Given that everyone can now buy designer handbags and new cars, the rich have taken to using much more tacit signifiers of their social position.
bbc • The new, subtle ways the rich signal their wealth
My claim is that luxury goods are gradually becoming a noisier signal of one's position in society. This isn't to say that they don't still confer status — they clearly do. People still buy material items to signal their status. But because they've become a noisier signal over time, people are starting to signal their status with their beliefs and ... See more
The Profile Interview: Author Rob Henderson on Why We Hold ‘Luxury Beliefs’ and Develop ‘Status Anxiety’
We often attach value to things simply because they're hard to get. People will be more attracted to a painting if it costs $3 million than if it costs $3. The price becomes a feature of the product in that it allows the buyer to signal affluence to others.