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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.

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

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  • (Score: 4, Interesting) by Mykl on Friday August 05, @01:51AM (2 children)

    by Mykl (1112) on Friday August 05, @01:51AM (#1265003)

    I do.

    I like to be able to glance down to check the time rather than pull my phone out. It's also a form of functional jewelry. Others wear necklaces, bracelets, earrings, rings etc. I have my watch.

    I probably would've bought a smart-watch, however friends of mine bought me a nice watch (_way_ less than $1,000) for a significant birthday a while ago, and I don't want to put it away in a cupboard.

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  • (Score: 1, Interesting) by Anonymous Coward on Friday August 05, @03:47PM

    by Anonymous Coward on Friday August 05, @03:47PM (#1265120)

    Me too, it's a Casio calculator (nerd) watch. Big advantage is that it has enough buttons -- want to set an alarm, just type in the time, no cycling through the digits (etc).

    Note, I don't carry a cell/smart phone, so a watch is still useful on days that I have a schedule to meet. This has been less frequent since Zooming from home, but does still occur.

  • (Score: 0) by Anonymous Coward on Sunday August 07, @09:30AM

    by Anonymous Coward on Sunday August 07, @09:30AM (#1265410)
    I just glance at the corner of my screen :p