After weeks of negative pressure on the cryptocurrency market, the quantity of the most wanted luxury watches on the secondary market is rising, putting downward pressure on the prices of Patek Philippe and Rolex models.
According to an email message from the online watch-selling site Chrono24, the availability of prominent watches such as the Rolex Daytona and Patek Nautilus 5711A has increased, Bloomberg reported on July 29.
The firm with over 500,000 watches for sale on its website in Karlsruhe, Germany, said that the current decrease in bitcoin values has directly affected the secondary market.
The firm stated: The market crash has had a direct influence on the prices of Rolex and Patek Philippe luxury watches.
The secondhand watch market is losing steam
The recent decline in pricing for the most coveted models is the most recent indication that the once-thriving market for pre-owned luxury watches is losing momentum.
The previously high pricing of cryptocurrencies has created a new class of luxury buyers, resulting in a never-before-seen price increase for some models, particularly those produced by Rolex, Audemars Piguet, and Patek.
As a major number of digital tokens have lost considerable value from their all-time highs, this consumer base is diminishing.
Throughout the duration of the pandemic, resale prices for luxury watches increased gradually, reaching a high between March and April 2022. However, between May 3 and July 8, the luxury watch price index fell from $23,000 to below $20,000
Later, on July 25, Finbold stated that the price of luxury watches continued to fall although the luxury category as a whole recovered.
The decline of specific models indicates consolidation
Tim Stracke, co-chief executive officer of Chrono24, said that the fall for specific models indicates a consolidation, as the costs of the most wanted timepieces approach those of similar timepieces.
In addition, according to Stracke, trade volumes on the platform, which links dealers or individual sellers with clients, climbed by more than 50 percent in the first half of the year.
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