Isn't the real question here about the value of something that is trying to be something else based on the societal perception of value based on recognizable and iconic aesthetics??
Consider Flieger watches. The ones without a name on the face are essentially all the same in terms of aesthetic. Yes, they're different in terms of movement, finishing, details, weight, etc, but the bottom line is that the look of the watch is nearly the same for each company, and unless you really look close, it's difficult to see an immediate difference. The Tissell is similar to the Laco, which is similar to Stowa, which is similar to Wempe, etc etc.
No one in their right mind would say that a Laco is a poor imitation of a Stowa or an IWC Flieger, or that it's a poor man's version like Tudor is of Rolex. But it's easy with Fliegers because it's a rather universal design, recognized as a design that is not necessarily tied to a specific company.
The Rolex Submariner is iconic and unmistakable, first as a 'Rolex' and second as a 'diving watch'. I think this is why there is a different feeling about a watch that is designed to be as close to the Submariner as possible without being it. It's not as if 4 or 5 different manufacturers made identical Submarine Watches for the army....only one company made a Submariner, and it's Rolex. So anything that looks like a Submariner is an imitation, unless it costs more.
The Submariner is a status symbol, moreso because it's a Rolex rather than because it's a diving watch. A fake Rolex is a watch that is attempting to trick the unsuspecting of believing it is a Rolex and that the person wearing it has all the social collateral that comes with owning a watch like that.
I don't think it's possible to see it another way. No one makes fake Alphas (not that I know of, though I wouldn't put it past the Chinese or Pakistanis), and if they did, no one would care.
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