But yeah, having a fancy watch only matters if you have enough money to buy it AND for it to be expensive (the "Aspirationals 14%")
Bill Gates can go into a store and buy the most expensive Rolex, no problem. It's at most, as expensive to him as a PS4 for most mortals.
The secondary market for luxury watches is huge, and a Patek is about the worst example you could find in terms of a watch that doesn't hold its value over time.
The nice thing is that a used luxury watch usually holds its value really well - you buy a used Rolex in good condition, for fair market price, and you are not going to lose money if you decided to sell it five years from now.
A ps4 is therefore 0.58% of net worth of the median American A 500k Rolex is 0.00006% of net worth of the median bill gates.
Ignoring the amount of percentage of income available as disposable income, a 500k Rolex is .003% of a ps4 (maths check anyone?)
By that proportion, the value of a 500k Rolex to Bill Gates is equivalent to the median net worth of an American is (drum roll): $0.42
Bill Gates has 1.1 Million times the median net worth.