The recent collapse in cryptocurrencies has made it easy to supply the famous brand shops in the second hard market. Also, the prices have been constantly reduced for different Rolex models and Patek Phillipe.
It is discovered that they supply some trophy watches like Patek Nautilus 5711A is quite huge. According to the watchlisting website, the recent fall in crypto valuations has impacted the price of major luxury watches from brands like Rolex And Patek Phillipe. The company had listed over half a million watches on its website.
Rolex And Patek Have Flooded The Market Due To The Crypto Collapse
The price decline indicates that the second-hand luxury watch market has begun to lose pace. During the cryptocurrency bull run, many new potential buyers came into the market, which led to unprecedented prices for different models of watches like Audemars Piguet, Rolex, and Patek. And now, since the bear market is going on, this trend will reverse, and customers will decrease.
Tim Stracke (CEO of watchlisting platform Chron24) said that the prices for some best models have come at par with the prices of similar watches. During Q1 and Q2, the website’s trade volumes grew about 50%. Breitling and Cartier prices have risen while Patek Phillippe Nautilus 5711A prices have fallen.
Chrono24 witnessed a price surge for watches like Cartier and Breitling models, Girard-Perregaux Laureate, and many more. Meanwhile, demand for all the models from the Omega Speedmaster collection increased after they collaborated with the sister brand Swatch.
💡 Bloomberg reports that the crypto market fall has led to an influx of luxury watches on the secondary market in recent months. Chrono24, a website that sells luxury timepieces, warned local reporters that the decline had “directly impacted the prices of Rolex and Patek Philippe watches.”
Chrono24’s IPO is expected in Q3 and Q4 of 2022, as sales rise.
Cryptocurrencies and Luxury watches have seen a great history together. TAG Heuer will integrate with Bitpay to develop a crypto payment gateway. And brands like Frank Muller from Switzerland will launch an NFT Collection on Binance with limited-edition timepieces.
The fall in cryptocurrencies is a strong pullback from the rising interest rates, inflation, and uncertainty caused due to Ukraine and Russian wars. Such factors have aggravated the post-pandemic effect on the US and damaged zoom and Netflix stock prices.
💡 Higher Supply After Crypto Winter had affected the prices of top watches from Swiss Brands like Rolex.
Despite the decline, few early investors are still in a manageable position. But there has been a huge decline in the investors who recently jumped into the market and bought cryptocurrencies during the bull run in 2021. Various tech moguls like Elon Musk and celebrities like Kim Kardashian have recently talked about cryptocurrencies and this decline. In many situations, the present bear market has erased recent investment gains. Crypto markets are quite volatile and still at the infancy level.