Yes. High-end watches are very fungible. There are nice analyses of the high-end watch market. Economics Explained, on Youtube, has a nice series of videos on

Yes. High-end watches are very fungible. There are nice analyses of the high-end watch market. Economics Explained, on Youtube, has a nice series of videos on these classes of assets, and how they are used by the ultrawealthy. TL;DR: - Many are good security policies. If I need to leave a country ASAP, having something like this on my wrist can be helpful. - Many are a clever way to dodge taxes, especially combined with clever financial instruments. - Many such goods are intentionally designed to appreciate (for example, by limiting production far more than supply / demand / vanity would suggest) - Consumption is often a side-benefit. If I buy a villa in France, and hang a Monet painting there, that I can use my investment for personal pleasure is just a bonus! - Diversification is helpful. If I've got a billion dollars, having a guaranteed 10M stashed away several ways can be nice if I am planning for the unexpected. On the last one, there's a whole spectrum from conspicuous consumption to investment. On goods like yachts, you come out behind, but by less than you'd expect. The cost-of-ownership is upkeep and appreciation/depreciation. I picked watches specifically (and not other luxury fashion) since they are designed as an investment. Many similar goods have minimal value once they go out-of-fashion.