Falling Cryptocurrencies See Second-Hand Rolex and Patek Philippe Flood the Market

cryptocurrency crash Easing supply of most wanted watches Disappointing prices for hard-to-find Patek Philippe and Rolex models in the second-hand market.

The supply of luxury watches such as the Rolex Daytona or Patek Nautilus 5711A is “overwhelming now”, Where to see Online Trading Platforms chrono24 in an emailed statement.

Recent fall in the price of cryptocurrency “It has had a direct impact on prices” of luxury watches from brands such as Rolex and Patek Philippe,” explained Karlsruhe, a Germany-based company that has more than half a million watches for sale on its website.

Falling prices for the most sought after models are the latest sign that the once thriving market for vintage luxury watches is starting to slow down. The rising valuation of cryptocurrencies has created a new class of luxury buyers, leading to an unprecedented price hike to model, Exclusively from brands like Rolex, Audemars Piguet and Patek, Now that many digital tokens have been hijacked, these consumers are going in the opposite direction.

Chrono24 co-CEO Tim Strake pointed out that the pullback of some models represents a consolidation, as prices for the most sought-after watches draw closer to similar watches.

While there, Strake said that Trading volume on the platformthat connects distributors or private sellers to buyers, increased by more than 50 percent in the first half of the year,

price of one Patek Philippe Nautilus 5711A, which sells for about 35 thousand dollars In retail, this increased to $240,000 during the first quarter of this year, according to Chrono24. Now, a steel sports watch with a blue dial is selling for around $190,000.

Chrono24 has Girard-Perregaux Laureato. have seen an increase in the prices of watches like, as well as several Cartier and Breitling models. The Chrono24 store added, the collaboration with sister brand Swatch has also increased demand for almost all models in the Omega Speedmaster collection.

Chrono24, which is considering a potential initial public offering, said it expects a further increase in total sales traded on the site in the second half of the year.