I think we're all in agreement that the watch is worth something more than $225.

However, I don't think that the watchmaker was trying to rip George off (especially in light of what seems like a reasonable repair estimate.)
Let's remember that we're talking about the difference between wholesale and retail prices. The repairman was offering about 60 percent of what the watch might bring (before repairs) on Ebay, where items tend to go between high wholesale and low retail. That 40 percent is a pretty typical markup in most businesses.

If George wants to do a little work to get a little more for his watch, great. (This post was a good first step) But the repairman was simply factoring in the cost--in terms of hassle and risk--of reselling the watch, whereas most of us would be inclined to keep it.

BTW, I'd get the GMT fixed, and buy a Luminox quartz for diving. (Rated to 200 meters, so you can know *exactly* what time it was when your chest imploded.)
Allen