Chrono24 has given an insight into the minds and habits of over a million watch collectors that use its platform, and discovered the UK is one of the most active markets in the world, with the average horophile owning 6.1 timepieces with a median value of £34,800 for their collections.
The data is based on Chrono24’s Watch Collection tool, where 1.3 million customers have uploaded details of their watches.
It should be noted that nobody needs to prove they own the watches they upload to the Watch Collection database, and people can use it as a source of data for prices changing over time.
This may explain how the total value of all Watch Collections tracked within Chrono24 is more than £41.2 billion.
Assuming all nationalities use the tool in the same way, tracking watches they actually own, or perhaps would like to own, there are some interesting regional differences.
Hong Kong collectors are among the biggest spenders, with an average of 7.2 watches in their collections and a median collection value (MCV) of £68,641.
Japanese collectors have an average of 6.4 watches in their portfolios, with a MCV of £56,848. The United Arabian Emirates follows with collectors recording an average of 6.9 watches, and a MCV of £56,269.
Swiss enthusiasts own an average 6.4 watches with a MCV of £40,238 followed by the Italians (6.2 average timepieces owned and £35,858 MCV) and the British (6.1 average timepieces owned and £34,800).
Then come the Americans with an average of 6.2 owned watches and a £31,771 MCV.
The German collectors also show strong, owning an average 6.2 watches with a £31,279 MCV.
Rolex watches make up between one third and a half of all watches tracked, depending on country. Italy seems most obsessed with the crown, with 47.6%. UK collections are 40.1% Rolex and the USA is 33.9%.
Omega is the second most tracked brand, particularly in Europe, but Patek Philippe is stronger in Asian markets, which might explain why median collection values are higher.
“One of the coolest things we are able to do at Chrono24 is to see beyond our platform, into the collections of our passionate community of watch lovers,” says Chrono24 CEO, Tim Stracke. “In addition to being able to track and provide users the monetary value of any given watch over time, we can see ownership patterns on a global scale, across millions of watches. In this way we’re able to offer unparalleled insight on brand reach and market trends comprehensively.”
