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The thing about luxury watches is that as you increase in price the target market is increasingly less likely to buy a used watch because used watches are, for obvious reasons, considered less prestigious than new watches.
If you doubt this just imagine an extreme example. Imagine a $1 million watch targeted for billionaires. Would Larry Ellison be willing to wear a used watch for $800,000 if it meant saving $200,000 over a new watch? Probably not.
The kinds of people who buy multi-thousand dollar watches are spending disposable income that they don't blink twice about. Being cost-conscious isn't a big priority at this level. That's why as a general rule of thumb most luxury watches do not appreciate. There are certainly a very small number of vintage watches that have appreciated over the course of a long time, but it's extremely rare and I wouldn't bank on it.
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