Second-hand luxury watches flood the market as the crypto collapse continues

If you’ve ever wanted a Rolex Daytona or a Patek Philippe watch, now might be the time. With so many crypto billionaires losing their fortunes, the market is flooded with pre-owned luxury watches.

I’ve always wanted a Meteorite Face Daytona. However, the only watch in my neighborhood that doesn’t have its arm chopped off is the Apple Watch. Tracking features discourage people.

bloomberg:

The cryptocurrency crash has cut the supply of some of the most sought-after watches on the pre-owned market, driving down prices for hard-to-find Patek Philippe and Rolex models.

The supply of trophy watches such as the Rolex Daytona and Patek Nautilus 5711A is “much higher now,” said online watch trading platform Chrono24 in an emailed statement.

The Karlsruhe, Germany-based company said the recent plunge in cryptocurrency valuations “is having a direct impact on the pricing of luxury watches from brands such as Rolex and Patek Philippe,” adding that its website has a $500,000 price tag. You have more than one watch for sale.