I don't want the watch, but I wouldn't be interested in participating on this basis even if I did. A service at £1400 is way over what one would expect it to cost, so an element of that would have been for correcting an issue with the watch anyway. More importantly, though, this would result in the seller receiving way over the market price for a private sale, and I therefore consider it unethical when presented as a "charity raffle".
Just my 2p, of course.