Chrono24 Q1 Report on the Secondhand Luxury Watch Market

Many luxury watches are purchased not only for their looks and functionality, but also for their ability to hold their value over time. That’s why Chrono24, the world’s leading online marketplace for luxury watches, analyzes the performance of the secondary market for luxury watches on a quarterly basis.

To do so, the company evaluates the developments of their in-house ChronoPulse watch index. It’s the world’s only luxury watch price index based on actual sales data. The secondary market for luxury watches showed some signs of recovery in the first quarter of 2024.

Is the secondary market for luxury watches stabilizing?

Overall, prices for luxury watches fell by 0.49% between January 1 and March 31, 2024. Looking at the previous quarter and the same period last year, this is a positive development, considering that luxury watch prices fell by 0.97% in Q4 2023 and by 2.23% in Q1 2023. Moreover, prices for watches from 4 of the 14 brands analyzed by Chrono24 actually rose in the first quarter of the year.

Timepieces from Jaeger-LeCoultre experienced the greatest increase in value (+3.97%). Patek Philippe (+0.41%), TAG Heuer (+0.34%), and Rolex (+0.26%) also showed positive performance across the first quarter of 2024.

Historically, this is also part of a positive trend. In the fourth quarter of 2023, the only watches to increase in value on the secondary market were those from Cartier (+2.31%), Omega (+1.41%), and Breitling (+1.39%). In Q1 2023, this could only be said for two brands, namely Jaeger-LeCoultre (+1.85%) and Omega (+0.52%).

Industry Experts: The Market May Have Bottomed Out

“Prices in the secondary market for luxury watches rose for about two years after the start of the coronavirus pandemic, before slowing in the spring of 2022 and falling since then. We may have now reached the lowest point, given the near stagnation of prices in Q1 2024, as seen in our ChronoPulse watch index,” explains Balazs Ferenczi, Head of Brand Engagement at Chrono24, adding, “It remains to be seen whether we’ll see an upward trend in coming weeks. There are already a few positive signs in this regard, as prices for more than 40% 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 US cut key interest rates. Chrono24 has recently seen increased demand for luxury watches on the platform. 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.”

Breitling, Cartier, and Omega: Largest Drops in Value

While there were some positive price trends in the secondary market for luxury watches, by the end of the first quarter, the purchase prices of more than two-thirds of the watch brands analyzed were still down compared to January 2024. The greatest loss was seen by Breitling (-4.49 percent). However, watches from Cartier (-3.47%), Omega (-2.92%), Audemars Piguet (-2.24 percent), and Hublot (-2.13%) also decreased in value by over 2 percent in Q1 2024.

Prices for brands like Panerai (-0.91 percent), IWC (-0.38%), and Tudor (-0.16%) likewise fell, albeit only slightly. “We can’t rule out the possibility that price developments for these brands will turn positive again in the next two quarters. If so, this would be the first time since 2022 that more than half of all brands in the ChronoPulse Index would be in the black. We will of course be tracking to see whether this actually happens,” explains Balazs Ferenczi.

Watches With the Best Performance in Q1 2024

Among the watches that increased most in value on the secondary market are two Cartier models. The Cartier Panthère enjoyed a 19.51% jump in value in the first quarter of the year, while prices for the Cartier Santos rose by 18.25%.

Six other models also increased value by more than 15%. These include the Breitling Navitimer (+18%), Jaeger-LeCoultre Reverso Grande Taille (+17.57%), TAG Heuer Monaco Gulf (+16%), Panerai Luminor Marina 1950 3 Days (+15.92%), Hublot Big Bang (+15.9%), and Grand Seiko Heritage Collection (+15.54%). Market leader Rolex doesn’t appear on the list of watches with the highest increases in value on the secondary market until place 13: Prices for the GMT-Master II “Pepsi” rose by 9.94% in Q1 2024.

You can track price trends on the secondary luxury watch market using the ChronoPulse Watch Index, which is based on real sales data: https://www.chrono24.com/chronopulse.htm