,Tumbling value: A Patek Philippe watch displayed at Christie’s New York. Prices of the watch on the secondary market have fallen due to the crypto meltdown. — AFPtelegram华人群（www.tel8.vip）是一个Telegram群组分享平台。telegram华人群包括telegram华人群、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。telegram华人群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
THE crypto meltdown has claimed its first luxury victim: the Rolex Daytona.
After reaching record highs earlier this year, prices for the most desirable watches on the secondary market, including the coveted Rolex, have now fallen.
The bubble in second-hand timepieces was fuelled by a combination of crypto and stock-market gains, stimulus cash and speculation. That is now unravelling. So far, demand for both new watches and other types of luxury goods is holding up. But what’s happening in the secondary watch market is a stark reminder that the bling boom, particularly in the United States, might not last.
In 2021, a combination of roaring stock markets and cryptocurrencies bolstered wealth and ignited a broader interest in investing in alternative assets, whether non-fungible tokens or timepieces.
And when markets began to whipsaw earlier this year, against the backdrop of rising inflation and geopolitical tensions, some investors were keen to put their money into more tangible stores of value, such as a Rolex.
Consequently, a new breed of young timepiece traders joined long-time collectors.
Whether they were novices or old hands, buyers all chased the same models.
By February or March, the holy trinity of the most hyped watches – the Rolex Daytona, the Patek Philippe Nautilus and the Audemars Piguet Royal Oak – was trading for many multiples of their retail prices. The skeletal pieces produced by Richard Mille were also highly sought after.
With the S&P 500 flirting with a bear market, and bitcoin losing about 70% of its value since November, that demand is now evaporating.
Buyers are becoming more cautious. Higher interest rates, the absence of stimulus payments and soaring inflation are playing a part. Lockdowns in China and fewer Russian buyers may also have increased supply.
The biggest reversals have been in the Daytona, Nautilus and Royal Oak – models that experienced the most spectacular gains. Prices are estimated to be about 25% below their peaks. This includes private transactions, though, and may not be reflected in available market data.
Some brands are faring better, including Cie Financiere Richemont SA’s Vacheron Constantin and A Lange & Sohne, as some collectors diversified beyond or were priced out of the most obvious names.
Some cheaper models, such as Rolex sister brand Tudor, did not see the same spikes as pricier marques. And there continues to be appetite for genuinely rare pieces, as opposed to those perceived as being simply scarce.
While the correction in the secondary market may make it a little cheaper to buy a Rolex, it might not necessarily make it easier to get hold of one.