In my view, status symbols and signals exist at each wealth tier, i.e. from lower class, middle class and the bourgeoisie, to the upper extreme of billionaires.
Brand name and brand recognition persists not only in vertical hierarchy but also in horizontal sub cultures within the same wealth class (e.g. Supreme which has its roots in SB culture).
This is still value signaling for both. It's just that when 20 generations lived in castles, showing off money is considered bad taste and uneducated.
In fact, a typical signal is having expensive things, but not caring that you have them. Some do that by not showing them off. Others displays that by showing them off, but treating it like it is disposable.
Old money is wealth that has been sustained through several generations - Traditional aristocracy, and families who own classically successful businesses going back hundreds of years those would be the sort of people who one would describe as old money.
The wealth signalling these families and people display are items that tend to be less "showy" or overt. The perception of a quality or well made item is more important than the brand name behind it.
New money is wealth that has accumulated within a generation or two from families who are not traditionally wealthy - Tech Millionaires, Arabian Oil Barons, Russian Oligarchs and the like would all come under this heading.
The wealth signalling by New Money tends to be more overt than with old money - there can be the perception that the items they purchase and flaunt around are to signal that indeed they have money and are willing to spend it. one could even argue it's as if to prove a point
a classic exploration on the conflict of Old Money vs New Money is in the novel The Great Gatsby.
see also the term Nouveau Riche https://en.wikipedia.org/wiki/Nouveau_riche
Branding is the opposite of signaling for anybody with a bit of money, or somebody who has been educated in an environnent filled with art and science.