I’d argue that it’s not from a money perspective, but a “real” watch is what we consider meets some standards or has some “meaning” to it. Plenty of people go out and buy fashion watches with a no-name quartz movement for ~$150 from their favorite designer. However, we would consider the “real” arch to be something like an Orient or Seiko with an automatic movement. Even the humble SKX007 has a fairly long lineage behind it, and things like that are what we care about, regardless of price. Realistically though, it depends on the person and what they’ve previously worn. I have a friend who daily wears a Fitbit, and bought a DW, which she considered to be her first nice watch. So, the answer is relative, But it usually boils down to the brand/model having some kind of significance or praise from watch enthusiasts.