Cryptocurrency crisis flooded the market with Rolex and Patek
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 prices for models, especially brands like Rolex and Audemars Piguet.
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