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I don’t know about £, but generally under $1000 is full of really good quartz like Seiko and Citizen eco drives, Bulova Lunar Pilot, and some others. Everything between $1000-3000 is a $500 watch with a brand name so it instantly becomes 4 figures, Tag Heuer is the worst offender. Once we start getting into $4000+ (street price, not MSRP) we can find real luxury pieces with luxury movements
If this helps benchchmark then an Omega Seamaster 300 tends to come in around the £4-5k range, from a quick search
Considering you can get at least 15-20% off MSRP, the $3.5K and upwards range is where the fun begins. For example, you can easily negotiate 15% off MSRP on these Seamaster 300Ms and they’re legendary watches from an extremely reputable manufacturer.
The $2K range will get you the base stuff from the name brands (TAG, Breitling etc.) but they’re a compromise OR good stuff from less known brands.
It all comes down to which pieces you like. Don't buy a luxury watch just to have one, otherwise that hedonic treadmill never stops. Figure out a couple of options, decide whether it's worth it or not, and buy a piece that appeals to you and you enjoy owning.
I would say the actual quality of the movement. An entry-level Omega or Rolex is going to have a much more refined movement that required much more work to put together vs. Tag Heuer who still sells $5k quartz movement watches. On a related note, the amount of work/pieces that is done in-house will be different.
You might also notice the difference in finish (eg. level of polish on the metal case/strap, attention to small details on the dial, indices, etc.).