The Second-Hand Luxury Watch Market On The Rise After The Recent Crypto Crash
The second-hand luxury watch market is seeing major growth after the cryptocurrency trading crash, with some models such as Patek Philippe, Audemars Piguet and Rolex highly sought after.
The supply of luxury branded watches, such as the Rolex Daytona or the Patek Nautilus 5711A, "is now much higher," online watch trading platform Chrono24 said in an official statement.
The recent crypto crash "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 half a million watches listed for sale on its website.
The Crypto Crash Effects On The Luxury Watch Market
The price drop for the most sought-after models is the latest indication that the once-booming market for used luxury watches is starting to lose momentum. Rising cryptocurrency values have created a new class of luxury buyers, leading to an unprecedented rise in prices for models, particularly for brands such as Rolex, Audemars Piguet and Patek Philippe. Now that many digital tokens have been hammered, these consumers are backing away.
The price of a Patek Philippe Nautilus 5711A, which retails for about $35,000, climbed to $240,000 in the first quarter, according to Chrono24. Now, the steel sports watch with a blue dial goes for about $190,000.
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