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The latest movements in the crypto space have reportedly led to an increase in the supply of pre-owned luxury watches. The consequence? Prices of sought-after models from top brands like Rolex and Patek have dropped.
The recent plunge in crypto-currency valuations “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe,” says Chrono24, the company behind the news. Based in Karlsruhe, Germany, the company has over half a million watches listed for sale on its website.
Safe haven
The supply of sought-after watches, such as the Rolex Daytona or the Patek Nautilus 5711A, “is now much higher,” the online platform notes in a statement. “The collapse of cryptocurrencies increases the supply of the most sought-after models on the second-hand market,” it goes on to say.
The report notes that the drop in prices for the most sought-after Rolexes is an indication that the used luxury watch market is starting to lose momentum, following the crypto-currency boom that previously led to the birth of a new class of luxury buyers and an unprecedented increase in prices for top brand models.
These consumers are now retreating, and prices for the most sought-after watches are approaching those of other luxury watch categories. “This trend represents a consolidation of the market,” notes Tim Stracke, co-CEO of Chrono24. “Meanwhile, exchange volumes on the site, where dealers and private sellers find buyers, have increased by more than 50 percent in the first half of 2022,” he says.
And while a Patek Philippe Nautilus 5711A now sells for $190,000, up from $240,000 in the first quarter, prices for many Cartier and Breitling models have risen.
Crypto-currencies and luxury watches have been forging a common history for some time. Indeed, last May, Swiss watchmaker TAG Heuer introduced online crypto-currency payments for its customers in the United States through an integration with Bitpay and this month, it was the turn of Swiss luxury watchmaker Franck Muller to announce that it was launching an exclusive NFT collection with limited edition timepieces.
Read also > Cryptocurrencies, a privileged playground for luxury brands
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The latest movements in the crypto space have reportedly led to an increase in the supply of pre-owned luxury watches. The consequence? Prices of sought-after models from top brands like Rolex and Patek have dropped.
The recent plunge in crypto-currency valuations “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe,” says Chrono24, the company behind the news. Based in Karlsruhe, Germany, the company has over half a million watches listed for sale on its website.
Safe haven
The supply of sought-after watches, such as the Rolex Daytona or the Patek Nautilus 5711A, “is now much higher,” the online platform notes in a statement. “The collapse of cryptocurrencies increases the supply of the most sought-after models on the second-hand market,” it goes on to say.
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The latest movements in the crypto space have reportedly led to an increase in the supply of pre-owned luxury watches. The consequence? Prices of sought-after models from top brands like Rolex and Patek have dropped.
The recent plunge in crypto-currency valuations “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe,” says Chrono24, the company behind the news. Based in Karlsruhe, Germany, the company has over half a million watches listed for sale on its website.
Safe haven
The supply of sought-after watches, such as the Rolex Daytona or the Patek Nautilus 5711A, “is now much higher,” the online platform notes in a statement. “The collapse of cryptocurrencies increases the supply of the most sought-after models on the second-hand market,” it goes on to say.
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