The Watch Recession

[tribefan 6,768]

https://robbreport.com/style/watch-collector/chrono24-cuts-workforce-1234802168/

Not sure what to make of this. Laying off 13% because the price of a 5711 has dropped to $103K seems a bit dubious to me.

[mclarendude 8,008]

There’s a huge over-precaution going on in some markets for no reason.

[tonyh7 248]

‘The nosedive has also been attributed to rising inflation, the weakening economies in the US and Europe and the collapse of cryptocurrency.’
 

Why does the collapse of cryptocurrency affect the second hand watch market?  Is there a big overlap between watch collectors and crypto speculators? 

[deju 1,889]

1 hour ago, tonyh7 said:

Why does the collapse of cryptocurrency affect the second hand watch market?  Is there a big overlap between watch collectors and crypto speculators? 

 I did hope that’s not a serious question. Even Ginger bought a watch from his Crypto speculation.

Cypto traders buy watches, plenty RM’s etc. they live lavish. But they also stop buying and start selling them when there is a major crash. 

whether that is to cover losses or to double down on a bear market is mostly down to the individual’s situation. 

There is also a correlation with the fact that crypto traders are into very liquid assets. Art and watches are great cross border currencies. 

[OLDBLOKE74 7,087]

Every successful vaga has swanky watches and crypto. As Deju says - both  liquid and hard to trace. Hatton Garden is the only place I know where u can spend tens of 000 in cash with very few questions asked. Diamonds are hard to value for an amateur but watches are relatively easy to get authenticity and provenance. Eastern politicians and gov’t employees love a nice watch. 

[Justin_Guzman 0]

A beautiful watch has always defined the level of prestige.