The secondary market for luxury watches has had a challenging 18 months as prices have fallen for the trendiest timepieces since March of last year. Over the past quarter, there have been indications that the sector has stabilized.
The Bloomberg Subdial 50 has been flatlining since the beginning of 2023 after falling from a peak of almost $60,000 in the first quarter of last year to $36,000 today.
The largest luxury watch resale marketplace in the world has secured some important celebrity endorsements to support the expansion of the secondary market. This stabilization appears to have sparked new hope in the pre-owned market’s prospects, leading to Mr. Ronaldo’s investment in Chrono24!
“As a long-term watch collector and regular user of Chrono24, it’s a pleasure for me to become a shareholder in the company now,” Ronaldo said in a statement.
Stracke and Ronaldo share the opinion that the watch market is still a viable long-term investment opportunity despite the recent roller-coaster of declining pricing and sales volumes, which did force Chrono24 to eliminate employees and consolidate sites earlier this year.
The striker is well renowned for his passion for fine timepieces, and it is widely believed that his collection is worth over $10 million. After a season of competing in the Saudi Arabian football league, where there are fewer distractions for his spending power, that may be an underestimation.
However, pricing Ronaldo’s collection, which includes a number of million-dollar-plus watches, a number of personal Jacob & Co. collaborations, and numerous Rolexes that are frequently encrusted with diamonds and vibrant jewels, proved to be quite challenging.
According to Forbes, Cristiano Ronaldo is currently the highest-paid athlete in the world. He earned $46 million last year while playing for Manchester United and Saudi Arabia’s Al Nassr, and an additional $90 million from endorsement deals that included one with Jacob & Co.
Although the amount of his investment in Chrono24 has not been made public, he joins other shareholders such as Bernard Arnault’s Algae Ventures, General Atlantic, Insight, and others.
CEO Tim Stracke claims that he has already cemented his status as one of history’s greatest athletes and that, as an investor, he demonstrates deep knowledge of top-tier luxury and technology. As their firm proceeds further towards worldwide expansion and our next phase, this combined with his genuine, demonstrated enthusiasm for collecting watches makes him the ideal teammate.