Watch is

Watch is said to be a status symbol, but people usually cannot identify watches worn by someone when seeing them as they are too small. A watch does not work very well as a status symbol. A car probably works better as a status symbol as they are very visible and people can identify them much easier.

A watch is mainly for self satisfaction. Any aspect which contributes to the owner's satisfaction can add some value to the watch. Background story, design technique, production technique, etc all could add some value to the watch if the owner cares it at all.

The tradition matters as it contributes to the owner's satisfaction.

Watches are toys for elder people, who lost interest in anything else. Playful features matter because of this aspect.