Genuine gold pateks sell high because of the brand name but other 'high grade' brands can often be purchased for bargain prices. A friend bought an 18k AP manual wind time only watch about a year ago for $250. Hard to beat (unless you need parts for it). I bought an 18k automatic (aka 'Ipsomatic') Gubelin in May 2009 for $200 and another one in Dec 2012 for $300, both in heavy 'waterproof' style cases. Also hard to beat. I do not wear them, I bought them because they were less than the gold is worth and are fine watches. I have a shoe box full of gold watches from the past 30+ years and have not sold them because many would be scrapped for the gold value because they are worth more for scrap gold than as a watch. I have a soft spot for Hamilton, Gruen, Elgin, Benrus, and Bulova and do not want to see them melted down. I do not see nearly as many gold watches now as before gold went crazy in 1980 ($850) and 2011 ($1895). It went down for a while but is up over $1270 now.
How did I end up with a box of gold watches? I have a few friends who buy gold and they let me know when something nice shows up.
Have a 14k 1950s heavy round snap back Bulova case with a Mickey Mouse dial and quartz Hattori (Seiko) two hand movement that I wear now and then. It has a 'Blue Sky' dial from a Disney MM watch ref number MU1100 and a MM crown with mouse ears on it. It gets more comments than any watch I ever had and it makes people smile.