As I said scrap value. Not sure there is much value in copper and iron ore.
If one does look at eBay sold listings there is a more intangible value. The willing to pay value. Which is the brand name and emotion that generates.
This works out to abstraction like say the cost of a candy bar, A meal or a stay in a nice hotel. Perhaps even the cost of a play film, game or concert.
My guess due to human nature this gets set to an inflated value. Which currently seems to be a cost of a tank of gas. Such is discretionary disposable units which is currently around 35 USD. Such is the minimum people are willing to bet on something that will not last and intangible. A consumable. Or instant gratification.
So there is a trend when one of these is listed for 99 cents, which is the scrap value of the ore, for someone to see they are getting a deal when it is 20 to 30. 40 here is too much.
This is most apparent when one is looking at sold swatch listings. Vintage ladies Omegas have the same intrinsic emotion as a Swatch. Or even a Timex. It comes down to what it looks like and how it make you feel when you see it the first time. Does it give one a thrill?
What really gets me is that on shop goodwill how the values on these does tend to increase as there is something about the idea of getting a deal from a charity or pawn shop. It is also interesting to see how the bidding build early, unlike eBay. And nothing is going to be serviced. So the buyers are probably other dealers who think they can flip it using their own networks and sales channels. Volume here is the key. Salvation Army sells the donations by the pound. They also classify things by gender, which makes it hard to see the larger picture.
The OP's watch is actually one of these what at first glance sort of does take one's breath away. It has great design. What piqued my interest in Omega in the first place.
The competitive nature, of wanting something that pleases might actually drive the price into the low 100s. Same as a pretty photograph. Since such images are for the most part cheap (free to view) then it comes down to how long the stimulation lasts.
I think this might make such a watch equivalent to a one night stand.