The co-CEO of Chrono24, the big international marketplace for the luxury watch crowd, agrees with reporting here that the cryptocurrency collapse has helped lead to a decrease in prices with Rolex and Patek Philippe, in particular.
“We are currently experiencing a consolidation of the market – there is more supply and prices are falling accordingly,” said Tim Stracke. “The supply of Unicorn or Trophy watches, both very limited for a long time, such as the Patek Philippe Nautilus 5711A or the Rolex Daytona (above), is much larger now. Thus, individual watches are becoming cheaper. At the same time, however, we have seen a significant increase in trading volume of more than 50 percent year-on-year in the first half of the year on Chrono24, resulting from both, rising prices for some models and increasing sales. The current price development therefore possibly provides a good opportunity to enter the watch market.”
Prices for the upper echelon watches have dipped below peak levels earlier this year but they’re still well above the levels of recent years, Stracke added. For example, a Patek Philippe Nautilus 5711A was selling for up to $240,000 in the first quarter, with current prices around $190,000.
“Trophy” watch prices decrease, other luxury watch brands enter the fray
“In recent months, prices for individual models from certain collections in particular have risen extremely, while very similar watches – for example, the Patek Philippe Nautilus 5712/1A with the moon phase display – have seen significantly less growth in value by comparison. In this respect, an adjustment and homogenization of prices within the model series is currently taking place,” he said.
The shortage of “trophy” watches like the Rolex Daytona and Submariner, or Audemars Piguet Royal Oak, has led to other manufacturers to enter the fray more. Stracke points to growing popularity among collectors towards models like the Omega Speedmaster, watches from Cartier and Breitling, as well as demand for smaller independent brands like H. Moser & Cie and Czapek & Cie. Chrono24, with over 3,000 dealers and 30,000 private sellers, has more than 507,000 watches from 129 countries on its platform.
Rolex Cosmograph Daytona 2016
Omega marks 53rd anniversary of moon landing
On the anniversary of mankind’s first moon landing, OMEGA released this new portrait of astronaut Buzz Aldrin, the Lunar Module Pilot of Apollo 11 when it touched down on the Sea of Tranquility 53 years ago. The OMEGA Speedmaster Professional was on his wrist then – making it the first watch worn on the moon when he walked it.
In the portrait he is wearing the Speedmaster 321 (Ref. 3220.127.116.11.01.001), which houses the legendary calibre that powered every Speedmaster worn by astronauts from Apollo 11 to Apollo 17.