@ C
I agree completely that the purchase PRICE is overinflated... You examples specifically refer to MSRP and I do not contend, for one second, that Rolex, Nike, etc. are not inflated in terms of MSRP and initial price. Most Nike's, Jaguars, etc will also depreciate fairly quickly (there are exceptions) while almost all Rolex watches will (in general) hold or appreciate in value.
I will and do contend, however, that the VALUE of a Rolex is "overinflated": Rollies have, for the most part, held or exceeded their original purchase price in terms of valuation (90% TZ in good condition obvi.) since the 1970s and as you've proven in your AP example, when the global economy is on the downswing, scarcity, hedging etc cause exclusive luxury items to hold or appreciate in value.
My second original point was, I admit, more of a generality in terms of watches as inelastic goods: As you said (and, I will admit, not in the case of the AP SE's) any item can lose value and sometimes playing in the buy and flip business can bring huge rewards...but also huge losses.
Take care,
Shundi