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The latest crypto market decline has led to the loss of billions in the crypto market. Many prominent firms such as Three Arrows Capitals and Celisus filed for bankruptcy. Leading cryptocurrencies such as Bitcoin and Ethereum suffered a heavy drop in their prices. Meanwhile investors were balling their eyes. This has also influenced one more market. The second-hand market.
The supply of luxury watches in the second-hand market surged with the uncertainties in the crypto market. The prices of models Patek Philippe and Rolex are feeling low pressure. On July 29, Bloomberg published a report citing an email from Chrono24, an online watch trading site. According to which, prestigious timepieces such as the Rolex Daytona and Patek Nautilus 5711A have become more available.
The company said the decline in cryptocurrency prices have directly impacted the prices of luxury watch brands such as Rolex and Patek Philippe. The company has more than 500,000 timepieces listed on its website for sale and is based in Karlsruhe, Germany.
Earlier hiked prices of cryptotassests gave rise to a new class of luxury purchasers. As a consequence of it, price surge in some models manufactured by well-known Patek, Audemars Piguet and Rolex. Since leading cryptocurrencies are now trading far away from their ATHs, the number of these customers are decreasing.
The resale prices of luxury watches started increasing at a greater pace. Between the period of March and April 2022, the prices peaked. But on the other hand, between May 3 and July 8, the luxury watches prices dropped down to $20,000 from $23,000. Later came Finbold’s report, which stated that while the broader luxury category revived, high-end watch prices did not stop decreasing.
CEO of Chrono24, Tim Stracke, explained that the drop in certain models signals consolidation while the value of the most coveted timepieces reached near comparable watches. Furthermore, Stracke revealed that the platforms’ trade volume rose by over 50% in the first half of the year.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
