What time is it? Watches and horology

Tbh I think the same with as with a lot of asset classes. There is more wealth than ever before and not enough traditional investment vehicles for it (eg gold) so people have looked to other items of scarcity, which are relatively easy to purchase, store etc. and also use to avoid paying taxes. (See farmland/woodland also)
It’s one of the reasons that NFTs have kind of gone crazy (but also more money launderyesque stuff too). My guess is that with them no longer making the 5711 and it already holding cult status and being scarce, this has just kicked things up a notch.

you start to wonder what’s going on.

Isn't it like art or nft, there is basically no way of knowing if it's just a consortium buy back pump scheme.

My bet is it that X money laundering*.

Sounds like an on trend collabo.