The cryptocurrency crash is making it easier to find the most sought-after watches on the second-hand market, driving down the prices of hard-to-obtain Patek Philippe and Rolex models.
The supply of trophy watches such as the Rolex Daytona or the Patek Nautilus 5711A “is now much larger,” online watch trading platform Chrono24 said in an emailed statement.
The recent slump in cryptocurrency valuations “has had a direct impact on the prices of luxury watches from brands such as Rolex and Patek Philippe,” said the company, which is based in Karlsruhe, Germany, and has more than 100,000 customers. half a million watches for sale on its website.
Falling prices for the most sought-after models are the latest indication that the once booming second-hand luxury watch market is starting to lose ground. Soaring cryptocurrency valuations had created a new class of luxury buyers, leading to an unprecedented rise in the prices of models, especially from brands such as Rolex, Audemars Piguet and Patek. Now that many digital tokens have been hammered, these consumers are backtracking.
Chrono24 co-CEO Tim Stracke said the decline in some models represents consolidation as the prices of the most sought-after timepieces approach those of similar timepieces.
Meanwhile, Stracke said trading volumes on the platform, which connects dealers or private sellers to buyers, jumped more than 50% in the first half.
The price of a Patek Philippe Nautilus 5711A, which retails for around $35,000, jumped to $240,000 in the first quarter, according to Chrono24. Now, the blue-dial steel sports watch is priced around $190,000.
Chrono24 has seen price increases for watches like the Girard-Perregaux Laureato as well as many Cartier and Breitling models. Demand has also increased for nearly every model in the Omega Speedmaster collection, the result of a collaboration with sister brand Swatch, Chrono24 said.
Chrono24, which is considering a possible IPO, said it expects a further increase in overall sales on the site in the second half of the year.
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