Watches

4 Takeaways from Chrono24’s Analysis of the Luxury Watch Market

WatchesAug 04, 2022

4 Takeaways from Chrono24’s Analysis of the Luxury Watch Market

The watch seller comments on future demand, how the crypto crash impacted Rolex and Patek Philippe pricing, the supply recovery, and more.

Direct-to-consumer watch retailer Chrono24 crunched its numbers to share a few key insights into the luxury watch market.
Karlsruhe, Germany—Growth in the worldwide luxury watch market will hold steady in the second half of the year despite reports of a downturn, direct-to-consumer watch seller Chrono24 said in a recent analysis.

The e-tailer analyzed its market data, based on more than 507,000 watches from 129 countries that are currently for sale on Chrono24.com.

After digging through the data, Chrono24 shared its insight on trends and price development in the luxury watch market.

Here are the key takeaways.

The “Crypto Crash” has hurt luxury watch pricing.

Cryptocurrency investors have had a rough year, with analysts warning of a “crypto winter” ahead, lingo for a prolonged bear market.

The crypto market rallied in 2021 but has lost $2 trillion in value this year, according to CNBC.

Bitcoin, the most popular of the digital coins, is down 70 percent from its all-time high of close to $69,000 in November.

The downturn has directly impacted luxury watch pricing, said Chrono24, especially for brands like Rolex and Patek Philippe.

A rise in crypto led to an influx of luxury watch buyers but as the market fell, so did demand, sending prices lower.

An increase in supply means lower prices, but sales remain strong.

“We are currently experiencing a consolidation of the market—there is more supply, and thus prices are falling,” Chrono24 co-CEO Tim Stracke said.

The supply of “unicorn” or “trophy” watches, like the Patek Philippe Nautilus 5711A or the Rolex Daytona, were in limited supply for a long time, he noted, but as more become available, the price naturally falls.

However, Chrono24 has seen a significant increase in overall trading volume, up more than 50 percent year-over-year in the first half of the year, due to both rising prices for some models and increasing sales.

“The current price development therefore possibly provides a good opportunity to enter the watch market,” said Stracke.

 Related stories will be right here … 

For some models, prices are still well above the list price.

A Patek Philippe Nautilus 5711A is currently selling for around $190,000 on Chrono24, down from its first quarter high of $240,000 but still more than five times its list price.

However, there is some evening-out of prices occurring within brands, noted Stracke, meaning that while some models are seeing price spikes, others aren’t seeing as much growth.

“In recent months, prices for individual models from certain collections have risen extremely, while very similar watches—for example, the Patek Philippe Nautilus 5712/1A with moon phase display—have seen much less growth in value by comparison,” he said.

“In this respect, an adjustment and homogenization of prices within the model series is also currently taking place.”

The shortage of select watches has led to strong sales for other brands.

The supply of trophy watches, like the Rolex Daytona or Submariner, the Patek Philippe Nautilus or the Audemars Piguet Royal Oak, is slowly recovering but availability was limited for a while.

In that time, consumers sought out other brands to fill the gap.

“Based on our data, we see significant price jumps for watches like the Girard-Perregaux Laureato. Demand for virtually all models from the Omega Speedmaster collection has risen significantly, as have sales prices, due in part to the enormous publicity success of the Moonswatch, a collaboration between Swatch and Omega,” said Stracke.

He also noted a significant rise in price and demand for Cartier and Breitling watches.

Independent watch brands like H. Moser & Cie. and Czapek & Cie are also gaining traction.

“The general growth in the luxury watch segment is thus unbroken, and Chrono24 expects a further increase in sales in the second half of the year,” said Stracke. 

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

CollectionsAug 19, 2022
As Its Namesake Sets to Retire, Serena Williams Jewelry Debuts New DTC Website

The company is no longer selling its jewelry at Zales, which first partnered with Williams last August.

CrimeAug 19, 2022
Suspects Use Bear Spray on NY Jewelry Store Employees During Robbery

Ten masked suspects stole $800,000 in merchandise from a jeweler in the Bronx.

CollectionsAug 19, 2022
Piece of the Week: Akaila Reid’s ‘Wavy’ Bangle

It’s the hero piece of the emerging designer’s new “Wavy Baby” collection.

