The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to-get Patek Philippe and Rolex models.
The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A “is now much larger”, online-watch trading platform Chrono24 said in an emailed statement.
The recent swoon in cryptocurrency valuations “has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe,” said the company, which is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website.
The price decline for the most sought after models is the latest indication that the once soaring second-hand luxury watch market is starting to lose pace.
Surging valuations for crypto currencies had minted a new class of luxury buyers, leading to an unprecedented price increase for models particularly from brands like Rolex, and Audemars Piguet.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
This news is republished from another source. You can check the original article here
Be the first to comment