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The Future of Watches: The Pre-Owned Market Will Be Worth Up To $32 Billion
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January 20, 2021
The watch in question: a Rolex Datejust with a stainless steel Jubilee bracelet.
Internet watch sleuths first spotted it just days ago, and if ever there were a “special occasion timepiece” befitting an American president, one who has spent most of his life in prestigious government roles, this surely would be it.
Rolex Datejust 41 mm in stainless steel and 18k white gold with black dial. President Biden’s Rolex is believed to be the current iteration of the watch, which features a blue dial.
The Rolex is one of a handful of timepieces President Joe Biden has been wearing of late, according to Chrono24, a leading digital marketplace for luxury watches. The company’s specialists have been on the case, as it were, following his wrist through the final stages of the campaign and his multiple televised appearances as the nation’s president-elect. Their research has surfaced five favorites, all of them distinguished and classically presidential in their
Despite the unprecedented challenges posed by the global pandemic, leading online luxury-watch marketplace
Chrono24 achieved a wildly successful year in 2020, generating a 25 percent increase in volume and $2.4 billion in transactions. How did the company, which offers a platform for watch dealers, private sellers, and enthusiasts in more than 100 countries, pull off this feat, and what does its success portend for how the watch industry as a whole does business going forward? Tim Stracke, founder, co-CEO and co-owner of Chrono24, offers insight in our exclusive and wide-ranging interview.
Chrono24 founder, co-CEO and co-owner Tim Stracke
WT: What type of business were you in before you acquired Chrono24, and how did you develop your interest in fine watches?
Online Marketplace Chrono24 Sees Soaring, Crisis-Proof Demand for Rolex & Luxury Watches; Reports Best Year Yet with $2.4B Transaction Volume in 2020
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This year Chrono24, the world’s largest global marketplace for luxury new and pre-owned watches, will have generated a staggering 25% increase in volume over 2019, and a transaction volume of more than $2.4 billion USD – making 2020 the company’s best year ever. Rolex again dominated the year, with its collectible models taking up all of the top five spots for “most searched” across Chrono24’s platform. Amid the ongoing pandemic consumer appetite for luxury timepieces proved consistently unyielding with exploding growth.
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