Applies [to almost everything else] as well. A [commodity's] value varies depending upon the client's perception of it's worth. ...
This is one of the most-difficult lessons I ever learned, and remains one of the most-difficult to accept.
Being an engineer, I always expected there to be definitive, consistent answers.
A stint in the car business was quite unsettling. First, I noticed that minivans ranged in price from about $15-35k. Then I noticed that a lot of options didn't cost the company anywhere near the price on the sticker. Cruise control, for example, was $195, even though almost all the hardware (speed sensor, throttle actuator) and all of the software was already there; the only cost to the manufacturer was for the pushbuttons on the wheel. (about a 2500% markup for the manufacturer,; about 100% for the dealer)
Don't even get me started on paint. The markup on sparkly minerals would make a payday lender blush.
It's no accident that the $15k minivans came in red, blue and green while the $35k minivans came in Hyannisport Sunrise Mist Metallic.
I later noticed that all cars are made of about the same number of about the same kind of parts and assembled by the same people. A Thunderbird has four more pistons than a Neon, but lacks a back seat. But the price difference was $16k vs $48k.
I didn't get any less cynical when I learned that there are two fundamental duties of marketing:
[1] Researching the customers' perception of worth, in order to command the highest-possible prices.
[2] Manipulating the customers' perception of worth, in order to command the highest-possible prices.
(apologies for the paraphrasing/generalizing)