Yahoo Finance Cartier, Omega, Breitling, Audemars Piguet, and Hublot Watches Lost Value in Secondary Market, Said Chrono24
LONDON — Timepieces from Jaeger-LeCoultre experienced the greatest increase in value, up 3.97 percent, in the first quarter of 2024 in the secondary market, said timepiece online marketplace Chrono24 in a recent report, after analyzing sales data drawn from more than 600,000 transactions in the period.
According to the ChronoPulse watch index report, which was first introduced in 2019, luxury watch prices nearly stagnated in the quarter, falling 0.49 percent, and may have bottomed out.
More from WWD
Tag Heuer and Kith Bring Back Iconic '80s Watch Ahead of Miami Grand Prix
While Secondhand Watch Market Sees Downturns, Christie's Finds Opportunities Among Younger Clients
Balazs Ferenczi, head of brand engagement at Chrono24, said it remains to be seen whether there will be an upward trend in the coming weeks.
“There are already a few positive signs in this regard, as prices for more than 40 percent of popular models rose in the first quarter of this year. The watch market could also get a further boost if central banks in Europe and the U.S. cut key interest rates,” he added.
Economic observers believe that may be unlikely for the near future, however, as inflation rates in the two regions remain stubbornly high.
Ferenczi noted the platform has recently seen increased demand for luxury watches and prices for watches from four of the 14 brands analyzed by Chrono24 rose in the period.
“We even set a new record for transactions on our marketplace in Q1 2024. This could also be a sign that watch enthusiasts are speculating that prices will rise again, and thus are getting their dream watch at a potentially lower price,” said Ferenczi.
Trailing Jaeger-LeCoultre, watches from Patek Philippe, Tag Heuer and Rolex also showed positive performance across the first quarter of 2024.
The greatest loss in value, meanwhile, was seen by Breitling, down 4.49 percent. Watches from Cartier, Omega, Audemars Piguet and Hublot also decreased in value by more than 2 percent in the period.
In terms of top-performing models, there are two, both from Cartier. The Cartier Panthère saw a 19.51 percent jump in value, while prices for the Cartier Santos rose by 18.25 percent in the period.
Six other models that saw their value increase by more than 15 percent include the Breitling Navitimer, Jaeger-LeCoultre Reverso Grande Taille, Tag Heuer Monaco Gulf, Panerai Luminor Marina 1950 3 Days, Hublot Big Bang, and Grand Seiko Heritage Collection.
Based in Karlsruhe, Germany, Chrono24 was founded in 2003 as a peer-to-peer marketplace and has gained scale as it has evolved. The marketplace carries about 530,000 watches from more than 35,000 professional and private sellers, attracting more than 9 million unique visitors a month.
A 2021 series C round raised more than 100 million euros, or $118 million, scoring a $1 billion valuation for Chrono24. Led by private equity firm General Atlantic, the fundraising saw the arrival of investors including LVMH Moët Hennessy Louis Vuitton titan Bernard Arnault’s Aglaé Ventures, Insight Partners and Sprints Capital. It also counts Cristiano Ronaldo among investors.
Best of WWD
