The millions are for vintage/antique watches with an interesting provenance/history.

I'd guess this model is somewhere in the $250k to $500k range.

You are quite incorrect. This is a wearable 1/1 and took 8 years to develop and build. The rumor from the Hodinkee folks is around 4 million.

I haven't heard about Hodinkee before, but their website [0] has a tasteful little detail in the top-left corner. It shows the current date and more details are brought up after clicking on the icon/image next to it.

[0] https://www.hodinkee.com/

Their 260th anniversary watch never had the price officially revealed, and they supposedly only sold one, but that is estimated to have gone for over $10 million. https://en.wikipedia.org/wiki/Reference_57260

That one was a pocket watch, but I doubt their wristwatch would be that much cheaper. Maybe I'm wrong.

edit the 250th anniversary watch was a wristwatch and went for a million at the time.

They are indeed selling this one, and have indicated if there are buyers they will make them.