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Watch theft in tourist areas is a prevalent problem and the thieves know what you are wearing. Assuming no one notices an expensive watch is naive. These are specialised bands that move all over Europe.
A diplomat had his 40k Rolex stolen in broad daylight in Madrid recently. A rainbow Daytona was flashed on a social network from a distant European country only days after being stolen locally. They were caught of course; they are savvy but also, fortunately, not always clever.
Watch theft is not infrequent. People are followed to hotels and homes. The number of thefts is small compared to the number of tourists and locals dining and getting about, but if you asked the local police they would probably have a very different view as to whether watch theft is infrequent.
Bring it, by all means, but be mindful.
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