The luxury watch market has always been a fascinating space, shaped by brand heritage, innovation, and collector demand. Chrono24’s latest market report for 2024 paints a compelling picture of the industry, with Rolex, Omega, and Cartier standing out as the dominant players. But beyond just the big names, this year’s report reveals some interesting shifts in design trends, material preferences, and investment potential. Let’s take a deeper look at the key takeaways from the Chrono24 Luxury Watches Report 2024.
Rolex, Omega, and Cartier Lead the Pack
No surprises here: Rolex remains the undisputed king of luxury watches, with the Rolex GMT-Master II 126710BLNR taking the title of best-selling watch of the year. The ‘Batman’ continues to be a highly sought-after model, proving once again that Rolex’s appeal is timeless and its resale value stable. Despite fluctuating economic conditions, Rolex watches remain a rock-solid investment.
Over at Omega, the Speedmaster Professional Moonwatch 310.30.42.50.01.002 has once again affirmed its status as a fan favorite. The 2021 revision of this legendary watch has proven to be a smart move for Omega, with both Hesalite and sapphire crystal versions offering collectors distinct options. The Moonwatch remains a staple in any serious collection.
Meanwhile, Patek Philippe’s Nautilus 5711/1A-010 has seen an interesting shift. While the once-astronomical hype surrounding the model is beginning to settle, its status as a cultural icon remains intact. The cooling of prices has opened doors for more collectors to acquire this legendary timepiece, though its discontinuation still makes it a rare find.
Investment Performers: Cartier, Jaeger-LeCoultre, and Grand Seiko Shine
While Rolex, Omega, and Patek Philippe dominate sales, the report highlights three models that experienced notable appreciation in value:
Cartier Santos 100 Ref. 2656 – With a 26.46% increase in value, this model has cemented itself as a vintage classic. Originally released in 2004 to mark Cartier’s 100th anniversary, the Santos 100 combines heritage with timeless design, making it an attractive investment in the $3,700 to $6,300 range.
Jaeger-LeCoultre Reverso Grand Taille Ref. 270.8.62 – The Reverso continues to stand as an icon of dress watches, experiencing a 22.86% rise in value. Originally designed for polo players, its reversible case and elegant Art Deco styling have kept it relevant for nearly a century.
Grand Seiko SBGM221 – Grand Seiko has been steadily gaining respect in the collector community, and the SBGM221 saw a price increase of 19.78%. Known for its exceptional finishing and high-precision movement, it offers an accessible yet highly desirable entry into luxury watch collecting, priced between $3,100 and $4,700.
Design Trends: Rectangular and Tonneau Cases on the Rise
The report also highlights shifting design preferences. While round cases remain the overwhelming favorite, rectangular and tonneau-shaped watches saw a significant rise in popularity. Cartier continues to drive this trend, with the Tank and Santos models leading the way. Rectangular watches accounted for 4.43% of total sales, a 12.56% increase from the previous year. Tonneau-shaped watches saw a 12.42% jump, further indicating a move towards more distinctive case designs.
The resurgence of Roman numerals is another trend to watch, with a 9.54% increase in popularity. Cartier’s influence is clear here as well, reinforcing the notion that vintage-inspired elements are making a strong comeback.
Material Trends: Titanium and Silver Gaining Traction
Stainless steel remains the dominant case material, but titanium and silver have seen impressive growth:
Titanium usage grew by 8.46%, with brands like Grand Seiko, Tudor, and Citizen pushing its adoption.
Silver cases saw a 14.91% surge, largely driven by Cartier’s Must de Cartier Tank, a nod to the brand’s heritage models.
Carbon cases also gained momentum, increasing 11.81%, as brands experiment with lightweight, high-tech materials.
Functionality Trends: Moonphase Watches Rise, Chronographs Decline
One of the more surprising trends in 2024 is the decline in chronograph popularity, with a 10.16% drop in sales. Even the once-iconic Rolex Daytona seems to be losing some ground as collectors gravitate toward simpler, more elegant complications.
On the other hand, moon phase watches saw a 56.33% increase in demand. Models like the Jaeger-LeCoultre Master Ultra Thin Moon and Omega Speedmaster Moonwatch have captured the imagination of collectors, demonstrating a growing appreciation for more poetic complications.
What This Means for Collectors and Investors
The 2024 Chrono24 report confirms that while Rolex still rules the market, there are plenty of opportunities outside the ‘big three.’ Cartier’s surge in popularity, the growing demand for titanium and silver cases, and the rise of rectangular watches all indicate a shift in collector preferences.
For those looking to invest, vintage-inspired pieces with strong brand heritage—such as the Cartier Santos, Jaeger-LeCoultre Reverso, and Grand Seiko SBGM221—are proving to be smart choices. Meanwhile, emerging design trends suggest that we might see even more brands experimenting with non-traditional case shapes and materials in the coming years.
Conclusion
2024 was a defining year for the luxury watch market, reinforcing the lasting appeal of established brands while highlighting shifting trends in design and investment value. Rolex maintained its dominance as the best-selling brand, while Cartier, Jaeger-LeCoultre, and Grand Seiko proved their staying power. Rectangular and tonneau-shaped cases gained traction, alternative materials like titanium and silver saw increased demand, and moon phase complications surged in popularity, while chronographs declined.
The market remains dynamic, with value appreciation continuing to drive collector interest. While Rolex sets the benchmark, other brands are carving out their own niches, blending classic craftsmanship with modern innovation. Looking ahead, the industry is poised for further evolution, offering exciting opportunities for collectors and investors alike.
