If you love watches, you know about Chrono24. It’s the most extensive online platform for luxury watches. They have been around since 2003 and the company’s headquarter is in Germany.
Chrono24 is a fantastic resource for buyers as well as sellers. I am one of the people who use the platform on a daily basis. Because I have extensive experience with this platform, I am going to review Chrono24 through my eyes. You might agree or disagree, but that will let you know how I feel about it.
What is Chrono24.com?
Chrono24 is a technology company which was founded in 2003 in Germany. It was built from a love of all things timepieces. They provide a platform for buying and selling preowned luxury watches, as well as a magazine and articles about watch news and culture. Since then, it has grown to over 200 employees in Karlsruhe, Berlin, New York, and Hong Kong. They have sellers from over 90 countries and receive more than 220,000 visitors per day.
If you love watches, you most likely know all about Chrono24. It’s the most extensive online platform for luxury watches. Chrono24 is a fantastic resource for buyers as well as sellers. I am one of the people who wields the power of the platform on a daily basis. Since I have extensive experience utilizing this platform, I am going to review Chrono24 through my own eyes. Whether you subscribe to my views on this platform or not, this short piece will give you insight into how I feel about the services offered by Chrono24.
- Using Chrono24 as a seller
- Using Chrono24 as a buyer
- Phone App
- Overall Review
Review of Chrono24 as a seller
Selling watches can be an arduous task. As a seller, I need to make sure that I follow the platform’s rules, discern how to write a great description, take divine pictures that capture the beauty of the watch, and know that people will eventually behold and connect to the watch I am selling. One of my goals is to perform these tasks as efficiently as possible. Can Chrono24 help me do that? Let’s look at what it does take to utilize the Chrono24 platform when I list through them.
How to start selling watches on Chrono24?
There are two categories of preowned watch sellers watches on Chrono24. Many of the vendors on the platform are private individuals. They may be selling their personal watches, or looking to supplement their life with the income generated from trading these assets. The other vendors on here are full-time dealers. These may be jewelers that sell preowned watches, or authorized dealers that take trades and purchase preowned watches. Each vendor classification has a different set of requirements, and Chrono24 is an intelligent company that understands how both groups operate.
Selling as an Individual
“Any ads that result in a commission fee upon sale of the item stay online on Chrono24 for three months. You’re not allowed to list or sell this item anywhere else in this time period. If you don’t sell your item within this period of validity, you can either renew it for another three months or delete it. To delete an ad, we require proof that you are still in possession of the item.”
Yes, I get the point that they want to control the way people sell their watches as an individual. The fees help pay for the Chrono24 service, but in today’s digital age people sell in more than one place! This is where it can become a mild nuisance. If you do delete your ad from Chrono24, they may require proof you are still in possession of the watch.
There is no listing fee to use Chrono24. The account is free and the listing is free. The fee for selling as an individual seller is 6.5% of the total value of the sale. For example, if you sell Rolex Submariner for $10,000, you will pay $650 a selling fee. This is quite competitive compared to other trading platforms which can charge as much as 20% when you sell through those avenues.
Selling as a dealer
This part of the platform is a bit more sophisticated. To become a dealer, I need to apply to Chrono24. Along with the application, I need proof that I am a watch business by showing my identification, EIN number, and other business documents. They won’t let an individual become a verified dealer, unless they have a registered business.
Once the account receives approval, I choose among three different subscriptions. The LIGHT subscription starts around $84 per month and charges you a 4.5-8.5% seller’s fee. The PRO subscription starts around $120 per month and charges you a 3.5-7.5% seller’s fee. The PREMIUM subscription starts around $254 per month and charges you a 2.5-6.5% seller fee. In addition to reducing your fees, there are other benefits at each subscription tier.
- Chrono24 Sellers fees list for commercial sellers
These are the Chrono24 fees to import up to 50 watches from your store. If I would like to list more than that, the monthly fee goes up. Are the fees worth it for the dealers? I think they are reasonable. Chrono24 is providing the platform and driving a lot of traffic. They also reach out to people who are looking to buy watches through their newsletter. Of course, I would like to pay less, but they fabricated a great platform and many people like it.
