No, the lubrication dries up. While the watch can continue to run with dry lubrication, doing so causes extra wear on parts and makes it more likely that it will need parts replaced when eventually you do have it serviced. It won't cause wear if the watch just sits unused, but if you're going to wear it, the recommendation is to have it serviced every 5 years. And if it might be around rain or handwashing, have it pressure checked annually. If you've had it serviced there, lots of watchmakers will do annual pressure checks for no extra charge.
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