Lyra Martin Tech 07.29.2022 22:Jul PM EDT

Reduction in Bitcoin Prices Pushes a Decline in Rare Patek Philippe and Rolex Costs

The lessened bitcoin prices lowered the costs of Patek Philippe and Rolex models, which indicates the once-booming second-hand luxury watch sector is shrinking.

Unique Models of Patek Philippe and Rolex Now Cheaper

The price of difficult-to-find Patek Philippe and Rolex models is falling due to the decline in cryptocurrency values, reducing supplies of the most sought-after watches on the used market.

The availability of prized timepieces like the Patek Nautilus 5711A and Rolex Daytona "is now substantially bigger," according to an email statement from online watch trading site Chrono24.

The firm, situated in Karlsruhe, Germany, and offering more than 500,000 timepieces on its website, said that the recent plunge in cryptocurrency prices "has significantly influenced the pricing of luxury watches from companies like Rolex and Patek Philippe."

Popular models' price cuts are the latest indicator that the once-booming second-hand luxury watch business is declining. Rising cryptocurrency prices have generated a new class of affluent buyers, resulting in a price hike for Rolex, Audemars Piguet, and Patek models. Customers are leaving because so many digital tokens were destroyed.

According to Stracke, the platform connects dealers or individual sellers with buyers and has seen an increase in trade volumes of more than 50% in the first half of the year.

According to Chrono24, the cost of a Patek Philippe Nautilus 5711A, which retails for roughly $35,000, increased to $240,000 in the first quarter. The steel sports watch with blue dials sells for around $190,000.

Chrono24, considering an IPO, said that it anticipates a further rise in total transactions made on the website in the year's second half.

Rolex x The Hour Glass: Showcases the Explorer and Explorer II

Rolex welcomes you to a unique display that highlights the Explorer and Explorer II and their participation in some of humankind's most extraordinary adventures in collaboration with The Hour Glass.

Explorer and Rolex histories are intertwined. In the 1930s, the Swiss watchmaker began using the world as a "living laboratory." Rolex Oyster Perpetual watches have been worn on some of the world's most dangerous adventures. In return, the firm collected feedback on how well their watches functioned.

The Oyster Perpetual Explorer is explorer-friendly due to its unique features. It is designed to maintain the correct time in all circumstances. The watch's straightforward, contrasting style makes reading easier.

The Explorer has altered throughout time, integrating Rolex's technological breakthroughs like Paraflex shock absorbers. The Explorer's 36mm Oyster casing was enlarged to 39mm in 2010 and then reduced in 2021. The distinctive 3, 6, and 9 numerals stand out on the exquisite dial, while the Chromalight hour markers provide a long-lasting blue illumination.

The Explorer II's 24-hour display with an additional hand and engraved fixed bezel help distinguish day from night. The 42-mm Explorer II with caliber 3285 can display two time zones.

Its self-winding mechanical movement exemplifies Rolex's durability, precision, and user-friendliness. This watch, made for extreme environments, continues Rolex's dedication to exploration.

As the 21st century unfolds, the company's emphasis has shifted from exploration to environmental protection. In 2019, it announced Perpetual Planet. It promotes individuals and organizations to apply science to understand the world's environmental challenges and come up with solutions.

Additionally, pioneering explorers have always praised the watches' durability. From August 6 to 14, 2022, A Watch Born to Explore will be presented solely at Pavilion Kuala Lumpur's Center Court.

The Explorer was created in 1953 after an expedition using Rolex Oyster Perpetual watches climbed Mount Everest. Later, the 1971-born Explorer II became a favorite among explorers, volcanologists, and speleologists.