By Sam Rayner and Max Nordigian, Co-Founders of Chrono Hunter
Like a Zenith El Primero movement, we are the pulsating heartbeat of what’s going on in the pre-owned world. We truly understand what makes this sector tick, thanks to the constant data we are gathering when customers make transactions through our platform.
On the buying side, we have noticed our customers have more of a burning desire to ensure they are getting the most they can for their spend, as opposed to pulling the trigger sooner.
The previous trigger happy customer was perhaps overly fearful a watch may not be available. And whilst some watches may be in stock for a little bit longer than they have in the past, we still advise that if it’s a great novelty at a competitive price, it’s unlikely to hang around for long.
The most popular watches transacted through our platform throw up must-have Rolexes such as the GMT Master II Pepsi, Root Beer and Datejust models. That being said, stainless steel sports watches like the Submariner and Yacht-Master remain popular.
At the start of 2024, we saw a surge in interest for the 42mm Rolex Explorer II “Polar Dial” and a spike in interest for the Rolex GMT Master II Pepsi, driven by speculation of discontinuation.
This is an ideal opportunity for our clients who are looking to buy, as our market leading platform is the only one to provide multiple offers via our carefully curated network of retailers. This is what differentiates us in the sector and accounts for why we are growing exponentially.
The retailers we align ourselves with have all been carefully picked based on the most rigorous of criteria. They always have to put their best foot forward, meaning our clients have access to exceptional prices according to true market conditions. This is the reason why we’re confident we can always obtain the best deal.
We have noted a range of brands which customers want to purchase from the new Tudor Black Bay 54 to the old reference Rolex Daytona models (ref. 116500LN). Meanwhile, older pre ceramic Rolex references such as the 116520 are popular and we often have many enquiries for vintage pieces, especially discontinued Rolex and Patek Philippe models.
Recently, what we have seen is consumers are now cottoning on to the fact that money invested in a stainless steel Daytona offers greater financial security than purchasing a precious metal timepiece, making their money work harder in the pre-owned sector.
Selling Watches: A Multitude of Luxury Watch Brands Dominate Pre-Owned Market
We always see a diverse portfolio of luxury brands come through our platform such as Cartier, Patek Philippe, Tudor and of course Rolex.
Customers selling through our platform have parted with everything from Seamasters to Submariners, Rolex’s to Richard Mille’s and even Breitling, most notably the Superocean Heritage and Navitimer collection.
“The pre-owned market is definitely much more stable now after the craze of the pandemic where prices rocketed.” Sam Rayner, Chrono Hunter
Transactional Volume Sales: Chrono Hunter Is Not A One Trick Horological Pony
In terms of sales volume through our platform, Q1 of 2024 has been a busy period with a diverse range of brands featuring Rolex, Omega, TAG Heuer, Breitling, Cartier, A. Lange and Sohne, Chopard, Girard Perregaux, Vacheron Constantin and Grand Seiko, whilst there has been sales requests from other brands like Porsche Design and Piaget,
Mid-Priced Range Models Between £3,000 – £8,000
We have seen a lot of high volume transactions between these figures across a number of different brands including Hublot, IWC, Panerai, Zenith, JLC and the Cartier Santos (in steel.)
As far as Rolex is concerned, we have had a host of buying and selling requests on the classic, enduring models such as the Datejust and Oyster Perpetual. Most notably, we have had some extremely high end sales come through our platform recently with a skeletonised Cartier Crash in platinum (Limited to 10 pieces globally!) and the now discontinued Rolex Daytona “Le Mans” edition.
Yet, a watch that was purchased pre 2020 is not the investment consumers once thought it was due to the current plateauting of the secondary market. Prices on major brands have somewhat cooled for now.
After all, we are far from the return to pandemic prices where models such as the Aquanaut and Nautilus were as sky high as the first Speedmaster launched into space. Cash was fluid and many aspirational buyers had disposable income to spend on luxury items like fast cars, fine wine and of course luxury timepieces.
The Devil Is In The Detail
We constantly have our timekeeping finger on the pulse, so much so that we can analyse the data in detail across both buying and selling transactions. For example, Chrono Hunter notes the RRP prices on specific models and can track, not to mention monitor how much a certain watch has increased in value over time.
Not only do we have extensive data gathered through the array of offers we obtain for customers on both the buying and selling side, but we can project with near certainty where the best offer will be on a host of specific novelties.
Key Market Trends
The most commonly traded watches remain stable like the popular steel sports models. Consequently, this allows for a more accessible market for buyers on a budget and commodity watches, showing a gentle and realistic return for long term investors.
“We feel now is the ideal time to buy a Nautilus or Aquanaut which has seen prices dip to a 3 year low.
We would say the same for the Royal Oak and anyone wanting to buy a Richard Mille between £40,000 – £200,000.
At present, Cartier is performing as one of the most reliable brands, while precious metals have come down recently adding fuel to the fire. We have seen many timepieces go for under list price, making it more attainable to consumers, compared to previous years.
The time for enjoyment and not for investment has been reignited.
There has now been a shift in customer behaviour whereby many who stashed their timepieces away for a number of years are now wearing them again. Rather than making money in the short and long term, we have seen clients looking to add to their collection and share the joy of the watch.
There has been an influx of enthusiasts visiting our platform not just for a short term timekeeping fix but to buy for the long term or as a generational watch. I wouldn’t be surprised if we received more buying requests for heirloom watches or for special occasions either.
In summary, where do we see the secondary market as a whole? Well, while we are not horological soothsayers, the sector is certainly not going back to normal for at least 18 to 24 months.
While prices remain stable in the short term, vintage watches pre-2000 are retaining value more than some modern Rolex pieces, while the hype surrounding investment watches has slowed down somewhat.
Although the secondary market has been given bad press over the years, Chrono Hunter is on a mission to make the pre-owned luxury watch market the safest platform to transact through our growing network of the finest luxury retailers.
We only work with the best and we put the customer first which is why we offer a personalised service with exceptional offers you will not find at traditional bricks and mortar stores. As we work with some of the finest luxury retailers and in the country, authenticity is guaranteed every step of the way.
Every watch either bought or sold is rigorously checked and verified by our carefully curated network with only the best shipping and packaging methods used and options to drop the watch into a local retailer. Ultimately, every sale is different so we give our clients the choice. After all, we understand the importance of such a high value purchase or sale.
To date we have transacted over 40 million pounds worth of watches through our platform with an average 80% year on year growth. After transacting £1.6 million in watch value in our first full year we ended up at just over £14.5 million by the end of 2023. In total, we have amassed more than £40 million of luxury watches transacted through our platform.
We are fast growing because we cater to every discerning consumer, collector, enthusiast, aficionado and horophile. Whether entry-level TAG Heuer or ultra-rare Patek Philippe, our clients receive nothing but the highest levels of service coupled with 100% authenticity from our procured network of retailers and top line security.
We can even source those hard to find watches via our horological black book of contacts, so no stone is left unturned. Our customers feel safe in the knowledge that our reputation, technology and first rate brand expertise is market leading as we go from strength to strength…despite unpredictable times.
Sam Rayner and Max Nordigian are Co-Founders of Chrono Hunter
