The latest troubles in the crypto space have allegedly led to
an increased supply of second-hand luxury watches, according to a
leading trading platform. As a result, prices of sought-after models by
major brands like Rolex and Patek have dropped, the company revealed.
Higher Supply After Crypto Crash Hurts Resale Prices of Top Watches From Swiss Brands Like Rolex
The recent decline in the valuations of crypto assets has directly
impacted pricing of luxury watches from Rolex, Patek Philippe and the
like, a German online platform that lists hundreds of thousands of
watches has noticed.
The supply of trophy watches, such as the Rolex Daytona or Patek Nautilus 5711A, “is now much larger,” the Karlsruhe-based Chrono24
said in a statement, quoted by Bloomberg. The crypto collapse is easing
supply of the most desired models on the second-hand market, it
elaborated.
The report notes that the decreasing prices of the most wanted
timepieces is an indication that the second-hand luxury watch market is
starting to lose pace. That’s after surging crypto rates before that had
led to the birth of a new class of luxury buyers and unprecedented
increase in the prices of models from the top brands.
These consumers are now retreating and the prices for the most sought
after watches fall closer in line with other, similar products. The
trend represents a consolidation of the market, remarked Chrono24 Co-CEO
Tim Stracke.
Meanwhile, the trading volumes on the site, where dealers and private
sellers find buyers, have spiked more than 50% during the first half of
2022, the executive revealed. And while a Patek Philippe Nautilus 5711A
is now selling for $190,000, down from $240,000 in the first quarter,
the prices of 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 a product of
the collaboration with Swatch. Chrono24 also expects overall sales on
its platform to increase in the second half of the year.
Cryptocurrencies and luxury watches already have a history together. In May, Swiss watchmaker TAG Heuer said
it’s introducing online crypto payments for its customers in the U.S.
through an integration with Bitpay. This month, another luxury watch
manufacturer from Switzerland, Franck Muller, announced it’s launching an exclusive Binance NFT collection with limited-edition timepieces.
source link : https://news.bitcoin.com/crypto-downturn-floods-market-with-rolex-and-patek-watches-trading-platform-says/
