They usually exceed inflation rates, so you can buy and wear it, and then sell it off for more than you paid originally.
But with the new ones so hard to get, it has created a massive grey market, where “whales” buy up all the stock when it hits the dealers and they mark them up- significantly- for quick profits.
I was interested in a new Seadweller a few years ago. It was in stock and I tried it on. $10,400.00 at the time, which I wasn’t able to swing. Now that discontinued model is easily $15k just a few years later. (I saved ten grand and got myself a replica)
So I buy older ones and repair them. My mid-70’s Submariner is worth twice what I’ve invested into it, and I get to enjoy it, unlike some stock investment or commodity. BUT there are a lot of scammers out there so you really need to know what you’re buying.
There is a very rare Omega Seamaster 1000 on eBay right now for $10,000 with aftermarket parts on it…