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.