Simply put, no they are not getting too expensive for ‘their’ own good. The wait lists and unavailability prove that point alone. Just about any manufacture would die to have such demand. Have they become too expensive for the common working man? Yes, likely for many they have. Their retail price has way outpaced inflation significantly over the years.
I been researching watches for nearly 3 years. Earlier this year, I started to get serious about picking my luxury watch. Since I do not dress up often, I was mostly considering a steel diver. I love the new Submariner but I will not pay the inflated grey market prices that Rolex commands. We have no watch dealers in our area but when on vacation I got a chance to see several I been interested in. On the diver front, I was able to try the Omega Seamaster and Tudor Black Bay 58. Both are fantastic watches, but neither had the special feeling (to me) that I think a luxury product should. I also got to try the Omega Speedmaster Moonwatch and JLC Reverso. I really did love both of these more than I expected. However I was still hoping to get a Diver first.
I really didn't plan on buying until next year anyhow, so I felt I should try my luck on some Rolex AD waiting lists with the offhand chance they might call me next year. Shockingly one called me back within a week with a Submariner Date available! I wasn’t ready as I hoped but I couldn’t turn down the opportunity. I bought the watch and now 4 months later still loving it as much as day one. I wear it almost daily.
Anything more than a $50 Casio or Timex is a choice for fashion or luxury. The one thing that helped me justify my purchase is that this is something I can own and enjoy, but if I ever decide to sell I should be able to sell for more than I paid for it. Not many things we purchase can say the same.