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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: 2) by EvilJim on Friday August 05, @03:30AM

    by EvilJim (2501) on Friday August 05, @03:30AM (#1265031) Journal

    yep, I discovered my first phone had a clock back in the early 2000's and I never wanted a watch again. I used to wear a crap casio with multiple repairs as I was a builder at the time, I kept smashing it off my wrist while carrying stuff through door frames. I ended up with a strap of elastic instead of a proper watch strap, that was a genius move, the multiple layers of glue which formed the strap mounts didn't break after that mod and the paperclip pins didn't need replacing again. then I bought a cellphone and my wrist felt naked for some time.

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