Watch Collecting Trends in 2024: Reacting to The Bezel Report

In early-mid August, Bezel published their Bezel Report for the first half of 2024, and with it came a wealth of insights into the pre-owned luxury watch market. Bezel, a forerunner in the authenticated pre-owned luxury watch space, has reported a growth in listings since their last report (Oct ‘23), with their total value jumping from $350 million to $500 million. At the time of publishing this article, I’ve been told that this number now sits at $600M. This surge underscores a significant shift in how collectors and enthusiasts, particularly those under the age of 40, are engaging with the market.

In recent months, I’ve spoken with both the CEO of Bezel, Quaid Walker, and Head of Watch Operations, Ryan Chong who provided me valuable insights regarding how Bezel operates and who it stands to benefit: topics that are certainly reflected in this report. 

I’d like to highlight some key trends I noticed in the H1 2024 Bezel Report and some context for those trends before sharing my final thoughts. This article is sponsored by Bezel.

The Rise of Bezel

Bezel's rapid growth is noteworthy here. The jump from $350 million to $600 million in listings highlights not just the company's growing influence but also a broader trend in the luxury watch market. Today’s buyers, particularly Millenial and Gen-Z buyers who account for 70% of Bezel’s sales, expect a certain level of trust and convenience in an online marketplace, especially one with such a high average order value (AOV).

In fact, this expectation was a large inspiration for Bezel. During my interview with Bezel CEO Quaid Walker, he described what he felt was missing during his first luxury watch buying experience (a Rolex Submariner ‘Hulk’ 116610LV):

“[Products like Goat and StockX] built brands that stood for trust, and ultimately they built out modern-feeling mobile-forward applications that felt trusted to engage with. I expected the same exact thing to exist in watches because the AOV was so much higher, it was higher risk . . .”

Obviously, this was not the reality that Quaid found at the time, so with his extensive product design experience, he decided to create a solution of his own: Bezel. Today, as more and more buyers who share this expectation of transparency, rigorous authentication, and a thoughtful on-site experience turn to Bezel, their reports are becoming increasingly more reflective of market trends.

Authentication and Rejection

Before sharing sales trends, the Bezel Report goes over some interesting stats and insights surrounding authentication. Headed by Ryan Chong, formerly of Christie’s and Sotheby’s, the Bezel authentication team spares no details in their multi-point authentication process. I won’t go into too much detail here, as you can learn more on Bezel’s site and my interview with Ryan Chong, but here’s the high level overview:

1. Every watch goes through a digital review prior to listing. This filters out any obvious fakes, watches with inconsistencies between pictures and seller-submitted descriptions,  and other red flags such as period-incorrect components. 
2. Once sold, the watch is shipped to Bezel HQ in California for an in-person inspection. They run the gamut examining functionality, accuracy, water resistance, and more. They also check the serial numbers against a loss registry to make sure the watch isn’t stolen.

This year’s Bezel Report shows that 24% of submitted watches were rejected at some point during that authentication process (digital and in-person). That figure is pretty remarkable; nearly a quarter of all watches were deemed unfit for sale. Some examples that Bezel provided in the report were a swapped quartz movement in a Patek Philippe Nautilus, a fake bezel insert on a ‘Pepsi’ Rolex GMT-Master, and a wiped Rolex warranty card: where the date of purchase is fraudulently tampered with to make the watch seem newer than it is. Ryan spoke in detail about this increasingly-prevalent practice in our interview.

I love that Bezel included specific examples of rejected watches with pictures. It provides a valuable look into their industry-leading authentication. Ryan and Quaid both told me that customers whose would-be purchases were rejected during authentication often end up being loyal repeat customers, having had an up-close look at what makes Bezel so trustworthy.

