We ahve a winner only 5 posts in, until we get a moaning post!
Same with people who are into nice cars (just gets you from a to b)
Same with people who are into nice pens (wouldn't a Bic do the same job)
Same with people who collect art (why not get a print for a fraction of the price)
Its horses for courses, i'm into watches but don't get the whole car thing. Its up to each individual to make their choice, we are spending our money not yours so why is it an issue.
Then again, you can reason all three of those, a nicer car is actually, you know nicer, a more luxury expensive car is, well, more luxury, often a smoother quieter and more comftable ride, or a more expensive faster car, is faster, most people won't use it, but plenty of people speed down motorways and like to show off hitting 60 before everyone else from the lights.
A nice pen won't generally cost you much, but a well balanced pen can be more comftable with a better grip or a better feel as you write, generally you aren't talking about much money and servicing is rarely in the £100's
Art is often collected as originals as an investment rather than getting prints which are worth nothing. Likewise prints are just that, prints, posters no texture, art loses a lot.
Personally for me all three are also a waste, but thats life, and you're right everyone does choose to spend their money on different extravagances.
Of course, compared to a car, a more expensive watch can be faster, you just don't want it to be
I've never really got expensive watches, not for the price but, I think big tacky gold/silver watches look just that, tacky not good or nice. Ok there are nicer expensive watches but so many people by a stonking great big Rolex which screams "I really love the film Wall Street and am stuck in the 80's" . I don't "get" watches at all though, every other device we pretty much can't live without has the time on it, and I've always had a pretty accurate "body clock", i can generally feel what time of day it is anyway.