Some people may call it a waste where as others look at is an an investment. A stainless steel Rolex is probably one of the best investments anyone can make.
I've bought quite a few and always sold at a profit, in fact my daily watch is a Rolex Deepsea bought about 5 years ago for just over £5000, retails now at over £9000 and still worth second hand more than I paid for it new.