Accurate value of your watch collection on chrono24

[amphr1]

For those who tracks the value of their watch collection, if only so u can see how much you've spend on this hobby and what not, how do you set the condition so that the price is accurate. If I bought the watch new, it is unworn when I bought it. There's also a checkbox that say "I own this watch". But unless I bought the watch and put it in a safe, should I always select the condition as pre-owned? I mean I've worn it. Because to me chrono24's estimate of value is VERY optimistic. It's as though they use the listing price rather than their sold price to calculate.

[beshannon]

Originally Posted by amphora001

For those who tracks the value of their watch collection, if only so u can see how much you've spend on this hobby and what not, how do you set the condition so that the price is accurate. If I bought the watch new, it is unworn when I bought it. There's also a checkbox that say "I own this watch". But unless I bought the watch and put it in a safe, should I always select the condition as pre-owned? I mean I've worn it. Because to me chrono24's estimate of value is VERY optimistic. It's as though they use the listing price rather than their sold price to calculate.

Put in whatever number you want. If I want to see what I spent I look at receipts not fake values on a for sale website

[Ferrari308]

Mine doesn't show anything anywhere close to my value. Heck I can't even get my 1014 to show up properly in my collection.

Kind of pointless to me.


PDG

[AF_Rob]

I look at their values from time to time. However, what I’ve paid means more. The chances of me selling anything in my current collection are pretty low.


Sent from my iPhone using Tapatalk

[amphr1]

Just to be clear, this is a question about how I should properly fill the chron24 form in order to get the most accurate value, however unless or inaccurate that maybe. I think we've all heard the comments of "I don't plan to sell" or "If you care about resale value you can't afford the Rolex" etc. Those are valid opinions but not very helpful tbh.

[brandrea]

Important to remember that the prices you see on C24 are just asking prices. Also, they include the sellers fee of 6% or 7%.

[amphr1]

Originally Posted by brandrea

Important to remember that the prices you see on C24 are just asking prices. Also, they include the sellers fee of 6% or 7%.

And I think I read that they also charge the buyer 5% on top of that! Crazy! AND now they report the sale to IRS so you have to pay taxes on it too!

[beshannon]

Originally Posted by amphora001

Just to be clear, this is a question about how I should properly fill the chron24 form in order to get the most accurate value, however unless or inaccurate that maybe. I think we've all heard the comments of "I don't plan to sell" or "If you care about resale value you can't afford the Rolex" etc. Those are valid opinions but not very helpful tbh.

Then I do not understand the question?

Values are changing every day. Are you going to update this every day?

Take an average of all EBAY sales for the watch in question that sold?

Take an average of all the listing prices on Chrono24?

Take an average of all the sale prices on TRF?

What is properly filled out? This is your personal worksheet, it can say anything you want. Unless you are going to use it for some official purpose like insurance or loans?

[AEV]

Originally Posted by amphora001

Just to be clear, this is a question about how I should properly fill the chron24 form in order to get the most accurate value, however unless or inaccurate that maybe. I think we've all heard the comments of "I don't plan to sell" or "If you care about resale value you can't afford the Rolex" etc. Those are valid opinions but not very helpful tbh.

In purchase price I put how much I paid for it - I buy my pieces from an AD at MSRP.
Under condition though - initially I might put unworn but as I start wearing the piece then I change it to pre-owned.
This should give me a more accurate estimate (lower), as the piece is not longer unworn.
However, those estimates are very subjective. Example my DD, the value assigned is pretty much equal to the asking price of some unworn pieces.
Even though, I have listed the condition as pre-owned.

[amphr1]

Originally Posted by AEV

In purchase price I put how much I paid for it - I buy my pieces from an AD at MSRP.
Under condition though - initially I might put unworn but as I start wearing the piece then I change it to pre-owned.
This should give me a more accurate estimate (lower), as the piece is not longer unworn.
However, those estimates are very subjective. Example my DD, the value assigned is pretty much equal to the asking price of some unworn pieces.
Even though, I have listed the condition as pre-owned.

Answer accepted!

Thanks for your insight. This is what I was looking for. I tried putting some of my watch as pre-own and the price was unavailable because I think there hasn't been enough data of pre-owned, say TT Explorer, for sale on the system yet.

[INC]

Originally Posted by amphora001

And I think I read that they charge the buyer 5% on top of that!

No, only the seller pays ~6-7% to Chrono24.

About Chrono24:

In my experience, the pricing on Chrono24 reminds me this:

https://www.youtube.com/watch?v=VXrrVtAL-_s

However, while the prices have a fugazi style, the price trends are very visible and correct. For example, I saw a huge price increase in Q1, as a lot of people tried to invest in something of value. At that time, the "cheaper" box+paper Rolexes disappeared from the market and the prices rose very fast and so high, that currently almost nobody wants to purchase these watches for that much money.

Just one example: In the second quarter there was no chance to buy a Daytona under ~30,000 EUR. Currently, several Daytonas are available in the ~20,000-24,000 EUR price range, but almost no one buys these! Upon this, if I compare this price level with the ~2018 prices, it seems to me only a ~15% suprlus, which is definitely not a big price increase over such a long term. Therefore I think the advertisers didn't face the fact that no one needs their watches at such an expensive price. Many times I feel that the whole Chrono24 is self-serving, because by presenting high prices, they want to make people believe that it is worth investing in the watches, because the prices are always raising.

And for the last, but not at least, just one more fact. For fun in the past I compared some Chrono24's prices with the real Ebay auction selling prices, as well as the hammer prices from some smaller auction house. This facts confirmed for me, that Chrono24's estimation includes ~15-30% surpus over the immediately realizable sales price. However as this surplus is constant, so you can simply rely this pricing, and you can easily estimate your collections actual value.

[subtona]

C24 is very far from accurate.

very far!