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The recent plunge in crypto-currency valuations “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe<\/em>,” says Chrono24<\/strong>, the company behind the news. Based in Karlsruhe, Germany, the company has over half a million watches listed for sale on its website.<\/strong><\/p>\n <\/p>\n <\/p>\n The supply of sought-after watches, such as the Rolex Daytona or the Patek Nautilus 5711A<\/strong>, “is now much higher,” the online platform notes in a statement. “The collapse of cryptocurrencies increases the supply of the most sought-after models on the second-hand market,<\/em>” it goes on to say.<\/p>\n <\/p>\n The report notes that the drop in prices for the most sought-after Rolexes is an indication that the used luxury watch market is starting to lose momentum,<\/strong> following the crypto-currency boom that previously led to the birth of a new class of luxury buyers and an unprecedented increase in prices for top brand models.<\/p>\n <\/p>\n These consumers are now retreating, and prices for the most sought-after watches are approaching those of other luxury watch categories. “This trend represents a consolidation of the market<\/em>,” notes Tim Stracke<\/strong>, co-CEO of Chrono24. “Meanwhile, exchange volumes on the site, where dealers and private sellers find buyers, have increased by more than 50 percent in the first half of 2022,<\/em>” he says.<\/p>\n <\/p>\n And while a Patek Philippe Nautilus 5711A now sells for $190,000, up from $240,000 in the first quarter, prices for many Cartier and Breitling models have risen.<\/strong><\/p>\n <\/p>\n Crypto-currencies and luxury watches have been forging a common history for some time. Indeed, last May, Swiss watchmaker TAG Heuer<\/strong> introduced online crypto-currency payments for its customers in the United States through an integration with Bitpay and this month, it was the turn of Swiss luxury watchmaker Franck Muller<\/strong> to announce that it was launching an exclusive NFT collection with limited edition timepieces.<\/strong><\/p>\n <\/p>\n <\/p>\n Read also >\u00a0Cryptocurrencies, a privileged playground for luxury brands<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 Rolex[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n The recent plunge in crypto-currency valuations “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe<\/em>,” says Chrono24<\/strong>, the company behind the news. Based in Karlsruhe, Germany, the company has over half a million watches listed for sale on its website.<\/strong><\/p>\n <\/p>\n <\/p>\n The supply of sought-after watches, such as the Rolex Daytona or the Patek Nautilus 5711A<\/strong>, “is now much higher,” the online platform notes in a statement. “The collapse of cryptocurrencies increases the supply of the most sought-after models on the second-hand market,<\/em>” it goes on to say.<\/p>\n <\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\nSafe haven<\/h2>\n
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The latest movements in the crypto space have reportedly led to an increase in the supply of pre-owned luxury watches. The consequence? Prices of sought-after models from top brands like Rolex and Patek have dropped.<\/h4>\n
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