I totally get your concern. $29,000 MSRP for the Patek 5296 is not a small amount of money. However, given this particular watchmaker and its offerings, you usually shouldn't expect a deployant clasp to come with any piece under $35K to $40K (although you can very well purchase a deployant clasp: $3,600 for YG/WG/RG or $5,100 for Plat) and even the "sportier" models don't really come with high water resistance. In exchange you get arguably the best finishing/decoration and attention to detail in the world, great value retention and possibly even appreciation and all that comes with that supposedly magical phenomenon of "owning a Patek Philippe for the next generation."
I am not being too cheeky with the comments above, I hope. I own several Pateks myself so I'm very much a "victim" of its "magic." It's just a very different beast when it comes to the pricing/functionality offering ratio. After all, if you want an extremely high price/functionality offering ratio, there is always Citizen's BZ0016-50E:
I mean, for $1,395 check out what you get:
Essential functions include a minute repeater, 1/4 second chronograph measuring up to 12 hours, perpetual calendar, month-day-date, luminous hands, 44mm case, 100M WR, and a dual-coated anti-reflective sapphire crystal. The titanium with rose gold tone accents and rich black dial identify this as a timepiece for serious watch collectors.
Patek is just such a different beast, for a variety of different reasons. Most of the world's population would probably feel justified in wondering how it could get away with charging such high prices... but such are the forces of market demand and supply...