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@h2o
Besides the positional aspects of being Veblen goods, someone once suggested to
me that expensive watches are also a good way to hide assets in plain sight, away from taxmen and spouses. Not being a Russian oligarch, I don't know.
I have a Steinhart and an Oris because I find automatic watches strangely calming and I like the GMT complication. I feel faintly guilty owning things that are quite so expensive when I used to be fine with a cheap quartz though. If I could have bought a Seiko 5 with GMT I probably would have done instead. (Yes I know they have a bunch of watches that have a rotatable bezel with time zones on that they call GMT - that's not what I mean)