Community Stories

Chrono24 - The Company

Passover
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Hi,

some key figures I read today:

Estimated market value larger than one billion USD, possible IPO in near future with a possible market capitalization of 1.5 billion USD

Sales increase by 50% in 2020

Monthly watch sale between 20.000 and 30.000 watches

3000 professional sellers and 30.000 private sellers are registered on the ptalform

The company just received 120 million more venture capital summing up for more than 240 million recently.
Money will be used for further world wilde expansion




Estimated world wide watch market is around 60 billion dollars each year


(one billion is one Milliarde in Germany)


https://www.manager-magazin.de/unte...portal-a-8e4156c0-b5ab-4989-b853-dc5eb1569d06
 
kov
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I've made only great experiences so far with 10+ watches purchased via C24 from both, private sellers and dealers.
I also had to involve C24's mediation service once and I can say that their service is excellent. They provided a quick and pragmatic solution that was beneficial to both the seller and the buyer.

I have only sold 1 watch through C24 so far. The experience as private seller was good. The only strange point is to accept that the buyer has up to 7 days to inspect the watch and eventually reclaim something. A lot of things can happen during that period... and you only get your money from their escrow account once the buyer has confirmed everything okay or 7 days after delivery (Tracking). Finally, the way their bank (from Luxembourg) sends the wire is crap as they set the fees to the recipient. My bank charged 15 CHF (12€ / 17 USD) Fee to receive money from C24. This was the first time my bank charged a reception fee on a wire, it's not their usual practice and was really related to the way C24 sends their money. Let's say there's a room for improvement in that sense.
 
sgrossma
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Surprised to hear how large the company is (in terms of MV).

Maybe it is just me, but I really don't like the platform and find it harder to transact on it. I think there are more international (vs US) dealers on the platform and I feel like it makes for a less than ideal experience in the US. I am not saying that international dealers are sketchier, but find there to often be lags in communication, language barriers, likelihood for additional costs (both sales tax and import duties), and more issues if you need to return something. When I find a watch from a US dealer on the site, I just go direct to the US dealer. There are not a lot of private US sellers on there.

I've bought 2 watches on C24 and felt like both were leaps of faith. I tried to reach customer service and sometimes nobody answered and other times I got vague answers. It ended up working out, but I did not feel good about it.

I've tried selling on there, but also found it to be a less than ideal experience. A lot of rules including exclusivity which I just didn't want to deal with.
 
SpeedyPhill
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I sometimes check their YouTube channel...
I've noticed the chrono24 generation talks about wrist watches of rappers, celebrity cooks, actors, CEOs and "You Name it" ... while the older generation (born 1950s & 1960s) talks about wristwatches of royalty, pilots, astronauts and explorers such as Sir Edmund Hillary, Jacques Piccard and Sir David Attenborough ...
Some auction houses predicted that the current interest in time pieces was a pre-millennial generation thing, but the youngsters at Chrono24 proved otherwise... a positive outcome 😀
 
Tony C.
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I'll say it again: "private" sellers with no public feedback system? Ridiculous.
 
Butik
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sgrossma sgrossma
[...]
Maybe it is just me, but I really don't like the platform and find it harder to transact on it. I think there are more international (vs US) dealers on the platform and I feel like it makes for a less than ideal experience in the US. I am not saying that international dealers are sketchier, but find there to often be lags in communication, language barriers, likelihood for additional costs (both sales tax and import duties), and more issues if you need to return something. When I find a watch from a US dealer on the site, I just go direct to the US dealer. There are not a lot of private US sellers on there[...].
Here in Europe we may say contrary. As Polish citizen I strongly prefer to deal with Eruopean sellers, and to be more specific - from European Union, let's say kind of equivalent of US. If I do so there is no hassle with communication, shipping, taxes, duties etc.

I have been using CH24 many times, both as buyer & seller and I think it's pretty good, especially with their escrow service.

