What does “Watch & Papers” mean?

'Watch and papers' means the watch comes with its warranty card or certificate but without the box. It is also called 'papers only'. Of the two, the papers are the more important: they usually show the reference and serial number, and often the date of sale and the selling dealer.

Because papers link a specific watch to its original sale, a watch with papers but no box usually loses much less value than one missing its papers, and it is clearly worth more than a watch alone. Before relying on them, check that the serial number on the card matches the watch exactly, and that the card itself is genuine and the right style for the brand and era. A buyer who wants a box can usually find one separately later, whereas missing papers can't be replaced in the same way.

Example: 'Watch and papers, 2021 card, serial matching, no box.'