Competitors of Chrono24
- TimePeaks: Watch marketplace located in Japan. You can buy and sell watches on their platform.
- Value Your Watch: Fast-growing marketplace where sellers do not pay listing or selling fees.
- eBay: The largest marketplace in the world. You can find many great watches for sale.
- TheRealReal: One of the biggest online consignment stores in the World.
Creating the Listing
Chrono24 has the process down very well. It does not matter if you are an individual seller or dealer, they made it simple, practical, and user-friendly. Since many of us spend too much time on their phone, the Chrono24 app is first-class, and can be utilized to create the same quality of listing you would accomplish on a computer.
When I create the listing as an individual, one of the rules is known as a timestamp. Chrono24 requires you to take two photos with the watch set to a predetermined time. The reason behind this rule is to make sure that I have the watch in my possession. One of the shady parts of trading luxury watches is the fact that someone will steal photos from various locations, and attempt to sell a watch that is owned by someone else. This can confuse many people, and if you have specific questions, you will not get a proper answer.
Is this a useful platform for an individual seller? It can be if you are willing to list the watch here exclusively, or if you don’t mind breaking the terms of your contract by listing the watches elsewhere. Remember, if you are found out, Chrono24 may collect the fees anyways. Fortunately they are modest fees, and you there will be a lot of patronage on the site while your watch is listed.
Review of Chrono24 as a Buyer
Buying watches on Chrono24 isn’t a labyrinthine task. Simply search for a watch, or use the intuitive menus to browse by brand, or even model. If you don’t know what you want, try this: search for a Breitling and filter it to 40-45mm cases. You can do this for any brand and search all of their models in that size. One challenge I have run into before is caused by dealers who will list watches that are not actually in stock. You can usually tell because the photo will be a stock photo, and not of the actual watch. It is also possible for dealers to sell the watch that is listed, since they are not held to the exclusivity clause that individual sellers are. This can also be a benefit to you since you are allowed to view the dealer’s contact information and make a deal direct. This will eliminate fees from the sale and the dealer may be willing to negotiate.
What to be careful about?
Chrono24 is a huge platform and sometimes the watches listed for sale by individual sellers are somewhat questionable. My friend recently received a questionable watch from one such vendor and he wanted to return the watch. Unfortunately, the seller has to agree to take the watch back. It seems like he will be out the money because Chrono24 is only a platform that connects buyers with sellers, and their guarantee only truly applies to verified dealers. When buying from individual sellers, always know who the seller is. You don’t want to spend your hard earned cash on something that is either a counterfeit, or has undocumented issues with it.
According to Chrono24:
“The buyer shall take all necessary steps (a) to avoid the occurrence of a guarantee claim and/or (b) to recover payments which have already been made to the vendor.”
“Please note that Buyer Protection does not apply to purchases made from private sellers.”
On the other hand, if I am buying from a dealer I always check their reviews. In general, you can tell if the watch dealer is good or not, and if they are customer-oriented or not, simply from reading the reviews they receive. Chrono24 does make this easy by listing the reviews directly on the listing page.
Reviewing Chrono24’s Authenticity Guarantee
Keep in mind that authenticity guaranteed can expire if you don’t follow their guidelines.
Expiry of Guarantee
Yes, on Chrono24, the authenticity guarantee will expire. If you remove any parts of the watch, or have a 3rd party open the watch for any reason, you will forfeit any guarantee you have. The only way you can facilitate an authenticity check is by contacting Chrono24 in a text form(usually by email) within 14 days, and let them know what your concerns are. Once you have done that, you must acquiesce their decision, and if you are lucky they will allow the investigation.
