Supply of Rolexes and Pateks suddenly large, but why?

Quite rare watches suddenly appear on the market. Read here the reason why the range of Rolexes is increasing.

For a long time, the crypto market could only rise. Anyone who invested even a little money made nice profits. And some people just made tons of money. Then of course you also buy a nice clock. How different it is now, the crypto market has been hit hard and traders are looking for ways to get money.

Large selection of Rolexes

Then you sell your watch first. Due to the collapse of the crypto market, the supply of the most popular watches on the second-hand market is large. Bloomberg reports this. They have read a statement from the watch trading platform Chrono24. The large selection makes it easier for you to find a unique watch. But also cheaper.

Not only is the crypto market collapsing, but so is the once soaring market for second-hand luxury watches. More supply equals less scarcity, which results in lower prices. Bloomberg points out that there is one big reason behind this. So the crypto market.

Price drop

The ever-increasing digital currency market created a new class of luxury buyers. This resulted in an unprecedented price increase for certain watches. And think in particular of brands such as Audemars Piquet, Patek and of course Rolex.

If we take a look at Chrono24, we actually see the decline. There is a Patek Philippe Nautilus 5711A, which was sold in the first quarter for €235,000. Now the steel sports watch with a blue dial is sold for only €186,000. Ouch!