Crypto Meltdown Has Claimed the Rolex Daytona: Andrea Felsted

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.

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