Expensive watches are among the ultimate status symbols for the newly wealthy, alongside certain car brands. However, prices can change, as is the case here.
What have all the streamers bought? Incredibly expensive watches from Rolex, Omega, or other brands have been highly sought-after items in recent years to showcase newfound wealth. For this, several thousand euros were easily spent. Just like streamer NoWay, who reportedly paid around 8,000 euros for his Rolex.
The reasoning behind the purchase is usually: cool, stylish, status symbol, and also a good investment, as the value is expected to rise rather than fall – and this has recently mirrored reality. The value development even exceeded expectations. Meanwhile, there were increasing reports of robberies from Twitch streamers like (linked above) iCrimax or NoWay.
This is why many, such as Trymacs, stopped wearing their watch in public ( via Gamezone). However, prices for luxury watches have been steadily falling for several months now. The bubble has burst.
A watch bubble inflated – and bursts
Are the watches now worthless? No, but the prices have fallen sharply and are approximately back where they were about two and a half years ago. In between, a pronounced bubble emerged from mid-2021 and late summer 2022.
You can see the exact trend on the graph from WatchCharts. In March 2022, the calculated value index reached its peak – at about double what it is today.
Several months later, the video linked above from streamer Trymacs was also created, in which he reported on his fear for his watch and investment. The prices had already noticeably started to fall here, but were still well above the level of 2020 when he purchased his Rolex according to this Youtube video.
Why did the prices rise so sharply in the first place? As the Wall Street Journal notes, wealthy individuals often looked for alternative investment opportunities. During the pandemic, there was uncertainty, and mobility was also restricted even for millionaires.
In short: No one really knew how things would proceed and what they should spend or invest their wealth in. Extensive travel was definitely off the table. Many therefore invested their money in gadgets like watches, jewelry, or other items they could enjoy independently of their location.
Expensive watches can indeed take truly adventurous paths, like this one Rolex. It achieved a legendary status in a farming family, as the father could no longer find it and the culprit was found in the pasture: A farmer thought a cow ate his Rolex – 50 years later, he gets it back
