So you likely won't get rich day-trading (or even collecting) watches, but besides the initial capital investment it is not as irrational as it seems at first.

Of course, that only adds to the signaling power for the classes where merely having money isn't enough, and being a "savvy investor" is a status marker (ie. the upper-middle and nouveau riche).

The Patek Nautilus PG mentions is particularly interesting as a status symbol as it has not only held value but, for various reasons, been an outlier that has appreciated drastically in value. It'd be gauche even on Sand Hill Rd to wear a hat that says "My investments beat the S&P 500" — but for the last few years, flashing a Nautilus (~413% investment return from 2016-2026 vs ~322% in the S&P) is the equivalent of that, a self-reinforcing cycle boosting its value as a Veblen good where the high price is the point.

Maybe he meant second-hand though? If someone else has already taken the 'used' depreciation on a watch, the 'art' added value on the gold price, then yes I think it's probably fair to say they hold their residual value better than a lot of things that continue to depreciate.

Expensive watches are way closer to bitcoins than useful assets. They inherently rely on the gullibility of other rich prick wanna be's. Still a good bet probably.. sadly..