(Assuming the branding on this 'work of art' is a 1:1 accurate representation of the real thing) According to Rolex lawyers (which the US, UK & many other countries' governments rarely disagree with), no. It would not be legal. The words 'copyright infringement' would likely appear within the 1st paragraph of their legal writ against the creator. On the other hand, had you specified another brand or name (other than Rolex/Tudor, etc), then the answer might be different.
For reference, the Campbell's soup company lodged several suits against the artist, Andy Warhol, for his soup can prints. If I remember correctly, because the depictions were graphic representations of Campbell's brand image (& not exact duplications of it), the courts held that there had been no real infringement &, so, Campbells could not claim damages & Warhol was allowed to make & sell his work (without having to pay to use the Campbell's images). Such would probably not be the case for the premise you cited.