I find a super-yacht less offensive than an expensive watch, because at least a super-yacht lets you do things that a regular yacht couldn't, or do them better. Getting a yacht with e.g. a helipad on it is obviously a luxury, but it's a reasonable luxury: anyone can see how it's nicer to be able to fly to your yacht rather than having to bring it in and out of port. What makes these watches so infuriating is that all that money (and not just notional money, but real hours of skilled labour) is poured into a black hole: at the end of the day you get a watch that's very visibly less good than a $300 smartwatch.