Crypto Meltdown Claims Rolex and Patek Philippe as Victims
— Sales, Advertisementthe secondary market, Europe, Whipsaw earlier, Market, Influx, Claims, Speculation, Lionel laurentthis column, Fungible tokens — 1 min read
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 secondhand timepieces was fueled by a combination of crypto and stock-market gains, stimulus cash and speculation. 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 US, might not last. The biggest reversals have been in the Daytona, Nautilus and Royal Oak — models that experienced the most spectacular gains. With the S&P 500 flirting with a bear market, and Bitcoin losing about 70% of its value, that demand is now evaporating Source