No I wouldn't. And it wouldn't matter what my income or savings were. Simply because I just don't like the functionality of these multi-thousand dollar watches.
There are only 2 watches I would ever own. The first is the Citizen Eco-drive, which is basically a solar watch that never needs it's battery changed.
The second is a watch that sets itself by the US atomic clock automatically.
Both of which i believe are under $300 (correct me if I'm wrong)
Functionality over form, but these watches don't look half bad either, especially the Eco-Drive.