A lot of luxury items are way overpriced like that, they know people are dumb enough to buy them.
Watches, cars, wine, clothing, etc.
I have a friend who paid 20k for a table, just because it was made by some artist. It's the ugliest table i've seen in a long time.
People with a lot of money or people who are bad with money will pay for a name. It's status symbol.
No different than driving a MB or BMW.
I know a lot of people like this, BUT there are some expensive items that are legit when it comes to taste. Not all of them though.