Many OLD time pieces ARE valuable now; however, what the people you know do, is really silly! And.....Rolex is NOT the only high end watch that costs a lot/is an investment of sorts. It's just THE name that most people know.
Patek Phillipe, Piaget, Gerard Perragaux, Tissot, To name only a few.
Yeah, I agree it's totally crazy. But so is the entire high end, luxury goods status symbol game.