Crypto collapse floods Rolex and Patek watch market – Money Times

Patek Philippe
The supply of watches such as the Rolex Daytona or the Patek Nautilus 5711A “is now much greater”, claims online watch trading platform Chrono24 in a statement.

the collapse of cryptocurrencies is facilitating the supply of the most sought-after watches on the second-hand market, reducing the prices of the most sought-after models Patek Philippe and Rolex.

The offer of watches such as the Rolex Daytona or the Patek Nautilus 5711A “is now much greater,” says online watch trading platform Chrono24 in an emailed statement.

The recent cryptocurrency crash “has directly impacted the prices of luxury watches from brands like Rolex and Patek Philippe,” the Karlsruhe-based company said. Germanyand over half a million watches listed for sale on its website.

The drop in prices for the most sought-after models is the latest indication that the once booming second-hand luxury watch market is starting to slow down.

The rise in cryptocurrencies has created a new class of luxury shoppers, which has led to unprecedented price increases for products, particularly from brands such as Rolex, Audemars Piguet and Patek. But now that many crypto assets have been shaken these consumers are reversing their buying tendencies.

Chrono24 Co-CEO Tim Stracke said the retreat of some models represents consolidation. At the same time, he claimed that trading volumes on the platform increased by more than 50% in the first half of the year.

The price of a Patek Philippe Nautilus 5711A, which retails for around $35,000 at retail, rose to $240,000 in the first quarter, according to Chrono24. Now, the steel sports watch with a blue dial is priced at 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 potential IPOsaid he expects a further increase in global sales made by the site in the second half of the year.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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