Fuck yeah it’s good news! Bloomberg’s suitably breathless Andy Hoffman has the scoop:
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.
I can only assume that Papa Mike Bloomberg has a hankering for these now trebly absurd trinkets, for his site has kept us well informed on what’s hot and what’s not when it comes to high end wrist candy for years. Of course, price increases and decreases in the vintage watch market is a double-edged sword, bringing joy to some and grief to others, but if your life is so empty that you have to fill it with $25,000 time pieces, well, you deserve to get wounded once and a while.
