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I don't think it has anything to do with that.
Simply, the pandemic caused a roughly 25% reduction in production for 2020 (at least, AP is at minus 25%, and I have to presume so are Patek and Rolex).
This reduced production reduces an already constrained supply. Hence the madness we see right now.
If there's extremely long term unemployment and negative economic forces, obviously demand will drop. But it's too short of a period right now to have that significant of an effect to outweigh the further reduction in supply.
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