Why it’s easier now to buy a rare Rolex Daytona or Patek Philippe Nautilus 5711 – and cheaper, too

Some of the most sought-after watches are becoming easier to find – and cheaper – on the second-hand market, thanks to a fall in the value of cryptocurrency

A Patek Philippe Nautilus 5711A, which sells for about US$35,000 at retail, surged to US$240,000 at the start of 2022. Now they are going for about US$190,000

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Prices for the Patek Philippe Nautilus on the second-hand market are falling – the fall in cryptocurrency value is easing supply of sought-after watches. Photo: Shutterstock

Published: 10:09am, 1 Aug 2022Updated: 9:31am, 13 Aug 2022

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.

The price decline for the most sought after models is the latest indication that the once soaring second-hand luxury watch market is starting to lose pace.

The 1995 Rolex Daytona Cosmograph 40mm timepiece.

Surging valuations for cryptocurrencies had minted a new class of luxury buyers, leading to an unprecedented price increase for models, particularly from brands like Rolex, Audemars Piguet and Patek.

Now that many digital tokens have been hammered, these consumers are going into reverse.