High end watches aren't priced like regular consumer goods; you can resell them for close to (and sometimes more) than you paid for them, so the "cost" is much much less than the price.

What's most interesting about this watch is the steel/vanta combo costs the same as the solid gold version without vanta. Apparently just that small bit of vanta costs more than a large chunk of gold right now.

Not if you pay MSRP; for H. Moser you’ll take a big loss. The material value of the gold is also really small.