I think "B" might be closest, though I don't know if I would have phrased it that way. If a certain good becomes accessible to more people, it no longer has the same signalling effect, so a replacement good must be found. I don't know if most wealthy people are terribly upset by this, though it might be upsetting to people who spent more than they could afford on a "signaling good" that subsequently became much cheaper.
We both agree that certain goods produce a signaling effect. Where I am curious is do the wealthy not like it when the masses get access to good because:
A) They don't deserve them. B) We have to find new signaling goods. C) They drive the price of goods higher or lower depending on the supply/demand curve thus manipulating the market for THEIR goods.