The cryptocurrency crash makes it easy to source the most wanted watches on the second-hand market, driving down the prices of hard-to-find Patek Philippe and Rolex models.
The offer of luxury watches such as the Rolex Daytona or the Patek Nautilus 5711A “is now much larger”, said online watch trading platform Chrono24 in an emailed statement.
The recent fall in the value of cryptocurrencies “This had a direct impact on prices of luxury watches from brands like Rolex and Patek Philippe,” explained the Karlsruhe, Germany-based company, which has more than half a million watches for sale on its website.
Falling prices for the most sought-after models are the latest sign that the once-thriving market for second-hand luxury watches is starting to slow down. Rising cryptocurrency valuations had created a new class of luxury buyers, leading to an unprecedented price increase for models, including 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 explained that the removal of some models represents consolidation, as the prices of the most sought-after watches approach those of similar watches.
At the same time, Stracke stated that trading volumes on the platformwhich connects distributors or private sellers with buyers, increased by more than 50% in the first half.
the price of one Patek Philippe Nautilus 5711A, which sells for around 35 thousand dollars at retail, it rose to $240,000 during the first quarter of this year, according to Chrono24. Now the steel sports watch with a blue dial is selling for around $190,000.
Chrono24 has seen prices rise on watches like the Girard-Perregaux Laureato, as well as numerous Cartier and Breitling models. Demand has also increased for nearly every model in the Omega Speedmaster collection, thanks to a collaboration with sister brand Swatch, the Chrono24 store added.
Chrono24, which is eyeing a possible IPO, said it expects a further increase in total sales traded on the site in the second half of the year.
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