Nina Monroe Asks..........When Do You Say No To A Gift?

So I plan many different events for Businessmen and some Athletes here in Denver and one of my associates sent me this Cartier Watch as a Thank You gift. I didn't think it was appropriate for me to accept it so I returned it. I don't know how much it cost but it was Cartier so I imagine it was expensive. I did call him to ensure that he wasn't offended by my returning the gift but I told him that I thought my husband would get the wrong idea from the gift. Hell I kind of got the wrong idea for a minute there I thought I had slept with him or something. My question is when do you say no to a gift?? What's the price limit on accepting gifts?? For me when I do business with people I don't expect any type of gift, if you like my work than a thank you will suffice but I do think anything over $20.00 you have to return. That is just my opinion, my girlfriend told me I should have kept the watch and gave it to her. But wouldn't I be sending my associate the wrong idea if I were to keep such an expensive gift?