Study 116: Institutional Necrophagy: How Speculative Velocity Destroys Object Permanence and What the Custodian's Contract Must Do About It

The modern secondary watch market serves as a clinical diagnostic site for the Post-Luxury Conceptual Functional Art (PLCFA) framework, illustrating the precise mechanisms of Institutional Necrophagy. When the secondary watch market surged to $16.7 billion in total transaction value in 2025, marking a 36.4% year-over-year increase, it did not reflect a collective re-evaluation of structural mastery or intrinsic custodial weight. Instead, the market rewarded speculative velocity. The Patek Philippe Nautilus 5711, for instance, appreciated by an astronomical 369% on the secondary market followin