2024

Bitcoin

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 <p class="paragraph">As the luxury watch market has going through a difficult period that saw average prices of the likes of Rolex and Omega’s timepieces decline across the industry in the last 12 months, a glint of sunlight is stirring hopes of its recovery – the cryptocurrency sector’s resurgence.</p>
 <p class="paragraph">Specifically, late last year, Business Insider’s Joseph Wilkens observed the “great Rolex recession” was taking place, with the <a rel="noopener noreferrer nofollow" title="luxury" href="https://thebittimes.com/tag/luxury.html">luxury</a> <a rel="noopener noreferrer nofollow" title="watch" href="https://thebittimes.com/tag/watch.html">watch</a> market itself declining by 37% since its March 2022 peak and still not fully recovered, according to the <em>‘Luxury Watch Market Report’</em> shared with Finbold on March 4.</p>
 <figure class="wp-block-image"><img decoding="async" width="797" height="396" src="https://cdn.thebittimes.com/images/2024/03/04/8f8360cdfc2a7ae0df1e2af42d90f807.webp" alt class="wp-image-158529" srcset="https://cdn.thebittimes.com/images/2024/03/04/8f8360cdfc2a7ae0df1e2af42d90f807.webp 797w, https://cdn.thebittimes.com/images/2024/03/04/8f8360cdfc2a7ae0df1e2af42d90f807.webp 300w, https://cdn.thebittimes.com/images/2024/03/04/8f8360cdfc2a7ae0df1e2af42d90f807.webp 768w" sizes="(max-width: 797px) 100vw, 797px">
  <figcaption class="wp-element-caption"><em>Luxury watch prices since January 2021. Source: </em><em>New Bond Street Pawnbrokers</em>
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 <p class="paragraph">Indeed, some of the most famous high-end <a rel="noopener noreferrer nofollow" title="watch" href="https://thebittimes.com/tag/watch.html">watch</a>es are currently selling well below retail, including Rolex with a 68% difference, Audemars Piguet with 66%, and Patek Philippe at 48%, despite the secondary <a rel="noopener noreferrer nofollow" title="luxury" href="https://thebittimes.com/tag/luxury.html">luxury</a> timepiece market being worth around $25 billion.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <h2 class="wp-block-heading" id="h-crypto-to-the-rescue">Crypto to the rescue?</h2>
 <p class="paragraph">Meanwhile, the crypto sector has recorded a remarkable rally in the past couple of weeks that has seen its total market capitalization surpass $2.4 trillion, and the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), hit the price threshold at $65,000 with no signs of stopping.</p>
 <figure class="wp-block-image"><img decoding="async" width="1600" height="853" src="https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp" alt class="wp-image-158528" srcset="https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp 1600w, https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp 300w, https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp 1024w, https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp 768w, https://cdn.thebittimes.com/images/2024/03/04/f1ed250dd00a851263982136e56684c8.webp 1536w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption"><em>Total crypto market cap 12-month chart. Source: </em><em>CoinMarketCap</em>
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 <p class="paragraph">With such massive advances, the wealthy crypto market participants might soon be willing to direct a portion of their new riches into rare timepieces, taking into account the similar trend of some of them becoming new luxury investors in the lead-up to the widespread crypto decline in 2022.</p>
 <p class="paragraph">It is also worth noting that the opposite happened during the 2022 crypto crash, which saw an increase in the supply of the most sought-after <a rel="noopener noreferrer nofollow" title="luxury" href="https://thebittimes.com/tag/luxury.html">luxury</a> <a rel="noopener noreferrer nofollow" title="watch" href="https://thebittimes.com/tag/watch.html">watch</a>es on the second-hand market, putting downward pressure on prices of coveted models, as Finbold reported at the time.</p>
 <p class="paragraph">All things considered, in the words of the award-winning watch broker <em>New Bond Street Pawnbrokers</em>, “the return of crypto fortunes could see the supply side of pre-owned luxury watches get a little lighter,” as well as help bring the market back to its former glory and, with it, its prices.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-comeback-to-boost-luxury-watch-sales-here-s-how-tbt81529.html">https://thebittimes.com/crypto-comeback-to-boost-luxury-watch-sales-here-s-how-tbt81529.html</a></p>

Crypto comeback to boost luxury watch sales; Here’s how

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