Words by Sam Rayner, watch expert at Chrono Hunter
It may have been a roller coaster of a year, but research carried out by international market research agency Technavio suggests that Covid-19 won’t have much of an impact on the luxury watch market. In fact, by 2024 it is predicting an overall growth in the market of $1.64bn.
Our reliance on online shopping over the past year will also have a longer-term effect, and even in the luxury products marketplace, people are more willing to spend thousands online for the right product. And the Living in the Lap of Luxury report discovered that nearly half of UK consumers will be happy to spend more on buying luxury goods online in the future.
Here at Chrono Hunter, we have seen demand for luxury timepieces such as Rolex and Patek Philippe stay as strong as ever throughout the pandemic. The uncertainty has meant that prices have fluctuated over the past year as retailers safeguard themselves from a potential short-term price drop, but luxury watches continue, on the whole, to rise in value and still represent a good investment.
And with more and more investors entering the luxury watch market, the upward trend is likely to continue. You will obviously need to take good care of your timepiece, maintain it regularly and store it correctly. However, many people invest in a luxury watch because, in addition to keeping or increasing its value, it is also a hugely attractive, practical object that can be worn, used and enjoyed.
Best luxury watches to invest in
While there are no guarantees about the investment value, as you’d expect, the rarer the watch, the better the return. Watches that were manufactured in limited edition runs or have an unusual history or a famous owner are always going to be in demand and can sell for huge sums, as long as you can prove the provenance of course.
When it comes to brands that are safer bets investment-wise, Rolex, the most famous luxury watch brand, is one of the best. Rolexes are renowned for the high quality of workmanship, engineering and design. Even with the fluctuations in price and uncertainties of 2020, the second-hand value of Rolexes rose by around 14%, with the profit margin on the Submariner-Date 116610LN increasing by over 30%.
Other brands that make good investments are Audemars Piguet or Patek Philippe. While not as well known as Rolex, these are prestigious brands that are much sought after by those wanting to invest in high-end horology.
Use a trustworthy dealer
When you are investing thousands of pounds on a pre-owned luxury timepiece, you must also research the seller. By buying or selling luxury watches through Chrono Hunter, you will be assured of the best hand-picked deals from our network of verified and authenticated luxury retailers.
As watch enthusiasts ourselves, we founded the company so customers could buy and sell in a safe environment by not only receiving offers from reputable luxury watch retailers, but also ensuring they get the best deal by allowing them to compare all these offers in one place.
Our reliability and customer service excellence have earned us hundreds of five-star reviews on Trustpilot. Call a member of the team to find out more about our service and how to get into the world of luxury watch investment.
All imagery used in this article credit: Chrono Hunter