Cryptocurrencies have been collapsing, and this collapse has led to an easing of the second-hand watch market. Watches that were once highly sought after, such as the Patek Phillippe as well as models from Rolex, are witnessing a depression in prices.
Supply of watches that are considered trophies, such as the Daytona from Rolex or the Nautilus 5711A from Patek, is now seen to be larger. This was revealed by Chrono24, which is an online trading platform for watches. The swoon that was witnessed recently when it comes to valuations of cryptocurrency are having a direct impact on the price of luxury watches.
Luxury Watches And Cryptocurrency
The decline in the valuations of cryptocurrency, directly affects the price of luxury watches. This was revealed by Chrono24, which is a company based in Karlsruhe in Germany. They gave more than half of a million watches available for sale, on their website.
The decline in price for models that were once the most sought after is just the latest indication that the luxury watch market is losing pace. It was once soaring, with there being a high demand for luxury watches. The surging valuations that came for cryptocurrencies, had created a brand new class of buyers of luxury watches. This lead to a price increase that was unprecedented. This especially applied to brands like Rolex as well as Audemars Piguet. However, these same brands are now witnessing a decrease in demand following the swoon in the cryptocurrency market.