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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: 1) by Runaway1956 on Friday August 05, @02:06AM (5 children)

    by Runaway1956 (2926) Subscriber Badge on Friday August 05, @02:06AM (#1265006) Homepage Journal

    Good question. Today, everybody has a cell phone, with the time always on display. Those of us who don't carry a cell phone are outliers. Not many people have any reason to wear a watch, unless they need the second hand. Even then, there's probably an app that will install that analog second hand on your phone if you need/want it.

    From the days of yore, a $2 Timex was "good enough" for almost anyone who needed a watch. I stayed with that until I got my sports diving license, when I switched over to a Casio electronic diving watch, for ~ $30.

    Anyone spending tens or hundreds of thousands on a watch ain't real bright. High quality time pieces are available for hundreds to a mere thousand dollars.

    You probably won't find "old money" families sporting such expensive watches. They tend to hoard their money, guarding it jealously. They can buy those expensive watches by the dozen, but they aren't going to.

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  • (Score: 3, Interesting) by takyon on Friday August 05, @02:28AM (4 children)

    We should take a moment to marvel at the fact that you can get a smartwatch with a 64-bit dual-core or quad-core [notebookcheck.net], 1-2 gigabytes of RAM, and 16-32 gigabytes of storage. And there is no barrier to having a "decent" octo-core, 4 (8?) gigabytes of RAM, and 1 TB of storage (largest microSD and UFS package capacity on the market, and a new round of denser 232-layer [anandtech.com] and 238-layer [anandtech.com] NAND dies were just announced).

    These specs may be largely useless other than for spying on you, but they will continue to climb over the next decade. Maybe becoming more useful with those holograms.

    Also, we have been stuck at 18 gigabytes of RAM (the China special) in smartphones for a while. It's high time for 24 gigabytes. For reasons.

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    • (Score: 0) by Anonymous Coward on Friday August 05, @04:37AM (2 children)

      by Anonymous Coward on Friday August 05, @04:37AM (#1265043)

      "Smart" watches are a great big throwback.. You gotta "wind" (charge) it every day.. How.. um.. quaint!

      • (Score: 2) by takyon on Friday August 05, @07:00AM (1 child)

        Take it off your wrist before you sleep, place it onto a wireless charger.

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        • (Score: 0) by Anonymous Coward on Saturday August 06, @03:27AM

          by Anonymous Coward on Saturday August 06, @03:27AM (#1265213)

          place it onto a wireless charger.

          Yeah, something else you gotta drag to the Notel Motel every weekend.

          Now the watch requires two pieces

          The most advanced watch in the world is self winding, and solar, they're pretty cool

    • (Score: 2) by turgid on Friday August 05, @07:44PM

      by turgid (4318) Subscriber Badge on Friday August 05, @07:44PM (#1265166) Journal

      It'll happen with time. Luckily there are people with more money than they know what to do with who drive the market for these things so eventually the technology becomes a commodity and the rest of us can afford it. We just need to keep inventing the toys for these people to buy.