Key Trends in the 2024 Report

Authentication aside, let’s take a look at some sold watches. The 2024 H1 report reveals several key trends that are shaping the watch collecting landscape:

1. Rolex (Still) Reigns Supreme: Rolex accounts for 37% of sales on Bezel: by far the #1 spot trailed by Omega at 15%. The Crown’s strong presence in the report should come as no surprise; they also dominate retail market share (estimated to be 30% in 2023, per Morgan Stanley’s annual report). Rolex’s combination of iconic models, such as the Submariner, and its reputation for long-lasting quality continue to make it the top choice among collectors worldwide. When you look at “wants” on Bezel from H1 2024 (similar to “favorites” or “watched items” on other platforms), Rolex dominates convincingly at 51.5%.
2. Size Matters: The 41mm Dominance: One of the standout trends from the report is the popularity of 40mm+ watches, which accounted for 58% of H1 2024 sales. This figure, up 2% from last year, goes against a perceived growing interest in sub-40mm watches, which could be considered somewhat of an enthusiast echo chamber. The most sought-after size on Bezel is 41mm, no doubt thanks to the Rolex Submariner, which has had a 41mm diameter since 2020 (33% of H1 sales represent model years ‘20, ‘21, and ‘22). It’s no surprise that Rolex continues to dominate the list of most popular brands, with the Submariner likely leading the charge.
3. Steel is Still the Star: Steel remains the material of choice for many collectors, accounting for 75% of H1 sales. At risk of sounding like a broken record, this is no doubt in part to the popularity of Rolex sports models, not to mention second place Omega with their Speedmaster and Seamaster (most commonly in steel). I find it interesting that yellow gold came in sixth behind steel (75%), two-tone (9%), titanium (7%), rose gold (3%), and white gold (3%). I expected the ubiquitous precious metal to represent a higher percentage of H1 sales–at least higher than white and rose. 
4. Beware of Fakes: Nearly a quarter of all watches submitted to Bezel were rejected. Of those rejections, the most common brand was Rolex at 44% and the second most common (tied with “Other”) was Cartier. Rolex is undoubtedly the most faked watch out there, but I’ve heard plenty of cautionary tales in the Cartier market, as well. These figures back that up. Interestingly, third place went to Tag Heuer at 11% of total H1 rejections.
5. Bezel Attracts Younger Buyers: We’ll talk more about this in the next section, but again, Millenial and Gen-Z buyers accounted for 70% of Bezel’s H1 2024 sales, with Gen-Z having the highest AOV. People raised on the internet appreciate the convenience, trust, and transparency offered by Bezel: a decidedly tech-first platform.

Understanding the Data

The Bezel Report for the first half of 2024 provides valuable insights into the luxury watch market, particularly among younger buyers. It's important to view these findings within that context. 

As stated in the report, "Bezel members are young and mostly first-time watch buyers, so it makes sense that they’d gravitate towards newer watches.” 

Ryan Chong echoed this sentiment when I spoke to him about today's collecting landscape: “I think there is almost like a clear level system to collecting that I've seen. . . People enter the watch space through, let’s call them the modern hype watches. They say, ‘Oh, I’d love to own a Rolex Submariner. . . a modern one with a ceramic bezel’. . . Everyone is afflicted with the same issue where they get their first watch and they want their second one immediately. So then you're looking for your next watch.”

Bezel noted in the report that these “next watches” are typically older ones: “What’s been surprising is the follow-up purchases from these same buyers. As their orders continue, the age of the watches typically increases.”

This just makes me excited to see the next Bezel Report. Will we see the top selling release years get older? Will other trends reflected in the first two reports continue in the same direction? If so, these reports may act as somewhat of a publicly-available longitudinal study on watch collecting, particularly amongst younger buyers. I guess we’ll have to wait and see . . .

Conclusion: A Dynamic Landscape

The Bezel Report for the first half of 2024 highlights many compelling insights, from an increasing interest in larger watches to Gen-Z having the highest AOV. However, what stands out to me is Bezel's commitment to transparency by organizing and publishing their first-hand sales data in such a digestible format. The watch industry needs more of this kind of openness. Similarly, their inclusion of authentication and rejection data with specific examples/images is very welcome; I think I speak for many enthusiasts when I say that I love seeing that kind of content. As Bezel continues to grow, these reports will be invaluable in tracking the evolving preferences of the watch-collecting community.