Mine is. Simply, I use my watch more than my car these days... plus unless I buy something I can't afford, chances are I'll be losing more on the car than the watch.
Most cars do that funny thing called depreciation, many watches if bought correctly do that thing called appreciation...so of course you should spend more on a watch than a car, perfect economic sense if you ask me
My most expensive watch is a Speedmaster Professional worth about £1,400... so not worth more than either of my cars! I don't think I'd ever spend more on my watch than I would on a car!