The surprising effect of the crypto crash

Rising cryptocurrency valuations have created a new class of luxury buyers. The bursting of the bubble currently leads to the loss of money by cryptoinvestors, and they sell, among others luxury goods previously purchased. This increases the supply of the most sought-after watches from the secondary market, reducing the prices of hard-to-reach Patek Philippe and Rolex models, argues Bloomberg.

Rising cryptocurrency valuations have created a new class of luxury buyers, which has led to unprecedented increases in the price of models, especially brands such as Rolex, Audemars Piguet and Patek. The recent weakness in cryptocurrency valuations "has had a direct impact on the prices of luxury watches," according to a statement from the Chrono24 online store.

The cryptocurrency crash has sparked a flood of luxury watches

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Tips & Tricks The drop in prices of the most sought-after models signals that the once-growing market of luxury second-hand watches is starting to lose pace due to the cryptocurrency crash, the announcement reads.

Tim Stracke, one of Chrono24's CEOs, said the recall of some models marks a consolidation in the market . He added that trading volumes on the platform that connects dealers or private sellers with buyers increased by more than 50 percent in the first half of this year.

According to Chrono24, the price of Patek Philippe Nautilus 5711A (which retail price is about $ 35,000) increased to 240,000 in the first quarter of this year. hole. Now this blue dial sports watch costs around $ 190,000. hole.

Chrono24 saw an increase in the prices of watches such as the Girard-Perregaux Laureato, as well as many Cartier and Breitling models. The demand for almost all models in the Omega Speedmaster collection has also increased.

Chrono24, which is considering a potential IPO. He said he expects further sales growth on the site in the second half of the year.