The collapse of the crypto market has affected the luxury watch market

The collapse of cryptocurrencies has affected the supply of the most sought-after luxury watches on the second-hand market, driving down the prices of hard-to-find Patek Philippe and Rolex models.

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Crypto investors influence the prices of luxury watches

"The range of trophy watches such as the Rolex Daytona or the Patek Nautilus 5711A is now much larger," online watch trading platform Chrono24 said in an emailed statement.

"The recent collapse in the cryptocurrency market has directly affected the prices of luxury watches from brands such as Rolex and Patek Philippe," added the company, which is based in Karlsruhe, Germany and has more than half a million watches for sale on its website.

The drop in prices for the most sought-after models is the latest sign that the once booming market for second-hand luxury watches is starting to lose steam. The surge in the price of cryptocurrencies has brought in a new class of buyers, leading to an unprecedented increase in the prices of models especially from brands such as Rolex, Audemars Piguet and Patek. Now that many digital tokens have lost their value, these consumers are coming back.

Chrono24 CEO Tim Stracke said trade volumes on the platform, which connects sellers or private sellers with buyers, jumped more than 50 percent in the first half of the year.

The price of the Patek Philippe Nautilus 5711A, which retails for around $35,000, rose to $240,000 in the first quarter, according to Chrono24. A steel sports watch with a blue dial is now around $190,000.

Chrono24 has seen price increases on watches such as the Girard-Perregaux Laureato, as well as many Cartier and Breitling models. Demand has also increased for almost all models in the Omega Speedmaster collection, a result of the collaboration with sister brand Swatch, Chrono24 reported.

Chrono24, which is considering a potential IPO, said it expects a further increase in total sales made on the site in the second half of the year.

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