[hunson_abadeer]

It's really no different than people who pay more than they need to for a car or a home.

It's some combination of it being a status symbol and an "I can afford it and it's fun" kind of a deal.

There is a variety of attitudes, as with fancy cars, McMansions, or other "premium" goods. Some people wax their car every week, some people let it rust.

Watch theft isn't particularly common. I have a nice watch, I wear it daily, and I don't think about it much.