The cryptocurrency crash has sparked a flood of luxury watches
A drop in prices for the most sought-after models signals that the once-growing market for second-hand luxury watches is losing pace by the crash on the cryptocurrency market – reads the announcement.
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Tim Stracke, one of Chrono24’s CEOs, said that the recall of some models means a consolidation in the market. He added that trading volumes on the platform that connects dealers or private sellers with buyers increased by more than 50 percent in the first half of this year.
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According to Chrono24, the price of Patek Philippe Nautilus 5711A (which retail price is about $ 35,000) increased to 240,000 in the first quarter of this year. hole. Now this blue dial sports watch costs around $ 190,000. hole.
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Chrono24 took note rising prices for watches such as the Girard-Perregaux Laureato, as well as many Cartier and Breitling models. The demand for almost all models has also increased from the Omega Speedmaster collection.
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Chrono24, which is considering a potential IPO. He said he expects further sales growth on the site in the second half of the year.
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