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posted by janrinok on Thursday August 04 2022, @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.

  1. www.bloomberg.com
  2. finbold.com
  3. www.entrepreneur.com

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  • (Score: 2) by Thexalon on Thursday August 04 2022, @11:08PM

    by Thexalon (636) on Thursday August 04 2022, @11:08PM (#1264993)

    Expensive stuff like this is often a "snob good", where the fact that it's ridiculously expensive compared to the value it provides is part of the product you're buying.

    A similar concept was the $999 iPhone app that did nothing but display a picture saying "I'm rich!"

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