Stories
Slash Boxes
Comments

SoylentNews is people

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

Original Submission

 
This discussion was created by janrinok (52) for logged-in users only. Log in and try again!
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 3, Insightful) by istartedi on Friday August 05, @04:52PM (1 child)

    by istartedi (123) on Friday August 05, @04:52PM (#1265134) Journal

    This may be a somewhat dated observation since it's been a while since I was out there in the work world, but in a word: Salesmen.

    Probably not just salesmen, but people to whom they pitch--the C-suite, and those who fancy themselves being there some day. It's obviously not about telling time. It's about status.

    This is based almost entirely of my observation of interactions involving a sales guy in our office, and the occasional people of a similar ilk who'd come by. They don't *all* play the watch game, but for those who do it's a conversation starter and a way of sizing up the wealth and/or status of the wearer.

    Also, some performers, usually rappers who want to project an air of wealth but that's a different vibe.

    I'm not saying I like the idea of people sizing each other up based on such things. I'm just saying it happens, and I'm probably a hypocrite for subconsciously sizing people up based on something else I'm not even aware of. I think it's human nature.

    Starting Score:    1  point
    Moderation   +1  
       Insightful=1, Total=1
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   3  
  • (Score: 2) by Mykl on Sunday August 07, @05:32AM

    by Mykl (1112) on Sunday August 07, @05:32AM (#1265390)

    Agree.

    These over-the-top watches are for those who need other people to know that they're wealthy. The truly rich don't need to buy into that, and are unlikely to drop tens of thousands of dollars on a wristwatch.