The current crypto crash has precipitated a deluge of second-hand luxury watches, according to a leading trading platform. The end result has been a steep fall in prices of major premium brands such as Rolex and Patek.
The surge in supply of top Swiss brands like Rolex as a result of the Crypto crash has affected the prices of Resale Prices of Top Watches. The above fact was revealed by a German online platform that lists hundreds of thousands of watches. The recent decline in values of crypto coins has affected Swiss Brands Like Rolex, Patek Philippe and the like.
In a statement of Karlsruhe-based Chrono24 which was quoted by Bloomberg, the supply of premium high end watches such as Rolex Daytona or Patek Nautilus 5711A which commanded a premium is less harried and is freely available in the second-hand market.
Crypto Crash Causes Second-Hand Luxury Watch Market Is Losing Its Sheen
The report goes on to say that falling prices of premium watches is also an indication that that the second-hand luxury watch market is losing its sheen. Earlier the surging crypto sector had created a new class of high end buyers who preferred the top notch and premium watches. This led to a shortage of these goods and a steep price hike which could be seen in the models from the top brands.
However the boom has gone bust with the Crypto Crash and consumers are withdrawing and the prices of most of the premium watches are now in line with the past price trends. “Consolidation of the market”, this is how the situation has been described by Chrono24 Co-CEO Tim Stracke.
The trading volumes on the site where second hand items are sold, where dealers and private sellers find buyers have surged more than 50% in the first six months. The Patek Philippe Nautilus 5711A which was selling which was selling for $240,000 in the first quarter is now selling for $190,000. However prices of many models from Cartier and Breitling have risen.
Cryptocurrency and premium watches have a history and many topnotch watchmakers such as Swiss watchmaker TAG Heuer and luxury watch manufacturer from Switzerland, Franck Muller are accepting Cryptocurrency for its wares. Franck Muller announced its launching an exclusive Binance NFT collection with limited-edition timepieces.