There is a flaw in the discussion here. High prices compared not to other high-priced luxuries, but relative to own wealth. That’s the missing part of the picture painted here.
Here’s an example of what I mean. Suppose an amplifier costs $10,000. Two people consider it desirable for whatever reasons. One has $10,000 in assets and income. The other has $10,000,000. Now, for whom, is that amplifier expensive? And, of course, the use value is what matters. Do you want to buy a $1,000 amplifier that performs well and is reliable, or one for $10,000 that sounds crap and breaks down?