If you’re a collector, it makes sense to stay on top of the data when it comes to the watch industry. A strong performance on the secondary market is a great indicator for watches that are worth investing in as well as a sign of where trends and interests are heading. Chrono24, one of the largest and most popular online watch sales platforms has published their official ChronoPulse – Watch Index Report covering sales data from their watches in Q1 of 2024.
As a disclaimer, this is a report published by a retail platform in an industry that has been experiencing a down turn across the past two years, which may be a relevant context to keep in mind. ChronoPulse, if you’re unaware, is the free and proprietary watch index operated by Chrono24 based on their own data.
According to the data, prices for luxury watches are continuing to drop, with a decrease of -0.49% from January 1st to March 31st 2024. However, that decrease is less than the -0.97% reduction from Q4 of 2023 or the even larger -2.23% reduction in Q1 of 2023. Looking at the trend of that curve implies that the drop currently being experienced is starting to flatten out as prices settle.
Cartier Santos De Cartier Dual Time
Additionally, a small number of brands (4 out of 14 studied in the report) actually saw price growth in the first quarter of 2024. Jaeger-LeCoultre rose +3.97%, Patek Philippe +0.41%, Tag Heuer +0.34% and Rolex +0.26%. This would appear to be at least anecdotally consistent with the increased interest in retro style timepieces and vintage dress watches. However, small gains by a handful of brands are off-set by the losses by names such as Breitling -4.49%, Cartier -3.47%, Omega -2.92%, Audemars Piguet -2.24 percent and Hublot -2.13%, among others.
However, looking at complete brand figures doesn’t present the full picture. For example, while Cartier is down on average, a specific model like the Santos is actually experiencing a rise of 18.25%. So while the big picture might look grey, there are some shining examples hidden within the figures and a shrewd collector will be able to find them.
To summarise, the ChronoPulse – Watch Index Report shows that the pre-owned watch market is continuing to see a reduced prices on the whole. While at the same time, specific models and brands are starting to see rises and indicate that the decline may be bottoming out. However, it’s still too early to say whether more decreases are likely to occur in future or if prices will continue to stabilise.
More details on Chrono24.
