Skip to content

Crypto crash increases supply of luxury watches on the second-hand market

Crypto crash increases supply of luxury watches on the second-hand market

After weeks of downward pressure engulfing the cryptocurrency market, the supply of the most sought-after luxury watches on the second-hand market is increasing, putting low pressure on prices for models of the coveted Patek Philippe and Rolex.

In particular, the availability of prestigious timepieces such as the Rolex Daytona and Patek Nautilus 5711A has risen, according to an email message from the online watch trading site Chrono24, Bloomberg reported on July 29.

The company based in Karlsruhe, Germany, with over 500,000 timepieces for sale on its website, noted that the recent decline in cryptocurrency prices has directly influenced the second-hand market.

The company said:

The market collapse, “has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe.” 

Second-hand watch market loses momentum

The recent drop in prices for the most desirable models is the most recent sign that the once-booming market for second-hand luxury watches is beginning to lose steam. 

The previously high prices of cryptocurrencies had created a new class of luxury purchasers, resulting in a price rise that had never been seen before for some models, notably those manufactured by Rolex, Audemars Piguet, and Patek.

These customers are dwindling now that a significant number of digital tokens have lost significant value from their all-time highs.

Throughout the pandemic, the resale prices of luxury watches started rising steadily, peaking between March and April 2022. However, the luxury watches price index tumbled from $23,000 to below $20,000 between May 3 and July 8.

Finbold later reported on July 25 that high-end watch prices continued plummeting while the broader luxury category rebounded.

The decline for certain models shows consolidation

Tim Stracke, co-chief executive officer of Chrono24, said that the decline for certain models signals a consolidation, as the prices of the most coveted timepieces go closer to those of comparable watches. 

Moreover, Stracke said that trade volumes on the platform, which connects dealers or individual sellers with customers, increased by more than 50% in the first half of the year. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.