Appears to me that the second listing may be a scammer using the pictures from the seller of your watch. Your watch may be perfectly fine - Usually, scamsters are looking to collect your money and vanish without sending you anything - here you have a watch on the way...
Of course, if the watch does not show up within a reasonable time - you may have become the victim of a scam and you need to alert ebay/paypal's fraud prevention departments asap.
But if the watch shows up, check it out and see if its genuine and you like it. If its fine, just keep it and enjoy it - you did after all get it at a decent price. Otherwise, work within the seller's return policy first to resolve the problem. If that doesn't work, resort to ebay's / paypal's dispute resolution system.
You might consider reporting the second seller's use of the first seller's pictures as a possible fraudulent auction. Looks like the second seller was active long ago, but has only a few sales recently. Could be a "hijacked account".
Could just be a seller too lazy to take his own photographs.Hope it works out for you.