Disclaimer: I’m not learned in the ways of collectibles and others will have better insight for this specific item than I do.
My stance with regards to art and collectibles is that only people with enough knowledge of their market can consider them as investments. On top of that, to be considered an investment, the watch would need to be insured (it can be stolen or lost), either as part of insurances one would have taken anyway (houshold, for example), or on its own for risks that wouldn’t be covered by it.
For a 25K current value watch, I’d personally write it as an expense with emotional value (something that could remain in the family, being gifted from parents to children). If that value is enough to you to warrant the purchase, then by all means, go for it. If it isn’t, I would abstain.
It wouldn’t change much in regards to computing my net worth for FIRE purposes: if I were to consider such a watch as part of my investment porfolio, that’d mean I would either be willing to sell it, or consider it solely as a “gifted upon death” part of my investments.
If you’re willing to sell it for a profit, and know how to actually make that profit, then that would be an investment. Otherwise, I’d account for it as “gifted at death”, which means it wouldn’t increase your own financial independance and, frankly, be part of a part of wealth where a 30K difference shouldn’t move the needle much, unless you are at risk of it reaching zero (and you having to sell the watch anyway).
Edit: to put things into perspective: people regularly and without much of a second thought put out a 20-30K premium to get the car that fits their perceived status (or level of comfort) versus one that would reliably get them from point A to point B. I would consider this purchase on the same level than this (which is beyond the things I would personnaly do), with notably less exposure to depreciation and more chances at asset appreciation. In short: it wouldn’t make me more financially independent but may increase my enjoyment level of my current life, in which aspect it could be worth it (or not. It wouldn’t, for me).