[jakelazaroff]

I think if you have to go a full hundred years in the past to make this point, we can probably agree that for any prospective buyer today the speculative value of their limited edition watch doesn’t depend on the company continuing to exist during their lifetime.

[scg]

The 100 years isn't the issue here, nor Rolex in particular. Replace Rolex with a contemporary brand and dcolkitt's point stands even more clearly. There is nothing in the law that makes a distinction between a Rolex watch and some other brand that people may purchase hoping it will garner prestige someday through present-day marketing efforts. It would be absurd to make that distinction.

The salient point is many things may be purchased for "speculative profit you hope to make [...] reliant on the business", but that by itself doesn't make them securities according to the law, so it's just not the right test to use.