'because I can' is about as close to an expression of the 'why' as I can conjure.
I get a lot of satisfaction when I look at the watches I wear. It's a little thing, but when I glance down at my wrist, at least 6 times out of 10, it's more to look at the watch than it is to check the time.
The satisfaction comes from a few things.
It's very nice to know that I spent a few thousand dollars on a watch and I didn't have to give up something to get it. It's a little self congratulations maybe that I'm doing ok.
It's rewarding to appreciate something that is well designed, beautiful, effective, serves it's purpose and looks good doing so. It's a moment out of the day where, for a second, I can just appreciate something that's not all caught up in real life. A 'smell the roses' moment if you will.
It's like a little secret I have with myself. People see my watch I'm sure, but how many of them know it's a Chuck Maddox Holy Grail, or a 751 chronometer in a semaster instead of a constellation, or whatever. When I look at a watch I'm wearing, I think about the fact that it represents time I've invested in something I really enjoy and wearing a nice piece is the reward for having invested enough to know what I like and why.
Like any sort of luxury, it's hard to justify objectively because it's purely subjective.