the biggest bear case for luxury watches (which are just bracelets for bi-curious men) is the fact all new money crypto bros and forex scammers can

a) afford them; and

b) want to own them

if the same guy who wants to buy chrome hearts jeans also wants to buy a fancy watch

the fancy watch is no longer desirable to actual elites

that's just how it is

and that's why watch prices are nuking and will never recover