The chronograph is the most mechanically complex complication in everyday watchmaking. Understanding how these movements work — and how they affect value — is essential for making the right purchase.
A chronograph adds a stopwatch function to a mechanical watch, requiring dozens of additional components: a clutch mechanism to engage the chronograph, a column wheel or cam to sequence the start-stop-reset functions, additional wheels to drive the sub-dials, and a heart-shaped cam to reset the hands to zero. This mechanical complexity is why chronographs have fascinated collectors since Breitling introduced the first independent chronograph pusher in 1915.
For the buyer, the key question is whether this complexity translates to value. The answer depends heavily on the type of chronograph movement inside — and that's where most guides fall short. Let's break it down.
Integrated chronographs are designed from the ground up as chronograph movements. The base timekeeping and chronograph functions share a single architecture. Examples include the Rolex 4130 (Daytona), Omega 9900 (Speedmaster), and Zenith El Primero. Integrated movements are thinner, more refined, and generally command higher prices and better resale values.
Modular chronographs bolt a chronograph module onto an existing base movement. This is cheaper to manufacture but results in a thicker case and, among collectors, is considered less prestigious. Many Breitling, TAG Heuer, and IWC chronographs use modular designs based on movements like the ETA 7750 (now Valjoux). Some brands, including Hublot and some Breitling references, use in-house modular designs that blur this distinction.
From a value perspective, integrated chronographs hold their value significantly better. The Rolex Daytona (integrated) commands massive premiums, while comparable Breitling chronographs (often modular) trade at significant discounts to retail.
The column wheel is a precision component that sequences the chronograph's start, stop, and reset functions with a satisfying, crisp feel. Cam-actuated mechanisms achieve the same function with fewer parts at lower cost, but the pushers feel less refined. High-end chronographs (Patek Philippe, Rolex, A. Lange & Söhne) always use column wheels. Mid-range chronographs may use either design.
| # | Watch | Market | Own/Yr | Score |
|---|---|---|---|---|
| 1 | Rolex Daytona 126506 | $150,000 | $420/yr | 88 |
| 2 | Rolex Daytona 126508 | $65,000 | $250/yr | 88 |
| 3 | Rolex Daytona 126509 | $60,000 | $240/yr | 88 |
| 4 | Rolex Daytona 126500LN | $27,500 | $135/yr | 87 |
| 5 | Omega Speedmaster Professional Moonwatch 310.30.42.50.01.001 | $6,250 | $549/yr | 76 |
| 6 | Omega Speedmaster Professional Moonwatch 310.32.42.50.01.002 | $6,000 | $530/yr | 76 |
| 7 | Omega Speedmaster Professional Moonwatch 310.30.42.50.01.002 | $6,750 | $586/yr | 75 |
| 8 | Breitling Navitimer AB0139211B1P1 | $7,500 | $643/yr | 70 |
| 9 | Breitling Navitimer AB0137211B1A1 | $8,000 | $680/yr | 70 |
| 10 | TAG Heuer Carrera CBS2210.BA0928 | $5,250 | $474/yr | 69 |
| 11 | TAG Heuer Monaco CBL2111.BA0644 | $5,750 | $511/yr | 69 |
| 12 | TAG Heuer Carrera CBN2A1B.BA0643 | $4,500 | $418/yr | 68 |
| 13 | Breitling Chronomat AB0134101B1A1 | $6,500 | $568/yr | 68 |
| 14 | Zenith Chronomaster 03.3200.3600/21.M3200 | $8,000 | $680/yr | 65 |
The Rolex Daytona is the market's most desirable chronograph — its Value Score reflects unmatched brand recognition and resale performance. However, it's also the most expensive and the hardest to buy at retail. The Omega Speedmaster Professional Moonwatch offers genuine historical significance (first watch on the Moon), an excellent in-house movement, and dramatically lower ownership costs. The Breitling Navitimer adds a slide rule bezel for aviation calculations — a unique functional element — at the most accessible price point of the three.
For pure value, the Speedmaster is hard to beat: it combines historical importance, Omega's Master Chronometer certification, and reasonable pricing into one of the best chronograph packages available.