WatchesJan 24, 2022
These Were the Top 5 Watch Brands of 2021 on Chrono24WatchesAug 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 …
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.
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.
More on Watches
The Latest
AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood AuctionThe Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail OperationsMassimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
Events & AwardsMar 27, 2023
Registration Is Open for the HardRock SummitAGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Brought to you by
Full Disclosure at Your FingertipsDistinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
Weekly QuizMar 23, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
FinancialsMar 24, 2023
Movado Predicts Declining Sales Amid ‘Volatile’ Retail EnvironmentThe watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COOAdam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern GradingDe Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
SourcingMar 23, 2023
Burgundy Diamond Backing Out of Ellendale Mine Deal Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
GradingMar 23, 2023
GCAL Introduces 8X Cut Grade for Proprietary CutsPatented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.
Events & AwardsMar 23, 2023
Diamonds Do Good Names 2023 Award Recipients The organization said it will recognize those who exemplify the idea that doing good is good business.
CollectionsMar 22, 2023
Messika’s 2023 Campaign Pairs New Jewelry With Vintage CarsKendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.
Events & AwardsMar 22, 2023
Hari Krishna Exports Hosts Gala Amid UN Water ConferenceThe CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.
Policies & IssuesMar 22, 2023
See Kwiat’s Bracelet for World Water DaySales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.
AuctionsMar 21, 2023
Marlene Dietrich’s Van Cleef & Arpels Bracelet Going Up for AuctionExpected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
ColumnistsMar 21, 2023
Squirrel Spotting: Customer Retention Mindset—The New CRM With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Events & AwardsMar 21, 2023
ASJRA’s May Conference Examines ‘Iconic’ Jewelry CompaniesJewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.
IndependentsMar 21, 2023
Borsheims Executive Jennifer Johnson RetiresJohnson joined the retailer in 1987, establishing its first human resources department.
Recorded WebinarsMar 20, 2023
Watch: Lab Grown Diamonds: What's Now? What's New? What's Next?Supplier Spotlight Presented by IGI
Events & AwardsMar 20, 2023
Gem Awards Shine Spotlight on Design, Dedication, and FamilyThe industry gathered to celebrate those who elevate the jewelry and watch industries.
CrimeMar 20, 2023
Jewelry Crime Reached Record Level in 2022, JSA SaysAt JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.
CollectionsMar 20, 2023
A New Book on Chanel Is a High Jewelry Lover’s DreamIt highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.
Recorded WebinarsMar 17, 2023
Watch: Lessons From GemsJewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.
Events & AwardsMar 17, 2023
JCK Industry Fund Announces Grant RecipientsHere’s what the nine chosen organizations plan to do with the funds.
TrendsMar 17, 2023
Piece of the Week: Anita Ko’s Award-Ready EarringsThe designer is nominated for a Gem Award for Jewelry Design.
FinancialsMar 16, 2023
Winter Weather, Declining Engagements Weigh on Signet’s Results The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.
FinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.
