Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says
A German online marketplace that sells hundreds of thousands of watches, has noticed that the recent drop in crypto asset valuations has had a direct impact on the pricing of luxury watches from Patek Philippe, Rolex and other brands.
According to the Karlsruhe-based Chono24, the supply of trophy watches such as the Rolex Daytona and Patek Nautilus 5611A is ‘now much greater,’ according to a statement. Bloomberg quoted it. It explained that the crypto collapse has led to a decrease in demand for the most sought-after models on the second hand market.
According to the report, the declining prices of most sought-after timepieces indicates that second-hand luxury watches are losing pace. After the rise in crypto rates, which had previously led to the creation of a new class luxury buyers and an unprecedented rise in the prices for models from top brands, this report shows that the market is now experiencing a decline.
These watch-loving consumers are now retiring and the price of the most popular watches is falling in line with similar products. According to Chrono24 CEO Tim Stracke, this trend is a consolidation in the market.
The executive said that trading volumes on the site where private sellers and dealers find buyers have increased by more than 50% in the first half 2022. A Patek Philippe Nautilus 5611A now sells for $190,000. This is down from $240,000 during the first quarter. However, many models from Cartier or Breitling are selling at higher prices.
In addition, the German company pointed out an increase in demand of almost all models from Omega’s Speedmaster collection. This collaboration was made possible by Swatch. Chrono24 expects that overall sales will increase on its platform in the second half.
Luxury watches and cryptocurrencies have a long history. TAG Heuer , a Swiss watchmaker, announced that it will offer online crypto payments to its American customers through Bitpay integration. this month, Franck Müller, a luxury Swiss watchmaker, revealed that it will launch a limited-edition Binance NFT collection.
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