Second-hand watch market: who was ahead in 2024?

Second-hand watch market: who was ahead in 2024?

The online watch marketplace Chrono24 has analysed the second-hand market trends of the past year based on its own transaction data from 1 to 31 December 2024 and identified a clear winner. Brands and models with a share of at least one per cent on the second-hand market were included.

Chrono24 uses the ChronoPulse analysis tool, which provides extensive insights into price trends for watches from January 2019. The analysis is based on real sales figures.

The trend brands in 2024

Cartier clearly leads the field. Last year, the brand increased its market share by 23.8 per cent compared to 2023, meaning that the French brand, which is part of the Swiss Richemont Group, is continuing its rise in the pre-owned market. In 2020, Cartier's transaction volume on Chrono24 was still at three per cent; in 2024, it was already around five per cent (+66 per cent).

Cartier extends its lead

Alongside Cartier, Vacheron Constantin in second place also increased its market share by double digits (12 %). Behind it in third place is Rolex sister company Tudor with an increase of 8.6 per cent. According to the Chrono24 analysis, it is currently one of the ten top-selling brands in the secondary market for luxury watches despite falling prices since 2022.

Seiko also recorded a significant increase of 7.4 per cent (fourth place). Omega (4.9 %), Jaeger-LeCoultre (3.4 %) and TAG Heuer (3 %) took fifth to seventh place with good growth.

Hermès catches up

In a comparison of the less established luxury watch manufacturers (market share of less than one per cent), Hermès showed possible signs of a new trend: the French luxury brand grew by 55.6 per cent. Piaget and Universal Genève, recently acquired by Breitling, also grew by around 50 per cent.

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Comment: "It remains exciting!"

"The crucial question is whether these catch-up trends of certain brands can also be observed on the primary market - now or in the future. Following the Watch report 2024 from Morgan Stanley and LuxeConsultthen this is not the case and will not happen any time soon. Instead, the polarisation of the 'Big Five' will continue. And even with a Long-term analysis of Chrono24 figures Rolex continues to dominate the pre-owned market with an overwhelming market share of currently 34.2 per cent. Cartier follows in fourth place with 5.2 per cent. The two other brands with growing market shares in 2024 only appear here in eighth place (Tudor) or not at all in the top 10. However, the watch market is very dynamic and faster than it was ten or twenty years ago. In addition, a new generation is entering the age of high purchasing power, which may have different ideas about luxury, status and brand loyalty. It remains exciting - and that's a good thing!"

Antje Heepmann (watch journalist)

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The trend models 2024

A look at the market share development of the individual watch models shows which models have significantly characterised the Cartier trend: The "Tank" recorded growth of 30.9 per cent, followed by the "Santos" with 27.7 per cent - meaning that both models occupy the top two places.

The "Complications" from Patek Philippe follows in third place with growth of 13.6 per cent. The top five is completed by the "Black Bay" from Tudor (12.3 %) and the "Navitimer" from Breitling (11.9 %). They are followed by the "Pilot" from IWC (6.9 %), Omega Seamaster (5.9 %), the "Calatrava" from Patek Philippe (5.2 %) and "Speedmaster" from Omega (4.1 %).

The most popular designs

Ellipse-shaped watches dominated the case shapes in 2024, with an increase of 15.4 per cent compared to the previous year. Gold colours were particularly popular for dial colours (+16 %) and rose gold for materials (+9 %).

The sharp rise in Roman numerals on dials (+10.7 %) is indicative of the general Cartier trend. In terms of case shapes, this is also visible in the longer term: since 2020, rectangular watches have gained an average of six per cent in market share every year, more than any other shape.

"Since 2020, Cartier has increased its market share by an average of 13 per cent every year. This has made the French luxury watch brand the fourth most popular watch manufacturer on the secondary market, driven by the iconic and successful Cartier 'Santos' and 'Tank'. It has been number two on the primary market for years," says Balazs Ferenczi, Head of Brand Engagement at Chrono24, drawing a comparison between the primary and second-hand markets.

"Only Vacheron Constantin is showing a similar trend. The Geneva-based manufacturer is increasingly gaining market share in the high-end segment and impresses with its high quality, comparable to Patek Phlippe or Audemars Piguet, but is more attractively priced," the watch expert continues.

Vacheron Constantin closes the gap

"With the recently launched '222' in steel, it has also fuelled renewed interest on the secondary market. The new '222' is currently trading at three times the list price. The model was also designed by Gerald Genta, just like the 'Royal Oak' from Audemars Piguet and the 'Nautilus' from Patek. These developments indicate that Vacheron Constantin is about to catch up in the long term," explains Balazs Ferenczi.