They are, beyond a doubt, jewelry first and functional items second. A chronometer rating means they're accurate to a second a day.
It's interesting. The industry spent like fifteen years trying to figure out if they could charge fashion prices for phones, but Vertu went tits up over the summer. Apple does have their stupid expensive iWatches but those are purely for halo effect and anchoring and smartwatches are commoditizing even faster than phones.
But Harry Winston - making watches.
Van Cleef & Arpels - making watches.
Cartier - making watches.
Chanel - making watches.
That? That's a new gilded age ramping up. And the guys making $50k VC Patrimonys are leading a much nicer lifestyle than the guys making $300 Apple Watches.