Are you chasing money for enjoyment or outside validation?
For me, the nice thing money bought is optionality. The ability to do what I want.
That doesn't mean you're wrong for loving a watch. If you genuinely love the craftsmanship, enjoy it.
The issue is buying things you don't care about because you think other people need to see you as successful. Know whether you're buying something you actually want or a reaction you're hoping to get.