A watch organiser is probably the best way to store watches.  I don't own many watches so I bought a box that has a capacity of storing four watches (2 for casual wear and 2 for formal wear) only. Initially I wanted to purchase a box having a capacity of storing 8 watches but then I would be tempted to buy more watches just to fill up the box! 
I purchased this watch box from Flipkart for 492 INR. 
This organiser watch box  is made of wood and leather. It is quite big
and takes up a lot of space though. 
I always prefer keeping my stuff in an organised manner. Everything I own has its proper defined space. 
 

 
 
I only have two watches but planning to hoard more in future... :) :)
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