Luxury Watch Prices Decline as Crypto Wealthy Come Under Pressure
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The second-hand luxury watch market is seeing a surge in surplus as the crypto rout depletes the fortunes of its target demographic.
This rout has caused a depression in the prices of certain watches from luxury watchmakers Patek Philippe and Rolex, according to Karlsruhe, Germany-based Chrono24. The company lists more than 500,000 for sale on its website.
Sought-after models like the Rolex Daytona and Patek Nautilus 5711A are seeing a price decline as new secondary market buyers created in the crypto bull market that saw bitcoin ascend to a $69K peak in Nov. 2021 have seen a massive drop in fortunes. Analysts at Jefferies opine that 25% to 30% of high-end sales in the U.S.in 2021 came from crypto wealth. Bitcoin, which touched levels close to $17.5K in June 2022, is now exchanging hands at $23980K at press time, representing a 65% drop from its peak.
Stimulus checks and stock market gains also helped the second-hand market grow.
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