Hi Ken,
As per the previous replies, you have 2 items that need attention in your fantastic new IWC.
All the seals will have naturally deteriorated and will no longer offer water resistance.
The oil in your watch is now 6 years old.
If you wear the watch now, it may well function adequately for the first few weeks as the remnants of fluid lubrication carry out their final task. This won't last long because the reservoir of oil in the cup of the jewels will have become too viscous to flow onto the pivots. The most noticable effect probably being a reduction in power-reserve when off the wrist. The escapement may manifest it's reluctance to function in arid conditions even earlier with large gains or losses in short periods.
If you request a Maintenance Service from an IWC Service Center they will(Only) dismantle the case, ultrasonicaly clean the casing parts, reassemble the case with new seals, verify water-resistance and regulate the watch(if the oiling and amplitude are to factory standards).
If you request a Complete Service from an IWC Service Center they will do all of the above as well as cleaning, lubricating and adjusting the movement, replacing worn movement parts en-route. This work will be guaranteed for 2 years.
I hope this helps in your dilemma, it must be heart-wrenching to have acquired such a fantastic watch yet be unsure if you can wear it.
Leo