Why are these watches worth a million dollars?

Found on CNN News on Saturday, 02 May 2015
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There are four watches in Phillips upcoming sale that I believe could, and maybe even should, break $1,000,000. Two of them are from Rolex, two of them are Pateks, two of them are steel, and two of them are gold.

They are the things that many of us dream about, and their excellence is universally appreciated by anyone that knows anything about collectible watches.

What special thing can they do? Tell you the time. Without a doubt though there are enough people who will waste that much money on a simple watch just to show off.