The Crash of Cryptocurrencies Has Oversaturated the Market With Timepieces

A leading watch trading platform reports an increase in trophy model volumes. Chrono24 reports that increased supply is having an impact on the prices of the Nautilus and Daytona.

The recent drop in values of cryptocurrencies "has directly influenced pricing of luxury watches from companies like Rolex and Patek," claimed the company, which has more than half a million watches listed for sale on its website and is situated in Karlsruhe, Germany.

The latest evidence that the once-soaring second-hand luxury watch market is starting to lose momentum is the price reduction for the most sought after models.

The skyrocketing valuations of cryptocurrencies had created a new class of luxury purchasers, which resulted in an increase in price that had never been seen before for certain models, particularly those manufactured by Rolex, Audemars Piguet, and Patek.

These customers are currently in the process of sliding backwards now that a significant number of digital tokens have been hammered.

According to Chrono24 Co-CEO Tim Stracke, the price drop for some models signifies a consolidation of the market as prices for the most sought after timepieces fall closer in line with costs of other watches that are functionally equivalent.

At the same time, Stracke reported that the trading volumes on the platform, which facilitates transactions between buyers and either dealers or private sellers, had increased by more than fifty percent in the first half of the year.

According to Chrono24, the price of a Patek Philippe Nautilus 5711A, which can be purchased at a retail store for approximately $35,000, skyrocketed to $240,000 in the first quarter.

The steel sports watch with a blue dial is currently selling for close to $190,000.

Chrono24 has observed a rise in pricing for a variety of watch models, including the Girard-Perregaux Laureato, a number of Cartier watches, and Breitling timepieces.

Chrono24 reported that as a result of a collaboration with sibling brand Swatch, there has been an increase in demand for practically all of the models in the Omega Speedmaster collection.

Chrono24, which is considering going public with an initial public offering (IPO), stated that it anticipates an additional increase in total sales that will be conducted on the website in the second half of the year.