This is the 3650th most frequent Japanese word.
高価
Expensive; high-priced.
Here, 高価 is used as an adjective to describe the watch as being expensive, emphasizing its high price.
この時計は非常に高価です。
This watch is very expensive.
In this sentence, 高価さ is the noun form derived from 高価, indicating the characteristic of being expensive.
その絵画の高価さが彼を驚かせました。
The expensiveness of the painting surprised him.
Here, 高価 is used as part of the adjective 高価な, referring to items of high cost in general.