A short thought about luxury goods.

A good watch is made well and has some level of refinement (ie, ETA movements, most Seiko and Orient movements, Chinese Standard Movements, etc). They are built to work well and made efficiently. This makes them economically efficient and non-luxurious.

However, if you do something that is less efficient, such as making a unique movement to be made in significantly lower quantities, extensive decorations, or higher priced materials, it makes it more luxurious, but a much lesser value.

A good example of this is the Apple Watch (which is not a watch!). The Apple Watch is about $300-400.

A "luxury" model of it is $10000 and made with precious metals.

The luxury model is out of date now along with others of its generation.

The fact it is obsolete might increase its value in the eyes of some, as it is no longer produced and not very functional.

Whether someone who spent $10k on an Apple Watch that was obviously going to be obsolete soon, is an enthusiast or a complete idiot depends on the mindset used in judging.

So I think luxury goods are their own class of object and it would be unfair to them to judge them alongside non-luxury goods. A luxury good is a very poor value, and often quite inferior in functionality, than a non-luxury good, and a non-luxury good is very plain and not "special" compared to a luxury good.

To get a luxury good when one wanted a functional good is foolish. To get a functional good when one wanted luxury is likewise a mistake.

In a way, the poorer the value, the greater the luxury. The fact that most luxury goods have very weird pricing (sometimes being sold for more than MSRP, and sometimes drastically under it) indicates the value is coming from something other than the item itself.