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posted by janrinok on Thursday August 04, @07:21PM   Printer-friendly
from the I-didn't-see-that-coming dept.

The recent swoon in cryptocurrency valuations "has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe," said the company, which is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website...

At the same time, Stracke said trading volumes on the platform, which links dealers or private sellers with buyers, have jumped more than 50% in the first half of the year.

The price of a Patek Philippe Nautilus 5711A, which sells for about $35,000 at retail, surged to $240,000 in the first quarter, according to Chrono24. Now the blue-dialed steel sports watch is fetching about $190,000 [...]

But why the soaring demand in the first place? In addition to crypto and stock-market gains, stimulus cash bolstered the secondhand-timepiece market, one segment of the larger luxury-goods market, which includes handbags, designer sneakers and fine jewelry, among other high-cost items. Rampant inflation and the war in Ukraine contributed to their appeal, as buyers sought tangible stores of value.


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  • (Score: 4, Interesting) by Barenflimski on Thursday August 04, @08:59PM

    by Barenflimski (6836) on Thursday August 04, @08:59PM (#1264973)

    None of it makes sense in the eyes of a logical person.

    It makes sense when you view it from the perspective of shady marketers. "The Nelk Boys", and "Stevewilldoit" pawn this crap heavily to their young audience. Their audience is almost all young kids who happened to buy crypto and are now crypto-rich. The backers are liqour companies and gambling companies. UFC folks are involved as well, think Dana White and team. Notice every jersey UFC fighters have worn for the last couple of years, and all of the advertisers in the UFC ring.

    I am sure there are other "influencers" doing relatively the same. These for-mentioned guys are certainly some of the few at the top level.

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