Brought to you by
The American Mined™ Collection: Ethical Sourcing That Matters

Rio Grande provides a pathway to responsibly sourced gemstones.

Supplier BulletinAug 18, 2022
Why Online Auctions Are Ideal For Selling Hard-To-Find Jewelry

Sponsored by HiBid

Weekly QuizAug 18, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
ColumnistsAug 18, 2022
Squirrel Spotting: The Travails of Attracting and Retaining Talent

The job market is tight, making it paramount for employers to have the type of culture employees really crave, Peter Smith writes.

MajorsAug 18, 2022
Pandora Charms Pet Owners with New Accessories

The jewelry company has also hired a new chief marketing officer.

Brought to you by
Knowledge and Skills for Today’s Hot Topics

From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.

CollectionsAug 18, 2022
Hearts On Fire’s Latest Collection Reaches for the Sky

“Aerial” is edgy and glamorous, inspired by nature’s wild forms.

GradingAug 18, 2022
VDB, Lab Grown Source Add 8X to Cut Grade Search Filter

8X is now the top cut grade on both platforms, above Ideal.

CollectionsAug 17, 2022
Playing Doubles: Monica Rich Kosann, Chris Evert Team Up on Tennis Bracelets

It is the first tennis bracelet collab for the legend, whose lost-and-found moment put the term “tennis bracelet” in the jewelry lexicon.

FinancialsAug 17, 2022
Watches of Switzerland’s US Sales Double in Q1

The company posted a strong start to the year but is cautious about the second half.

Events & AwardsAug 17, 2022
6 Things to Know About the Second HardRock Summit

The event will bring gems, minerals, and fossils under one roof from Sept. 8-11 in Denver.

SourcingAug 17, 2022
Diamond Supplier SRK Pledges 750 Solar-Power Rooftops

The charitable mission is in honor of India’s 75 years of independence.

Lab-GrownAug 16, 2022
Pandora’s Lab-Grown Diamond Line Heads to the U.S.

The announcement preceded the Danish company’s release of its second-quarter results.

ColumnistsAug 16, 2022
The PR Adviser: Describe Your Customer

Columnist Lilian Raji continues her tour of the customer journey by asking, who is your customer? And, what do they like?

EditorsAug 16, 2022
Tiffany’s ‘Lock’ Bangle May Be Its Answer to Cartier’s ‘Love’ Bracelet

The unisex style succeeds in several ways while saying a lot about what’s trending in jewelry, writes Senior Editor, Fashion, Ashley Davis.

CrimeAug 16, 2022
3 Packages Containing $6.9M in Fake Watches, Jewelry Seized in Ohio

Customs officers in Cincinnati intercepted the shipments in early August, finding counterfeit Cartier jewels and Rolex watches.

SourcingAug 15, 2022
Q&A: Moyo Gems Celebrates 3 Years and Many Milestones

In honor of the anniversary, Pact’s Mines to Markets Director Cristina Villegas discusses recent expansion and where it goes from here.

Events & AwardsAug 15, 2022
David Webb to Hold an Exhibition of Its Animal Jewelry

“A Walk in the Woods” will open at the brand’s Madison Avenue flagship this fall.

Events & AwardsAug 15, 2022
Plumb Club, JVC to Hold Webinar on Sustainability Marketing

The Jewelers Vigilance Committee’s Sara Yood will give an overview of what the FTC guidelines currently say and what may be changing.

Lab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers

The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.

FinancialsAug 12, 2022
Brilliant Earth’s Fine Jewelry a Hit in Q2

The company is also continuing its retail expansion.

AuctionsAug 12, 2022
2 Rolexes Paul Newman Gave to Stuntman Stan Barrett Head to Auction

The sale also will include a third Rolex, with all three watches tied to Barrett’s 1979 attempt to break the world record for land speed.

CollectionsAug 12, 2022
Piece of the Week: İTÄ Jewelry’s ‘Danza’ Ring

It mixes diamond shapes and colors.

Supplier BulletinAug 11, 2022
AGTA GemFair™ Denver – Back and Better Than Before!

Sponsored by AGTA

AuctionsAug 11, 2022
Sotheby’s Is Preparing its First Art Jewelry Auction This Fall

“Art as Jewelry as Art” features works from artists like Salvador Dalí, Alexander Calder, and Max Ernst.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy