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The luxury watch market is collapsing structurally as speculative demand evaporates. Waitlists and scarcity were manufactured control mechanisms that shaped buyer behavior, but now dealers have inventory and buyers are losing emotional attachment to brands. Secondary market prices reveal the truth—resale spreads are collapsing and models once commanding premiums now struggle to break even. Eight vulnerable brands built on influencer hype and rapid production expansion lack the historical collector bases and institutional trust to weather contraction. Quality declined while prices rose, eroding confidence, and younger generations are opting out entirely, preferring liquidity over illiquid five-figure assets. The smart money is already unplugging quietly, waiting for the noise to die before the market reveals its true value.