# Crypto Meltdown Claims Rolex and Patek Philippe as Victims | Tech News (HT Tech) > Prices for the most popular secondhand luxury watches have peaked. It’s the latest sign that the bling boom might not last. # Crypto Meltdown Claims Rolex and Patek Philippe as Victims ## Prices for the most popular secondhand luxury watches have peaked. It’s the latest sign that the bling boom might not last. Aug 22 2022, 13:25 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Rolex](https://images.hindustantimes.com/tech/img/2022/07/01/1600x900/SWITZERLAND-ZUG-11_1656696823813_1656696880737.jpg) A Rolex SA luxury watch store in Zug, Switzerland. Zug, known for its low corporate taxes and commodities traders, has become a hub for cryptocurrency firms, accepting Bitcoin as payment for some services since 2016. (Bloomberg) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG The crypto meltdown has claimed its first luxury victim: the Rolex Daytona. After reaching record highs earlier this year, prices for the most desirable watches on the secondary market, including the coveted Rolex, have now fallen.The bubble in secondhand timepieces was fueled by a combination of crypto and stock-market gains, stimulus cash and speculation. That is now unravelling. So far, demand for both new watches and other types of luxury goods is holding up. But what’s happening in the secondary watch market is a stark reminder that the bling boom, particularly in the US, might not last. In 2021, a combination of roaring stock markets and cryptocurrencies bolstered wealth and ignited a broader interest in investing in alternative assets, whether non-fungible tokens or timepieces. And when markets began to whipsaw earlier this year, against the backdrop of rising inflation and geopolitical tensions, some investors were keen to put their money into more tangible stores of value, such as a Rolex. Consequently, a new breed of young timepiece traders joined long-time collectors. Lockdowns in China and fewer Russian buyers may also have increased supply. Whether they were novices or old hands, buyers all chased the same models. By February or March, the holy trinity of the most hyped watches — the Rolex Daytona, the Patek Philippe Nautilus and the Audemars Piguet Royal Oak — was trading for many multiples of their retail prices. The skeletal pieces produced by Richard Mille were also highly sought after. Also read click here. With the S&P 500 flirting with a bear market, and Bitcoin losing about 70% of its value since November, that demand is now evaporating. Buyers are becoming more cautious. Higher interest rates, the absence of stimulus payments and soaring inflation are also playing a part. The biggest reversals have been in the Daytona, Nautilus and Royal Oak — models that experienced the most spectacular gains. Prices are estimated to be about 25% below their peaks. This includes private transactions, though, and may not be reflected in available market data. Some brands are faring better, including Cie Financiere Richemont SA’s Vacheron Constantin and A. Lange & Sohne, as some collectors diversified beyond or were priced out of the most obvious names. Some cheaper models, such as Rolex sister brand Tudor, did not see the same spikes as pricier marques. And there continues to be appetite for genuinely rare pieces, as opposed to those perceived as being simply scarce. While the correction in the secondary market may make it a little cheaper to buy a Rolex, it might not necessarily make it easier to get hold of one. Waiting lists for many new models are at least two years long, because not all of the gains in the secondary market have been erased. Buying a Rolex in a store still feels like a bargain. Watches of Switzerland Group Plc, which operates boutiques in Britain and the US, is also seeing supply outstrip demand for some Cartier, Omega and Tudor models. The secondary market for other luxury goods, such as handbags, is vulnerable to some of the same elements that inflated watch prices. It has also seen an influx of new younger buyers, for example. Yet it has been resilient so far, perhaps because although prices have risen, it has not experienced the same bubble. Nevertheless, what is happening in timepieces may be a taste of things to come in luxury resale and top-end retail stores alike. Many of the same factors that boosted watches also lifted demand in the primary market for sneakers, bags and fine jewelry. Analysts at Jefferies have estimated that crypto wealth accounted for 25%-30% of growth in US top-end sales last year. Demand is also closely correlated to the stock markets. Forthcoming results from the big luxury houses will likely show strong US revenues, but the second half of the year will compare with a period in 2021 when sales were surging. Many Americans are traveling to Europe this summer to take advantage of the strong dollar, transferring their luxury spending to the boutiques of Paris and London. But when they return home this fall, having possibly dipped into their savings, they may be more inclined to pull in their purse strings. Add in the possibility of recession, and the crucial holiday spending season looks more uncertain. Of course, a revival in China might pick up the slack. Luxury stocks rose briefly this week after the country eased quarantine rules for inbound travelers. But for the bling behemoths, as in the watch market, time may be running out. Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel. 01 Jul, 23:01 IST cryptocurrency ![HT Tech Awards](https://tech.hindustantimes.com/ht-tech-power-list-awards-2026/httech-awards-banner-new.webp) ### Related Stories 07 Oct 2026 06 Oct 2026 05 Oct 2026 71,656,663,734,446 NEXT ARTICLE BEGINS ![View all](https://images.hindustantimes.com/tech/static/revamp/images/png/view-all-icon.png) ## Tips & Tricks ![Ghibli-style art](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### How to turn your photos into Ghibli-style art with ChatGPT for free: Step-by-step guide ![How to create an invitation using iPhone’s new Apple Invites app- Step-by-step guide](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### How to create an invitation using iPhone’s new Apple Invites app- Step-by-step guide ![Apple TV app arrives on Android phones and tablets: What you get and how to install it](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Apple TV app arrives on Android phones and tablets: What you get and how to install it ![Vodafone Idea OTT plans](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Vodafone Idea users can now stream 17 OTT apps with one subscription: Here's how ![Android data transfer methods](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### How to transfer data from one Android to another using Google backup, USB-C cable, and more ## Editor’s Pick ![iPhone 16e launched with A18 chip, Apple AI—bringing flagship power on a budget: Check specs, price](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### iPhone 16e launched in India: All details about the new budget mobile from Apple ![DeepSeek was founded in China with only a fraction of the budget of the top AI companies in the US.](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### DeepSeek AI: How it works, who’s behind it, how it’s different from ChatGPT, and its big US market impact explained ![iPhone 17 Air likely to get this feature that iPhone 17 Pro models may miss out on](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### iPhone 17 Air likely to get this feature that iPhone 17 Pro models may miss out on ![Google Whisk AI explained: How remixing works, availability, and how it differs from Gemini](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Google Whisk AI explained: How remixing works, availability, and how it differs from Gemini ![iOS 18.4 beta arriving soon: Know why it is the biggest iPhone update](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### iOS 18.4 beta arriving soon: Know why it is the biggest iPhone update ## Trending Stories ![Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order ![Infinix Note 50s 5G+](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Infinix Note 50s 5G+ set to launch in India with 64MP camera and MediaTek Dimensity 7300 SoC ![Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more ![Apple Intelligence AI training](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Apple plans to train AI using your on-device data without accessing personal content or emails: Report ![CMF Buds 2](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### CMF Buds 2 key features and price revealed ahead of April 28 launch: Details inside keep up with tech ![Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-facebook.png) ![Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-twitter.png) ![WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-whatsApp.png) ![Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-facebook.png) ## Gaming ![Check out these five gaming monitors under ₹20,000,](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Top 5 gaming monitors under ₹20000 you should consider ![gaming consoles](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Grab gaming consoles at discounted rates during Amazon Great Indian Festival: Up to 72% off ![Pokémon GO Wild Area 2025](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Pokémon GO Wild Area 2025 to bring Grimmsnarl family, Shiny Hatenna, and global challenges ![Shade Silver](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Shade Silver free on Steam for a limited time: Here’s how to get it ![Call of duty](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png) ### Call of Duty: Black Ops 7 skips Switch 2 at launch, release date and price leak ![View all](https://images.hindustantimes.com/tech/static/revamp/images/png/view-all-icon.png) ## Trending News ### Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order ![Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order](https://images.livemint.com/static/static/1x1_img.gif) ### Infinix Note 50s 5G+ set to launch in India with 64MP camera and MediaTek Dimensity 7300 SoC ![Infinix Note 50s 5G+](https://images.livemint.com/static/static/1x1_img.gif) ### Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more ![Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more](https://images.livemint.com/static/static/1x1_img.gif) ### Apple plans to train AI using your on-device data without accessing personal content or emails: Report ![Apple Intelligence AI training](https://images.livemint.com/static/static/1x1_img.gif) ### CMF Buds 2 key features and price revealed ahead of April 28 launch: Details inside ![CMF Buds 2](https://images.livemint.com/static/static/1x1_img.gif) ## Trending Gadgets Mobiles Laptops Tablets ![HT Tech](https://images.hindustantimes.com/tech/static/revamp/images/png/HT_tech-new.gif) - https://tech.hindustantimes.com/tech/news/crypto-meltdown-claims-rolex-and-patek-philippe-as-victims-71656663734446.html