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Crypto Downturn Floods Market With Rolex, Patek Watches, Says Trading Platform – Bitcoin News

Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says
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Recent troubles in the crypto space have allegedly led to an increased supply of pre-owned luxury watches, according to a leading trading platform. As a result, the prices of coveted models from major brands such as Rolex and Patek have fallen, the company said.

Higher supply after crypto crash hurts resale prices of top watches from Swiss brands like Rolex

The recent drop in crypto asset valuations has directly impacted the pricing of luxury watches from Rolex, Patek Philippe and Co., a German online platform listing hundreds of thousands of watches has found.

The range of trophy watches, such as the Rolex Daytona or the Patek Nautilus 5711A, is “now significantly larger”, according to the Karlsruhe company Chrono24 said in a statement, quoted by Bloomberg. The crypto meltdown is making it easier for the most desirable models to be offered on the used market, he said.

The report finds that the falling prices of the most wanted watches are an indication that the pre-owned luxury watch market is beginning to slow down. This comes after crypto prices previously led to the birth of a new class of luxury shoppers and an unprecedented rise in the prices of top-brand models.

These consumers are now retreating and the prices of the most desirable watches are converging with the prices of other, similar products. The trend represents a consolidation in the market, notes Chrono24 co-CEO Tim Stracke.

Meanwhile, trading volumes on the site, where traders and private sellers find buyers, grew more than 50% in the first half of 2022, the executive revealed. And while a Patek Philippe Nautilus 5711A now retails for $190,000, up from $240,000 in the first quarter, the prices of many models from Cartier and Breitling have increased.

The German company also pointed to an increasing demand for almost all models from Omega’s Speedmaster collection, which are offered as a product of cooperation with Swatch. Chrono24 also expects total sales on its platform to increase in the second half of the year.

Cryptocurrencies and luxury watches already have a common history. In May, the Swiss watch manufacturer TAG Heuer said It introduces online crypto payments for its US customers through an integration with Bitpay. This month, another Swiss luxury watch manufacturer, Franck Muller, announced it is launching an exclusive Binance NFT collection of limited edition watches.

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Chrono24, crypto, Crypto Ratings, cryptocurrencies, cryptocurrency, Patek, Prices, Rolex, sale, used market, Swiss, Switzerland, watches, reviews, watch, watches

Do you expect the resale prices of top-of-the-line luxury watch brands to rise again as crypto valuations rise? Tell us in the comment section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.




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