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 e-mailed statement.
Chrono24 is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website. Surging valuations for crypto currencies minted a new class of luxury buyers, leading to an unprecedented price increase for models particularly from brands like Rolex, Audemars Piguet and Patek.Chrono24 Co-CEO Tim Stracke said the pullback for some models represents a consolidation as prices for the most sought after timepieces fall closer in line with similar watches.
The price of a Patek Philippe Nautilus 5711A, which sells for about US$35,000 at retail, surged to US$240,000 in the first quarter, according to Chrono24. Now, the blue-dialled steel sports watch is fetching about US$190,000.