It was an interesting year for luxury watches in 2022. Chrono says that 2022’s top-selling watch brandswere good.
But as supply chainissues cause prices for Rolex and Patek Philippe to skyrocket, which gives less well-known brands the opportunity to shine.
Luxury watch marketplace available online in a new report, Chrono24 takes a retrospective look back at the past year, highlighting the most popular brands and styles while also providing an update on the current state of the market.
The following are five key takeaways from the report that was just released.
On Chrono24's list of the five most popular watch brands, the number one position was once again taken by Rolex.
Watches from Rolex, Patek Philippe, and Audemars Piguet are now considered to be in the "super high demand" category after being so designated by the retailer Watches of Switzerland.
Following Patek Philippe and Audemars Piguet in third place is Omega, which has maintained its position as the No. 2 watch brand.
Chrono24 wrote about the Speedmaster "First Omega in Space" in a past article about the best Omega watches to buy, and the watch is still going strong today. This watch used to be part of the Speedmaster Heritage Models line.
With a list price of $4,700, it was a great way to get started in the world of Omega Speedmaster. It might also be a good place to put your money. Omega stopped making the watch two years ago.
Since then, the Speedmaster FOIS, which is another name for it, has been in high demand. It is the perfect Speedmaster for people who are just starting out. It is smaller, which is something that many people like.
In 2012, the watch was shown for the first time at Baselworld. The numbered (not limited) edition was based on the Speedmaster ref. CK2998 that Walter "Wally" Schirra wore on the Sigma 7 flight on October 3, 1962.
Watch Expert Ranks Watch Brands
These include the best of the best brand watches that you should try now:
Cartier, Jaeger-LeCoultre, TAG Heuer, and Zenith are some of the other brands that Breitling bested in order to claim the No. 5 spot. Breitling is also rumored to be planning an initial public offering in the near future.
Additionally, the market share of other watch brands is expanding.
Although they are among the most recognizable names in the luxury watch industry, Rolex, Patek Philippe, and Audemars Piguet are not the only brands that are experiencing expansion.
According to Chrono24, Swatch's market share increased by 1,344 percent as a direct result of the high demand for the "Moonswatch" collaboration it created with Omega.
The Moonswatch, which was a more affordable take on Omega's "Moonwatch" and was selected as Hodinkee's Watch of the Year for 2022, has since been sold out.
It was only available in-store at select Swatch locations, drew large crowds, and was priced at $260, which is significantly less than the approximately $6,000 that the Omega version costs.
The market share of Laurent Ferrier increased by 155 percent compared to the previous year, while Grand Seiko's share increased by 150 percent.
However, not every brand that falls into the category of moderately priced products saw a surge in customer demand. Eberhard saw a decrease in sales of 31 percent, Maurice Lacroix saw a decrease in sales of 28 percent, and Nomos saw a decrease of 25 percent.
Patek Philippe is often considered to be at the pinnacle of the high-horology industry. There was a time when the most expensive watch ever sold was a Patek Philippe which had several complications and went for almost 11 million dollars. Prior to that, the most expensive watch ever sold was a Rolex that Paul Newman wore.
Luxury watches are mostly made to be worn on the wrist, but in the last ten years or so, the number of people who want to invest in them has grown quickly. But the current market has shown us that some watch prices can drop by quite a bit.
In the past few months, the prices of watches like the Audemars Piguet Royal Oak "Jumbo" and the Patek Philippe Nautilus have dropped by a lot. The value of popular new Rolex models has also been going down, making it riskier to invest in watches.