there are economical laws and psychological laws. they are not the same.
law of supply and demand. in short if a good is in demand and the supply is scarce, price goes up. An egg can be traded for a diamond (!) in wartime when "everybody" is starving from hunger as logistic and crops are ruined by tanks.
So (extreme) high prices for goods can be explained that way, high demand and low supplies
In high end audio there is no low supply. Many brands, there are many real good brands .
now high prices cannot be explained in the above manner
Now psychology comes into play --> other factors play a role not directly connected to the quality of the product or service.
Now perceived values ( mentioned earlier) play a role. Indirect values, appearance: it looks "arty", the brand is not obscure so "neighbors" recognize that it is expensive, --> status or the simple belief marketing never lies, so expensiveness equals quality
And then the "filthy" rich do not consider 30.000 as expensive at all and the salesman grabs the golden opportunity to convince the customer "trust me, i will sell you the best, .."
a nice example is a 1500us $ shirt, made of 100% cotton.. but from a special Italian house..

But these two different laws: economics and psychology cannot be mixed, if mixed it complexes the discussion. they are too apart..