July Sees Jaeger-LeCoultre Gain Traction As Per The Wristcheck Watch Index

The secondary watch market is struggling to gain momentum in the latter part of the year, as the Wristcheck 100 (WC100) continues its decline from earlier months. This trend is mirrored in the H1 2024 Swiss Watch Exports, with the Federation of the Swiss Watch Industry (FSH) reporting a 3.3% decrease in exports during the first half of the year. China and Hong Kong saw particularly steep drops at -21.6% and -19.9%, respectively.

Despite the overall decline in the market, Tudor (TUD25) has managed to consistently climb since May. It reached its peak in mid-June at 24,527 and only slightly decreased to 24,136 by the end of July. What is the driving force behind this upward trend? Tudor's strategic collaborations with Giro d'Italia and F1 are likely contributing factors. Additionally, the recent release of their highly anticipated Black Bay Ceramic Blue watch at the beginning of this month could also be a key factor. 

All Eyes on Jaeger-LeCoultre

The latest entry in the Wristcheck Watch Index, Jaeger-LeCoultre, is making a strong impact. 40% of our top 50 gainers this month come from their selection of 46 highly sought-after models. Leading the pack is the Reverso collection, specifically the Reverso Classic 21 Monoface Stainless Steel Grev Dial (Ref. 02608140) which has skyrocketed by an impressive 21.9%. In its Annual Report for FY24, Richemont praises the enduring success of the iconic Reverso collection. Meanwhile, Catherine Rénier, current CEO of Jaeger-LeCoultre, will soon take on a new role as head of Van Cleef & Arpels starting this September. The top gainers from the bunch are: 

Reverso Classic 21 Monoface Stainless Steel Grey Dial

The ref. Q2608140, along with its 29mm Duoface Calendar sibling, takes the top spot among the Jaeger-LeCoultre models in July. Despite a rather monotonous performance in May and June, with the market value of the model just hovering around US$ 6,600, this Reverso variant experienced growth around July 11th, going all the way up to US$ 8,154 as of August 8th, which is less than US$ 400 below its retail value of US$ 8,500. 

Reverso 29 Tribute Duoface Calendar Stainless Steel Silver Dial

Another strong gainer in July 2024 is the ref. Q3918420, and its trajectory over the past three months is quite similar to the ref. Q2608140. After a relative plateau starting in February 2024 and lasting all the way until July, which was then it picked up. This model now sits at US$ 15,224 (as of August 8th), which is almost a thousand dollars above its retail price of US$16,250. 

Reverso 21 Classic Monoface Rose Gold Grey Dial

Much like the other members of the Reverso family discussed here, the ref. Q2602540’s performance on the secondary watch market didn’t see anything particularly exciting since February 2024. Things changed, however, in July, when the model’s secondary-market value began to gain traction until it reached US$ 14,360 on August 1st, which is about a thousand dollars below its retail value of US$ 15,350. 

Top Decliners in July 2024

Amidst the undoubtedly slow season for the secondary watch market (which could be due to numerous reasons, for example, people typically spending on vacations in summer months), there were a few models that stood out in how much value they lost. It was surprising to see Tudor in the mix, given how the brand has been going strong on the secondary market for at least the past three months (Tudor references constitute nearly 50% of the Top 50 gainers in the last 30 days). So, without further ado, here are out top decliners in July 2024: 

Tudor Black Bay 41 Stainless Steel Black Dial

What can we say about the Tudor ref. M79230R-0002? Thoughts and prayers…Throughout May and June, this Tudor Black Bay variant’s market value was hovering around US$ 2,700 before plummeting down 34.2% to US$ 1,825 as of August 8th. The latest market price for this model is a mere fraction of its retail value of US$ 4,050. 

Patek Philippe Gondolo 30 Rose Gold Diamond Silver Dial

A rather curious case included in July’s top decliners is this Patek Gondolo in rose gold with a silver dial, ref. 7041R-001. Early May this year, this model’s market value of US$ 35,796 was rather close to its retail value of US$ 36,290. Some May 15, it started flying down, losing almost US$ 1,000 each week before reaching about US$ 17,392 on August 8th (which is only about 47% of what you’d pay for this watch on the primary market). 

Richard Mille RM28 Ti Diver

The Richard Mille RM28 Ti Diver has had a bit of a rough time over the past six months. If we zoom into the model’s performance over the past 3 months, we’ll see that around May, it was roughly stable, with its secondary-market value hovering around US$ 108,000. Late June 2024, however, the model experienced a steep decline, up until it reached around US$ 73,515, which is a 34% decrease in just three months!