Motorola contest pegs the price of a Moto 360 smartwatch at $249 (updated)

If you've been at all interested in Motorola's Moto 360, the biggest question has likely been the price: how much will that swanky circular smartwatch set you back? Not that much, if you believe the company's rules for a watch face design contest. The legal details set the average retail value of a Moto 360 at $249; that's as much as a relatively posh smartwatch like the Pebble Steel, but less than the $300 you'd pay for tech-laden wristwear like the Gear 2. Before you start budgeting for a timepiece, though, remember that this still isn't official. While Motorola's figure gives at least some idea of what to expect, we wouldn't rule out a higher price tag when the Moto 360 reaches store shelves.

Update: Motorola has taken to Google+ to clear the air: it says that the listed price is for "tax purposes only," and that you shouldn't assume that you'll pay $249 for a Moto 360 of your very own. The company isn't revealing how the pricing will change, though.