Used Rolex and Patek Philippe watches flood the market due to the fall of cryptocurrencies – El Financiero

The Cryptocurrency crash Facilitates the supply of the most requested watches in the flea market, which has lowered prices for hard-to-find Patek Philippe and Rolex models.

The supply of luxury watches such as the Rolex Daytona or the Patek Nautilus 5711A “is now much larger”, Online trading platform said Chrono 24 In an email statement.

The last drop in the value of Cryptocurrency It had a direct impact on prices Luxury watches from brands like Rolex and Patek Philippe, explained the company, based in Karlsruhe, Germany, which has more than half a million watches for sale on its website.

Falling prices for the most popular models are the latest sign that the booming market for used luxury watches is slowing down. The rise in cryptocurrency valuations has led to the emergence of a new class of luxury-goods buyers, resulting in this Unprecedented price increase for models Especially from brands like Rolex, Audemars Piguet and Patek. Now that so many digital tokens have come up, these consumers are heading in the opposite direction.

Tim Stracke, co-CEO of Chrono24, explained that the rollback of some models represents a consolidation, with prices for the most sought-after watches approaching those of comparable watches.

At the same time, See you said that Trading volumes on the platformwhich connects distributors or private sellers to buyers, Increased by more than 50 percent in the first half of the year.

price Patek Philippe Nautilus 5711A, which sells for about 35 thousand dollars In retail, it rose to $240,000 during the first quarter of this year, according to Chrono24. Now, the blue-dialed steel sports watch sells for around $190,000.

Chrono24 has seen the price of watches like the Girard-Perregaux Laureato soarIn addition to many Cartier and Breitling models. Chrono24 added that demand has also increased for almost all models in the Omega Speedmaster range, as a result of the collaboration with sister brand Swatch.

Chrono24, which is considering a potential initial public offering, said it expects another increase in total sales traded on the site in the second half of the year.

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