DEMAND AND VALUATIONS SKYROCKET ON CHRONO24 AS ROLEX, AUDEMARS PIGUET, PATEK PHILIPPE & OMEGA DISCONTINUE FAN FAVORITES
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DEMAND AND VALUATIONS SKYROCKET ON CHRONO24 AS ROLEX, AUDEMARS PIGUET, PATEK PHILIPPE & OMEGA DISCONTINUE FAN FAVORITES
Karlsruhe, Germany, March 9, 2021: The world’s largest marketplace for luxury watches, Chrono24, is reporting wild spikes in popularity for pre-owned versions of some of the industry’s most sought-after timepieces, fueled by concurrent announcements and rampant rumours of model discontinuations and the related introductions of replacement novelties at Watches & Wonders. Within the past weeks, Chrono24 has seen rampant surges in demand and increasing valuations for the soon-to-be-exited models including the Patek Philippe Nautilus Ref. 5711, the Audemars Piguet Royal Oak Jumbo Ref. 15202ST, the Omega Speedmaster Professional Moonwatch, and the Rolex Explorer II 216570. The correlation between rumors and exit announcements on Chrono24 is radically swift and quite apparent - showing both demand and value for pre-owned models soaring with a “get it before it’s gone” mentality.
Luxury watch brands are directly trying to serve collectors’ desires by releasing announcements of preeminent discontinuations of highly sought after models and teasing out their replacements. This strategy keeps watch lovers abuzz circulating rumors and fueling the demand for the pre-owned models of the discontinued (or soon-to-be) watches in the luxury resale marketplace. Chrono24 has seen a tremendous increase in user searches timed with these respective announcements, and steadily rising valuations.
The recent confirmation from Audemars Piguet containing its plans to exit and replace its Royal Oak Jumbo ref. 15202ST has led to a distinct swell in demand on Chrono24 throughout 2020 as rumors flared, with pre-owned offerings checking in at approximately 36,000 GBP - while the official retail price is 26,000 GBP. And prices continue to surge.
Simultaneously Rolex announced similar news, that the Explorer II ref. 216570 has officially been discontinued, as the model celebrates its 50th anniversary and will be replaced by ref. 226570 in commemoration as announced this week at Watches & Wonders. In the past days the going value for this model on Chrono24 has shot up to approximately 8,000 GBP and continues to rise.
For the Patek Nautilus, Chrono24 reported a 25 percent price jump when the discontinuation was only a rumor, then went on to experience a further 31 percent increase in the ref. 5711’s price on the day of the announcement. The blue dial model is now valued on Chrono24 at approximately 80,000 GBP - while Patek Philippe surprised collectors with the announcement of new ref. 5711 1A-014 - a new Nautilus model with an olive green dial. The number of search inquiries for the ref. 5711 also doubled within a month of the February announcement.
And previously in January 2021, Omega announced that it would discontinue two models of its famed Speedmaster Professional Moonwatch: ref. 311.30.42.30.01.005 and ref. 311.30.42.30.01.006. Omega quickly introduced a series of eight new Speedy models for 2021, which immediately sent demand soaring for pre-owned versions of the earlier models on Chrono24 - now selling for an approximate value of 4,000 GBP.
The discontinuation strategies from luxury watch brands like Rolex, Patek, AP and Omega are only adding fuel to the fire in the already thriving growth of the luxury resale industry. Demand for pre-owned goods with long life spans can be seen across luxury lifestyle and accessories industries generally in 2020 and 2021. Chrono24 reported its best year ever with the closing of 2020 – with a transaction, up 30% over 2019. Pre-owned watches made up approximately two thirds of the past year’s sales, contributing heavy-handedly to the booming luxury resale market
“Pre-owned watches are perhaps the best example of the staying power of luxury resale,” comments Chrono24 Co-CEO, Tim Stracke. “Watch lovers are undeniably one of the most passionate collector groups on the planet. Now we see luxury brands playing into the chatter, teasing rumors and both discontinuations and novelties. More than ever, watches can be looked at as a financial commodity - where rumors perpetuate fluctuations in value, and skyrocketing demand immediately impacts valuation, especially in the pre-owned marketplace.”
Chrono24 users can personally monitor the valuations of favorited timepieces (not only limited to the discontinuations aforementioned) by utilizing the marketplace’s “Watch Collection” tool. Users can simply search by ref. ID or name to follow valuation trajectories, which are especially important for watches in escalating demand, and use this data to influence their decisions of ‘when to buy.’
Chrono24 has been the global online marketplace for luxury watches since 2003. They are the #1 address for luxury watches for commercial watch dealers, private sellers and watch enthusiasts from around the world. With approximately 500,000 watches from more than 3,000 retailers and more than 30,000 private sellers, the platform boasts an average 500K unique visitors per day with approximately 9M unique visits per month (plus a cool 115K+ Instagram user following). Monthly purchase requests fall in the six-digit range, and Chrono24’s GMV was up 30% last year over 2019 with a transaction volume of more than 1.75 billion pounds – making it the company’s best year on record.
About Chrono24:
"Chrono24 – The World’s Watch Market" is the number one online marketplace for luxury watches. Every month, over 9 million unique visitors have access to some 500,000 watches from over 3,000 dealers in more than 100 countries, as well as approximately 30,000 private sellers. Chrono24 has generated 1.75 billion GBP in transaction volume in 2020. The platform combines the largest selection of new, pre-owned, and vintage watches with a comprehensive set of services that allows both buyers and sellers to process their transactions in a trustworthy environment. Their global support team offers assistance via email or telephone in 15 different languages. Chrono24 was founded in 2003 and has now 360 employees in offices in Karlsruhe, Berlin, Freiburg, New York, and Hong Kong.
Daniel Feld Senior PR & Communication Manager daniel.feld@chrono24.com Phone: +49(0)721/96693-813
Chrono24 GmbH Haid-und-Neu-Str. 18 D-76131 Karlsruhe Germany www.chrono24.com
