Like...I had foie gras for the first time a few years ago, and while I thought it was pretty good, it definitely wasn't mindblowly good, and definitely wasn't worth the price.
(Later, I looked up what foie gras actually was and decided I'd never eat it again)
Yes, but it's an acquired taste.
If caviar was scarce, and the only people interested in buying it had no money, then it would simply be unavailable. Or maybe whatever little supply there is would sell for as much as the buyers could afford.
> It's true that some market forces and potential value of what is created are factors else nobody would pay for the premium
Although, amazingly demand can be manufactured to some extent (where potential demand has to exist of course). De Beers managed it with 'A Diamond Is Forever' where they managed to become the de facto engagement ring stone. Scarcity + good marketing does seem to be a magnet for the wealthy.
It's true that some market forces and potential value of what is created are factors else nobody would pay for the premium, but he generally scarcity rules here.
For a contrived example, why is caviar astronomically more expensive than bread? It's not the cost of production. It's not the fact that people like it more than bread.
It's just scarce.