What gives value to precious, luxury things?
Only a surplus on demands will make things "valuable".   So it is about the price level accepted by those who demands it, and the demands can be from essential needs to status show-off. 

If you read Netherland history, you will notice there is a period of non-existence luxury goods, due to the shape of religious culture that forbids show off. 

OTH, there is also terrible rent seeking like monopoly that make essential goods pricey.