The watches, which include six Rolexes, were stolen along with two ball-bearing guns and a Yankee candle from a property in Bemrose Way, some time between 7pm on Wednesday and 10.30am the following day.
Police said the public should not be alarmed by the theft of the guns.
A spokeswoman for Humberside Police said: “A house on Bemrose Way, Grimsby, has been entered and a number of high value watches have been stolen, along with two, what are believed to be BB guns, and a Yankee candle.
“Police would like to confirm that the BB guns do not pose a threat to the public and are not of major concern.”
Officers would like to speak to anyone who has been approached by someone trying to sell the watches.