The collapse in the cryptocurrency market has led to an increase in the supply of second-hand luxury watches.
After weeks of downward selling pressure in the cryptocurrency market, the supply of the most sought-after luxury watches in the pre-owned market is also on the rise. This put a low pressure on the prices of Patek Philippe and Rolex models.
According to the watch trading platform Chrono24, luxury watches such as the Rolex Daytona and Patek Nautilus 5711A are now more easily available. The company, which sold more than 500,000 watches, noted that the decline in the crypto money market also directly affected the watch industry.
During the rise of cryptocurrencies, a new class of luxury buyers emerged, and an unprecedented price increase occurred especially in luxury models produced by Rolex, Audemars Piguet and Patek.
With the collapse in the crypto markets, the prices of watches also decreased. During the pandemic, second-hand prices of luxury watches rose steadily, peaking last March and April.
Tim Stracke, CEO of Chrono24, drew attention to the fact that transaction volumes increased by more than 50% in the first half of the year on platforms that bring sales dealers and individual sellers together.