Whenever searching for watches I ALWAYS use filters. The first one that I use is - LOCATION - and highly recomend that. So when I search a watch, even before looking at the list I click European Union, plus Switzerland (we can deal with them like with EU with no import duties). Then when I see the offer & price I know that this is what I have to pay, no hidden costs behind (mostly).

If I ordered from US or recently from UK there would be lot of hassle.

Also when I put my watch on sale I always underline that I am shipping to EU only. I am not professional seller and I totally do not want to go through all customs procedures. Even when someone does not read my disclaimer in description and sends me an offer - I automtically reject it.

Filtering the watches by territory convenient to your location in my opinion is a must to avoid stuipid mistakes & suprprises.
 
Mark020
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So Switzerland Poland is no import duties?
 
M
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Tony C. Tony C.
I'll say it again: "private" sellers with no public feedback system? Ridiculous.
Be that as may, I've had a decent experience with a private seller from Italy with a cross-border transaction - and I'm sure there are many like me in the silent majority. Nonetheless there got to be feedback system, else C24 will invite more funny business
 
M
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sgrossma sgrossma
Surprised to hear how large the company is (in terms of MV).

Maybe it is just me, but I really don't like the platform and find it harder to transact on it. I think there are more international (vs US) dealers on the platform and I feel like it makes for a less than ideal experience in the US. I am not saying that international dealers are sketchier, but find there to often be lags in communication, language barriers, likelihood for additional costs (both sales tax and import duties), and more issues if you need to return something. When I find a watch from a US dealer on the site, I just go direct to the US dealer. There are not a lot of private US sellers on there.
+1 to everything - you hit the nail on the head. Add to it that EU perception on value differs greatly (for certain references at least) and not mentioning the 2x prices put up sometimes by "pro" dealers.
 
watchyouwant
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sgrossma sgrossma
Surprised to hear how large the company is (in terms of MV).

Maybe it is just me, but I really don't like the platform and find it harder to transact on it. I think there are more international (vs US) dealers on the platform and I feel like it makes for a less than ideal experience in the US. I am not saying that international dealers are sketchier, but find there to often be lags in communication, language barriers, likelihood for additional costs (both sales tax and import duties), and more issues if you need to return something. When I find a watch from a US dealer on the site, I just go direct to the US dealer. There are not a lot of private US sellers on there.

I've bought 2 watches on C24 and felt like both were leaps of faith. I tried to reach customer service and sometimes nobody answered and other times I got vague answers. It ended up working out, but I did not feel good about it.

I've tried selling on there, but also found it to be a less than ideal experience. A lot of rules including exclusivity which I just didn't want to deal with.

The USA has his own problems for international purchases. Language barrier? If you only ever speak English, sure you have. Delay in communication? It it astounding, how few Americans have an idea about different Time zones. If I list on eBay, I'm forced to list around midnight to be seen in the USA in early mornings. And then the first questions arrive a few hours later, when I try to catch some sleep. And hours later follow up questions arrive, if I'm not willing to answer or something is wrong with my watches that i refuse to answer.... If I buy watches in the USA (often), I'm confronted with sellers who have no idea how to send internationally. Cling to safe (for them) eBay shipment, which adds the receiver country's GST automatically. So, here is your complaint about fees in reversal. If I really want something expensive, I have to ask collectors friends in the USA to receive and forward to my terms on my risk. But even that is a mayor problem for USA sellers; sending to somebody else and not the bidder. And the next step : Description. Most USA sellers cling to "Watch" . No fantasy. Like " Horological device ". " Old Steelpart for measurement " . I insure myself with 3. Party insurers, which tell you to avoid labelling as a watch and the full value on the parcel. But in the USA there are many sellers, who are terrified about breaking the law with other descriptions and beeing chased by Postal Inspectors. On the other hand that Law abiding behaviour does not count, when every Retard can buy a used Combat style weapon at local Gun Shows, circumventing the existing and very low control mechanisms and kill school kids ..... So, if you use the European based Chrono24 platform and feel not comfortable and have to adapt, so do we. Using USA based sellers .Catch 22.
 
