I never understood the demand for luxury watch businesses.
From what I have heard, it is widely used as a tool to transfer value (read $$ laundering). I do not know how prominent it is but if so then we might want to look at it from the utility perspective (to achieve that goal) than the "brand" story.
With the exception of a few brands that have the artificial scarcity that PG wrote about here, pre-owned watches have the same kind of value decline that pre-owned cars do. If you are ever in the market for a nice watch that is actually available at retail, you should probably buy it used instead.
