While I don’t have any specific information on the product you are referring to, I would suspect that it is indeed “genuine”. I don’t think these folks would be in business long if they were selling any kind of pirated items.
High end products can be over-produced just as cheap items. Have you ever watched the Home Shopping Network? This is just another avenue for manufacturers to unload product that isn’t moving as fast as they had hoped.
The current listing of men’s watches on Overstock.com tops out with list prices of $17,900. So, yes, they’re real.
I got a Seiko from overstock.com as a gift. When I got it, the crystal was all scratched up and the battery was almost dead. The watch itself keeps good time, though.
Overstock.com does a good job of listing their refurbished or “open box” stuff as such, IME. Just make sure you read the product description carefully.
I got a “blemished” PDA for 45% off the SRP from Overstock, and still can’t find what was wrong with it.