NGO1
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C24 is good to me.
Landed my favorite watch here.
Shipped to me from Germany to US.
All is good.
 
138235B7-9E55-48A0-9F20-193950FE4E0F.jpeg BC19DE5B-766D-4118-936B-DE9135168FC6.jpeg
gatorcpa
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watchyouwant watchyouwant
On the other hand that Law abiding behaviour does not count, when every Retard can buy a used Combat style weapon at local Gun Shows, circumventing the existing and very low control mechanisms and kill school kids
I really don’t appreciate your stereotypes. They are unnecessary and overwhelmingly (but not 100%) untrue. I’m sure you have your share of crazies in Australia too.

The reality of the marketplace is quite simple. The US has 330 million people, Australia has 30 million.

I’m sorry if it is an inconvenience dealing with American sellers on eBay. Americans find it a huge inconvenience to deal internationally, so many simply don’t. People in the US don’t know how to sell overseas because we rarely need to do it.

That is the truth, and I’m sorry if it hurts.
gatorcpa
 
watchyouwant
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It does not hurt. It's just a fact of life. And we have found ways, to often circumvent inconvenience in dealing with Vintage Watches. Because the rare ones pop up in unfamiliar places. And then a place like OF with vastly international membership can help vetting sellers and purchases. And helps to avoid stereotypes about foreign places and behaviours.
 
A
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gatorcpa gatorcpa
I really don’t appreciate your stereotypes. They are unnecessary and overwhelmingly (but not 100%) untrue. I’m sure you have your share of crazies in Australia too.

The reality of the marketplace is quite simple. The US has 330 million people, Australia has 30 million.

I’m sorry if it is an inconvenience dealing with American sellers on eBay. Americans find it a huge inconvenience to deal internationally, so many simply don’t. People in the US don’t know how to sell overseas because we rarely need to do it.

That is the truth, and I’m sorry if it hurts.
gatorcpa

I buy a lot of stuff from the US and have friends there and in Canada. No issues. There is a case for appreciating that the world is a big place and you can trade with all or stay within your own borders and access less of the market. 11 times the population, 11 times the crazies perhaps. It doesn't mean that you have more per head of population than we do. I think we have more than enough as it is.
The Yanks I know are world travelers, open and quite happy to work in areas where foreign culture makes you have to think about how you do business. You won't get any argument from me that just dealing inside your own borders usually means dealing with like minded others but stretching your own boundaries is a good thing too.
End of the day, we all live in the one world and there are enough walls still standing without the need to feel warm and fuzzy behind another one.
I think we need a kiss and some sympathy too, despite different cultures we are funneled through mostly US developed and owned monoliths like Amazon, Çostco, EBay, FB, Ancestry and the list goes on where we have to get our heads around how the US does business and we usually survive.
 
dsio
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watchyouwant watchyouwant
It does not hurt. It's just a fact of life. And we have found ways, to often circumvent inconvenience in dealing with Vintage Watches. Because the rare ones pop up in unfamiliar places. And then a place like OF with vastly international membership can help vetting sellers and purchases. And helps to avoid stereotypes about foreign places and behaviours.

We’re about 37% US followed by UK, Canada, China and Germany. That probably reflects the more European and Asian popularity Omega has as a brand compared to the industry overall.

Statistically the Americans are less trouble from an admin perspective than their percentage would indicate.
 
oddboy
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sort of related, has anyone seen what "watchcharts" is doing lately?

watchcharts.PNG


definitely a different breed of watch "collectors" out there....
 
Butik
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Mark020 Mark020
So Switzerland Poland is no import duties?
Switzerland - European Union, as far as I know, but someone correct me if I am wrong.

EDIT - just checked - no import duties both ways, but VAT of the country of import must be paid. So this should be strongly taken into consideration. Thanks for your question, I have learnt something (and will die stupid anyway 😉 )
 
jaguar11
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oddboy oddboy
sort of related, has anyone seen what "watchcharts" is doing lately?

watchcharts.PNG


definitely a different breed of watch "collectors" out there....
Indeed there is...
 
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