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Gawkers points this out about Expensive Things
http://gawker.com/506160/rich-people-still-buying-expensive-things

Influence and Persuasion: Reasons Why People Buy Expensive Things
By Raman Ramanchuk, on March 4th, 2011
Value for money — is the result that occurs when the quality is divided by the price you paid for the product.
The more you spend, you get less material advantages and greater emotional component — this is called a brand
So, from the point of view of purchasing any fashion item, there is one interesting nuance which has relation to the influence. Let’s find out what it is.This is the concept of “reasons“, where a rationale lies behind each letter.

Summary

Thus, we obtain the following picture, which gives scope for the selection methods of influence.

R	RARIТY	Rarity
E	EMPATHY	Empathy/ego
A	AUTHORITY	Authority
S	SPECIAL DEAL	Special deal
O	OBLIGATION	Obligation
N	NERVOUSNESS	Fears and anxieties
S	SOCIAL PRESSURE	Social pressures

1. R: Rarity

It is so important to people to have something no one else or only a limited number of people have. This creates a sense of exclusivity and importance.

So we have met the first psychological reason why people buy expensive things. That reason is because it is rare or uncommon.
To encourage rarity in promoting your goods/services you should build an advertising campaign, focusing on a rare, and limited edition. Or, for example, invite a designer to make a few unique items.

2. E: Empathy

Empathy — understanding another person’s point of view and mutual anxiety.

In order to show empathy for someone use the “killer questions” we discussed in previous post.
But most importantly, the basis of empathy – is an inner spirit, openness, friendliness and “working to the method” which will bring the interlocutor closer. This is called “empathic listening“.
However, it is important to remember that:

Empathy — is 90% “HOW”, and only 10% — “WHAT”

This means that the best question on paper, said dryly and according to “protocol” may be 100 times more unsuccessful than a simply ordinary matter, for example, about a timeframe posed in an empathic supportive tone.

3. A: Authority

Authority — the next reason that influences our choice. Remember a personal experience when you’ve done things on the recommendation of someone reputable to you. Do you remember at least 3 of your purchases dictated by your confidence in some authority?

4. S: Special Deal

There are many jokes about this, but the truth is that we are often forced to operate with extremes that are as a result of negotiations which reach a middle ground. Thus, an experienced salesman, upon learning that you have chosen a TV in the middle price range, definitely will compare it to the most expensive options in the store. Everything is much thinner. As a result of familiarity with the best examples we have automatically included a comparative analysis. То, So what you had previously selected no longer seems so attractive. And having learned about the weight benefits of a few extra hundred dollars, the satisfied customer makes a purchase, more than the originally planned budget. While all are happy!

5. O: Obligation

A lot of marketing schemes are built on the principle of “obligation”. For example, when a buyer takes up a discount card in the store, he feels it is his duty to give you his e-mail and phone number to receive the free newsletter. The buyer, being consistent, will read it regularly, though usually address-less mail is thrown away immediately. And he will even periodically visit this store.
Other options include an invitation sent to your partners, product samples, issued free of charge, registered mail with stories about what specific benefits your customers will get.

6. N: Nervousness (Fears)

Thus, decisions, among other things, affect our phobias. For example, a fear of losing comfort, making a loss, being a loser, etc. People tend to protect themselves from all these possible problems.
If we talk about marketing and advertising, this is the way drugs are sold, insurance, funds for pest control, detergents, etc.

7. S: Social Pressure

Please count down 3 purchases you’ve done because all people around you bought the same goods.
This was because of social pressure. If people around you do something in the same way, you subconsciously behave in the same way.

3 drag queens revealingly discuss warhol, 

one of the richest american artists in the 1980s who famously said he wouldnt buy his own work.