If you have ever wanted a Rolex Daytona or a Patek Phillipe wristwatch, now may be the time. As so many crypto millionaires have lost their nut, the market has been flooded with second-hand luxury watches.
I have always wanted a Daytona with a meteorite face. The only watches that won't get your arm chopped off in my neighborhood, however, are the Apple Watch. Tracking features deter folks.
The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.
The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A "is now much larger," online-watch trading platform Chrono24 said in an emailed statement.
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.