DY: Well said. I object the OP for a additional reason though. Many people have the money and buy the watches as an investment. Usually these type of watches especially when they have gold or diamonds, go up in value over the years. I was told that certain watches even after being used will still sell for the same value in couple of years. Many people like to diversify their assets, and this is just one of the ways to do it.
Unless there is an issur of wearing a nice watch that I don’t know of, I think they are doing no wrong.