GENEVA — As watchmakers bring out their latest timepieces at Watches and Wonders, Chrono24 is debuting its certified authenticity program.
From Tuesday, a green “C” visible on listings on the watch resale platform will identify watches that qualify for the new program, applicable to timepieces valued at 1,000 euros and above.
Open to both professional and private sellers in Europe, it is slated to be rolled out in the U.S. later in the second quarter of 2024.
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Checks are performed by watchmakers vetted by the platform, either as ahead of the listing by a professional seller, and at no cost to the buyer; or as an optional step, priced at 199 euros, that can be added during check out. The watch is then sent for certification before it goes on to its new owner.
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Among the controls performed on each item are theft checks, with serial numbers run against stolen-watch databases such as The Watch Register and Watch CSA; functionality inspection to ensure the movement’s state; and an authenticity audit, which considers parts and their origin comprehensively.
Outlined on the Chrono24 website and explained in greater detail in a 12-page white paper, watches qualified for certification are classified as “Authentic Original,” when a timepiece has all original parts; “Authentic Serviced,” which allows for substitute parts from the manufacturer; “Authentic Altered,” for watches containing up to two major non-branded replacement components.
Ineligible for certification are watches classed as custom or modified, designs cobbled together from original parts of different models, those containing a high number of non-branded after-market parts, as well as counterfeit items.
Box, papers and additional accessories will also be examined, although their authenticity will not affect the assessment on the watch itself.
Certified watches will receive an evergreen digital certificate of authenticity, detailing the watch’s conditions and the presence of after-market parts, if any.
Regardless of their certified status, purchases on the watch resale platform continued to be covered through the existing buyer protection program.
Chrono24’s program is the first project to be unveiled under the tenure of new chief executive officer Carsten Keller, who took over from previous co-CEOs Tim Stracke and Holger Felgner on Jan. 1.
Chrono24 is the latest to throw its hat in the ring with a certified pre-owned program, as prices on the secondhand watch market continue to contract, according to findings from Morgan Stanley and market research platform WatchCharts.
According to a joint report published January, prices on the resale market are nearing a three-year low, down from May 2022’s peak. But certified pre-owned programs may help retain value, as Rolex watches sold through certified pre-owned programs were priced between 10 and nearly 45 percent than their equivalent from noncertified listings.