Crypto Slowdown Floods Market With Rolex And Patek Watches, Says Trading Platform BlockBlog
The latest issues in the crypto space have reportedly led to an increase in the supply of second-hand luxury watches, according to a leading trading platform. As a result, prices for sought-after models from top brands like Rolex and Patek have plummeted, the company revealed.
Higher supply after crypto crash hurts resale prices for top watches from Swiss brands like Rolex
The recent drop in crypto asset valuations has had a direct impact on the prices of luxury watches from Rolex, Patek Philippe and others, a German online platform that lists hundreds of thousands of watches has noticed.
The supply of trophy watches, such as the Rolex Daytona or the Patek Nautilus 5711A, “is now much larger,” Karlsruhe-based Chrono24 said in a statement, as quoted by Bloomberg. The crypto crash is making it easier to find the most sought-after models on the second-hand market, he explained.
The report notes that the drop in prices for the most sought-after watches is an indication that the market for second-hand luxury watches is starting to lose ground. This is after soaring crypto rates led to the birth of a new class of luxury shopper and an unprecedented rise in prices for models from top brands.
These consumers are now stepping back and the prices of the most sought-after watches are approaching those of other similar products. The trend represents market consolidation, noted Tim Stracke, co-CEO of Chrono24.
Meanwhile, trading volumes on the site, where dealerships and private sellers find buyers, soared more than 50% in the first half of 2022, the executive revealed. And while a Patek Philippe Nautilus 5711A now sells for $190,000, up from $240,000 in the first quarter, prices for many models from Cartier and Breitling have risen.
The German company also pointed to an increase in demand for almost all models from Omega’s Speedmaster collection, offered as part of the collaboration with Swatch. Chrono24 also expects overall sales of its platform to increase in the second half.
Cryptocurrencies and luxury watches already have a history together. In May, Swiss watchmaker TAG Heuer announced that it was introducing online crypto payments for its customers in the United States through an integration with Bitpay. This month, another Swiss luxury watchmaker, Franck Muller, announced the launch of an exclusive Binance NFT collection with limited-edition watches.
Do you expect the resale prices of top models from luxury watch brands to rise again with rising crypto valuations? Tell us in the comments section below.
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