I don't agree with that assessment. Passing luxury goods down from generation to generation is not common. The issue is much more with the immediate value of the product: the average luxury bag is used maybe a few times, likewise the churn in the world of high-end sports car is very high. The problem is not that Apple Watch's aren't timeless, it's that they are so saturated that you can't turn them into a luxury good because there's no signal associated with them. If I see a person wearing an Apple Watch I have no idea how much it's worth, it says nothing to me other than they have an Apple Watch. If I see someone driving a Ferrari, I know immediately that it's high value.

That's why you'll see people buy old barely functional luxury goods (like mid 2000s Lamborghinis which barely work any more) because most people don't realise they're dirt cheap now, and so the cost to signal ratio is very high. Look at Maseratis: awful garbage cars in most cases, but because they look nice, lots of people trying to signal wealth and success will buy them for cheap, despite an almost guarantee they'll be worthless.