The price of Rolex and Patek Philippe watches has decreased as a result of the decline in cryptocurrency values, which eases the availability of the most sought-after watches on the used market.
The availability of prized timepieces like the Patek Nautilus 5711A and Rolex Daytona “is now much larger,” according to a statement from online watch trading platform Chrono24.
According to the report, the current plunge in cryptocurrency valuations “has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe.”
Chrono24, which has its headquarters in Karlsruhe, Germany, has more than 500,000 timepieces for sale.
The most recent sign that the once exploding second-hand luxury watch market is slowing down is the price reduction for the most popular models.
Rising cryptocurrency prices created a new class of luxury consumers, which resulted in an unprecedented price surge for watches, particularly those made by Rolex, Audemars Piguet, and Patek Philippe.
According to Chrono24, the cost of a Patek Philippe Nautilus 5711A, which retails for about US$35,000 (S$48,000), increased to US$240,000 in the first quarter. The steel sports watch with blue dials is currently selling for around $US190,000.
The platform, which connects dealers or private sellers with buyers, has seen a more than 50% increase in trade volumes in the first half of the year, according to Tim Stracke, co-CEO of Chrono24.