And here’s me thinking I paid a lot for my watch which was around £400.

It’s funny how the word “luxury” and “expensive” means different things for different people.

"Luxury" primarily means conspicuous consumption. You don't pay $20k because the watch is worth $20k - you pay $20k because being able to show other elite socialites that you paid $20k is worth $20k. Needless to say, the watchmakers make out like bandits.

I think it's "you pay 20k because you don't care how much you pay as long you get a good product, unless the cost is at least in hundred thousands." Elite showing off behaviour seems to be either about cool unusual things that others "couldnt do" or elite women dominating poor women.

You’re missing the point massively of both the authors decision and my comment too.

If you look at https://www.watchrecon.com/ good get an idea what people spend on watches if they are into (collecting) watches