Good riddance I say!

https://www.bloomberg.com/opinion/a...-rolex-patek-philippe-audemars-piguet-watches

Or for those without a subscription:
https://archive.ph/F2yLm

 

OMG, you mean watch prices can go down?!

 

For sure. Crypto bros and watch flipper bros are cut from the same cloth.

 

Great. Now hopefully it moves on to the air-cooled 911 market.

 

I was hoping the declines were going to keep going, unfortunately....

https://www.cnbc.com/2022/07/08/bit...ce-october-as-crypto-collapse-stabilizes.html

 

A watch, no matter the price, you can hold in your hand and tell what time it is. Cryptos are a cross between Tulips and Paypal...at best.

 

Yea the value of it telling the time is a few bucks. But the intangible value of the joy it brings, we likely can agree on.

 

A needed correction, but no collapse. Prices still way above retail.

 

ahahhahahahaha no and it has been moving away from that for awhile now, with a few exceptions... Patek and Rolex are not the only watch brands FYI

 

Compared to where it was it’s greatly reduced and far from the truth on every other brand.

Rolex grey market is dropping to retail levels on SS sport models.

 

It seems that you may have missed the point about how markets work.

 

Where are we seeing that, Foo2? Or are you instead making a prediction?

I haven’t been paying attention but would be interested. Your post prompted a quick look on C24 and while that only shows unsold watches of course, the cheapest Pepsi are $23K, no-date Subs $13K+

 

There are 37 pre-owned Daytona's with black dial from US sellers ranging in price from $50k to $32k, no bargains there. I'd be amazed if any SS sports watches are going for anywhere close to MSRP for new or used examples.

 

My point is Rolexes are comming down in actual sold prices on the secondary market for the SS sports watches and Daytona.

This was happening before the crypto crash and seems to have accelerated since.

There is still a flipper market for them because they are still constraining. But demand has dropped based on multiple conversations with dealers.

AP secondary and Patek secondary has really dropped though in realized sold prices. Sure there are outliers in limited editions. But that is to be expected.

 

Lots of grey dealers stopped buying a while ago...that tells you what you need to know...

 

Do I dare dream of getting luxury watches at MSRP?

 

There are plenty out there at MSRP...and sometimes below...

 

Nothing against paypal, or visa, or discover card...they do the same thing cryptos do without all the silly claims about replacing the dollar. It is the Tulips that refers to cryptos...perhaps the two greatest Ponzi schemes of all time.

 

Are the watch and crypto markets really that closely tied, that one affects the other?

 

Certain types of people took crypto earnings into what seemed like a more stable but still appreciating commodity as a form of diversification.

people heavily invested in crypto also fell for the same allure on Patek, Rolex and AP secondary market potential.

same wishful and gleefully blind acceptance of only factors that support thier investment which got repeated back inside a closed echo chamber.