek Philippe.
Dubbed “ChronoPulse,” the proprietary tool uses the platform’s anonymous first-party real-time sales data.
Chrono24 introduced the index at an event in New York City in late October, when WatchTime New York brought collectors and enthusiasts into town, while also celebrating its 20th anniversary.
CEO Tim Stracke gave a presentation on ChronoPulse, which he called the “Dow Jones for the watch industry," explaining the methodology behind it.
A unique feature of this index, said Stracke, is that it tracks final sale prices rather than list prices.
“In today’s time, where watch prices are very volatile, asking prices are no longer the final truth. We see a lot of prices being negotiated down,” he said.
Another differentiator is the breadth of brands included in the index.
There’s a lot of focus on the “big three,” which includes Rolex, Patek Philippe, and Audemars Piguet, but the watch industry is broader than that, noted Stracke.
To create the index, Chrono24’s team of data scientists and industry veterans looked at the top 14 brands by trade volume with the goal of covering 80 percent or more of the watch market.
The top 14 are: Rolex, Omega, Patek Philippe, Audemars Piguet, Breitling, Cartier, IWC, Panerai, TAG Heuer, Tudor, Jaeger LeCoultre, Grand Seiko, Hublot, and Vacheron Constantin.
The index includes the top 10 best-selling and most important models from each manufacturer, so 140 in total currently.
“ChronoPulse incorporates more brands, more models per brand, and more watches in general than any existing competitive service,” said the company in a statement.
“This reduces the number of blind spots possible in a massive data set and makes the ChronoPulse model less vulnerable to bubbles/crashes, and, therefore, most reflective of the actual market.”
ChronoPulse utilizes about 4.6 million data points in total, stemming from more than one million sales since Chrono24’s founding, or about 30,000 sales per month.
The company also offers users a “Watch Collection” tool, which tracks the value trajectories of more than 3.7 million owned watches. The tool tracks value using the purchase price, whether or not the user bought the watch from Chrono24.
The value of all watch collections tracked using Chrono24's tool totals more than $49.7 billion, said the company, adding that makes up almost 7 percent of the estimated $748 billion value of all the watches in the world.
While data is a useful tool, watch collectors’ preferences can be subjective, so Chrono24 turned to industry experts for their input, including Denmark-based watch journalist Kristian Haagen, Eric Wind of Florida-based Wind Vintage, Singapore-based watch collector and banker Jack Wong, and Brendan Cunningham, who runs the “Horolonomics” blog and is a professor of economics at Eastern Connecticut State University.
The ChronoPulse index data is updated daily, and the selection and weighting of the manufacturers and watch models are updated and adjusted every six months.
There are also indices available for the 14 top brands, with independent brand-specific indices set to roll out in the coming months, said Chrono24.
The Latest
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Despite the rising prices, consumers continue to seek out the precious metal.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.