- The crypto winter is apparently fueling a rise in second hand watch sales
- Website Chrono24 puts down the increase in flow of Rolex and Patek Philipes to its marketplace to remorseful purchasers
- However, the inflow could also be down to the cost of living increase
They are taken by many as a sign that a bull market is coming to an end, and it seems that the prophecy could be right – luxury watches are flooding the second hand market at the same time as the bear market has started. Bloomberg reported that the flow of “trophy watches” has dramatically increased in recent weeks, according to online watch trading platform Chrono24, with the crypto collapse supposedly playing a major role in the increase.
Crypto Crash Has “Directly Impacted” Prices
Chrono24 told Bloomberg that the flow of popular luxury watches such as the Rolex Daytona or Patek Nautilus 5711A “is now much larger” and that the recent price collapse in the crypto space “has directly impacted pricing of luxury watches” from these brands.
This means of course that those looking to recoup the value of the watch will not get as much as they ordinarily would given the excess amount.
Cost of Living Crisis Could Also be to Blame
Newly minted millionaires who splashed out during the heady days of 2021 are seemingly regretting their decisions and trying to get back what they can for their extravagant purchases, with many who proudly paraded their new purchases on Twitter potentially also deleting those painful memories.
However, unless sellers are openly stating why they are selling their watches, any correlation between a crypto downturn and reduced prices cannot be said to be causal. After all, with the cost of living becoming ridiculously high, many people could be selling luxury items in order to pay for everyday essentials.