Hmmm, wished I was aging as well as a nice vintage watch; I mean, used to be I'd spring out of bed, take off like a rocket even after a bout of celebrating into the wee hours of the morning. Didn't bother me at all. Now, I find that if pull an all-nighter I uh hit the "snooze" button...er; my wife? She's doing fine (*but, hmmm, come to think about it, she goes to the hair stylist, too, finds it less stressful I think than say trying to work a busy day after trying to pull an all-nighter.* :-d ).
Back to watches (and all fun aside): among other nice vintage watches in my collection of course, the Rolex and Tudors are in rotation, see a lot of wrist time (yes, even though some of those vintage are small by today's standards, I still take them out for a spin). With modern oils being what they are, service intervals can be extended well over that what watchmakers' recommend, whether such watches are vintage or modern (especially when not worn everyday, most true); problem thus being not so much the lubrication but, rather, the seals which over time break down and let water, moisture, etc. in, which is what results in rusting of the movement eventually (and why watches even if not worn still need to be maintained, unless hermetically sealed in an environment controlled vault or something).
Of course, it's also true that many vintage/antique timepieces are terribly allergic to water as well, my Old Breitling Navi for e.g. doesn't like the water much (of course not, was for pilots who don't typically fall from the sky into the drink so maybe not of concern, until that is one goes to wash their hands after lunch.

. All fun aside, it's definitely something to keep in mind when into vintage, that's for sure. But even then, see a lot of watches that were not properly maintained over the years out there not to mention those with pitting--there are some individuals whose body chemistry attacks SS for e.g., compromising WR also in turn. Now, to be sure, there are things that "can" be done to repair same if present, such as removing all rust then using an epoxy to fill the pits so that the watch would have proper WR again, etc., all depending of course on the extent of the damage and repair cost, relative to the value of such watch and what a replacement for it would cost. Apart and aside from this, main issue when it comes to servicing vintage watches is the availability of replacement parts (the quid pro quo on that being though that, the fewer of those nice watches available in the vintage/antique market on account of this, the more the value of those nice watches go up, depending of course on the model and condition of the watch--supply and demand, where scarcity becomes a double-edged sword for collectors and admirers of vintage watches in turn). But the real question to ask, I believe, even if one can find such parts is whether it's worth the cost of service and/or repair, regardless whether such watch is "modern" or not. (Heirlooms being an exception, hard to put a value on Grandpa's treasured pocketwatch, but still the issue when it comes to parts, hence such pieces are typically used sparingly in turn).
Meantime, had an 80s Porsche 924Turbo for e.g. that I (stupidly) blew the gaskets on, necessitating an engine rebuild or replacement. As much as I loved that car, there wasn't an uptake in the market for it in terms of resale/collector value and, it's resale value when seen relative to the cost of the repair, made such repair not worth it. Now, if it had been say a 1959 Porsche 356 Carrera GS/GT Speedster or something like that ... (so hard to find one without rust, though. Not to mention a nightmare when it comes to restoration/sourcing parts--in turn, one in good condition, well, it's worth a few bucks.

).
Cheers