Settlement of guarantee / Guarantee claim / Maximum Guaranteed Amount
The maximum Chrono24’s Guarantee of Authenticity is limited to $60,600 per person per lifetime for all guarantee claims. If the seller does not have Trusted Seller status on the site the covered Guarantee of Authenticity per person in a calendar year is around $9,100. As you have seen before, this does not apply to pieces purchased from Private Sellers. You as a buyer should be careful because a guarantee is not always guaranteed unless you read the fine print. If you are in the market for a $75,000 Patek Philippe, make sure you do your homework, as you will lose a large chunk of your purchase if something is not right.
Chrono24 says that every dealership must ship fully insured. Unfortunately, that’s not always the case since Chrono24 has no way of controlling how much the shipment was insured for. The only thing they see is the tracking number given to them by the seller. This tracking number does not involve any information outside of the current status of the delivery. It is expensive to ship a watch fully insured, especially overnight. If they are trying to save a few dollars, they may not insure it, or partially insure it. The majority of dealers are fine and you won’t have to worry about this, but just know it may happen.
Paying for Watches on Chrono24
Chrono24 accepts multiple different payment methods from Credit Cards to direct deposits. Because the main bank is in Europe, sometimes my bank needs approval to do the transaction. It is also possible for a credit card company to decline your transaction because it looks fraudulent sending thousands of dollars to Germany. There might be an international transfer fee as well. Something to keep in mind when paying for the watches online.
Escrow at Chrono24 is great because the seller does not get the money until you get the watch. When you receive the watch, you accept it and the money is released to an individual seller right away. However, if you buy from a dealer, it takes 14 days before the funds are released. This does have the benefit of making sure you actually receive your new timepiece. It also give the buyer that piece of mind that the dealer/seller can’t take their money and run.
In general, I only see a warranty from the larger watch dealers. If there is a warranty on the purchase, it is in the description. However, you have two weeks to return the watch if you do not like something about the watch as per the agreement mentioned before regarding the authenticity. From personal experience, people who shop on Chrono24 do not return their watches too often. The company has done a decent job drawing the legitimate buyers to their platform.
Chrono24 phone App
There are two apps, one for IOS and one for Google Play. The app is very user-friendly, and it has some nice perks. Recently, Chrono24 launched a “watch scanner” which allows you to take a picture of your watch. It will identify the watch and give you the current market value (value from the Chrono24 database) as well as the overall information about the watch on your wrist.
The app allows you to search, buy, and save various searches. It is straightforward to use and all my watch friends like to use it. I feel like they got it just right. It’s fast, easy, and not as buggy as some other apps out there.
Overall Review of Chrono24
This is an amazing platform and it does not matter if you are a seller, buyer or just want to look at the watches. This platform has been around for a while and they have a lot of information and money to keep on improving on the current model, which is obviously working. I like Chrono24 for the way it is built and how user-friendly it is. I wish fees were a little bit better, and feel there are better options, but there is little doubt you will either have a better selection as a buyer, or better traffic as a seller on Chrono24.
People also ask google.
Is it safe to buy from Chrono24?
- Yes, if you buy from a reputable seller. Dealers are held to a higher standard, and they are not allowed to screw buyers on the platform. When you purchase the watch from an individual, the individual sellers do not have to accept returns if they choose not to. In other words, the payment method you used will dictate if you can get your money back.
Does Chrono24 sell fake watches?
- Chrono24 started to sell their inventory, but whoever lists watches for sale is not allowed to list or sell fake watches. Unfortunately, sometimes the watches listed for sale are not authentic; that’s why you need to pay attention which the seller is.
What percentage does chrono24 take?
- The fees for an individual seller is 6.5% with no cap, and for a professional dealer, the prices range from 2.5%- 8.5% with no cap depending on the type of subscription the professional sellers are paying for.
Is Chrono 24 Grey Market?
- Chrono24 is a marketplace where anybody can sell watches for sale.
Can you negotiate on Chrono24?
- Yes, you can reach out to the sellers and try to negotiate.
Do you pay taxes on Chrono24?
- If you are in the USA, you will be more likely to be charged a sales tax, depending on the state you live in.