Famous watches that are hard to buy like Patek Philippe or Rolex are now both discounted and in abundant supply.
Online watch trading platform Chrono24 says the supply of the Rolex Daytona or Patek Nautilus 5711A is “now much larger” than before.
“The recent cryptocurrency price drop has had a direct impact on the prices of luxury watches from Patek Philippe or Rolex,” said the Karlsruhe, Germany-based company.
The drop in prices of the most sought-after models is a sign that the pre-owned luxury watch market is starting to cool down. The spike in cryptocurrency prices in 2021 has created a new class of luxury watch players, leading to an unprecedented increase in luxury watch prices, especially with brands like Rolex, Audemars Piguet, and Patek. Now, with many cryptocurrencies frozen, these consumers are slowing down their shopping.
Chrono24 Co-CEO Tim Stracke said transaction volume on the platform, which links dealers, or private sellers with buyers, has increased by more than 50% in the first half of 2022.
The price of a Patek Philippe Nautilus 5711A, which retails for around $35,000, rose to $240,000 in the first quarter of 2022, according to Chrono24. Now, this model only costs about 190,000 USD.
On the other hand, more affordable watches such as Girard-Perregaux Laureato, Cartier and Breitling have increased in price. Demand also increased for nearly all models from the Omega Speedmaster collection.
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