Rolex is an interesting example, because their value is actually based on utility, not style. People actually (used to) wear them a mile under the sea, measure

Rolex is an interesting example, because their value is actually based on utility, not style. People actually (used to) wear them a mile under the sea, measure oxygen with them while diving etc. You can’t trust a Timex with your life, but a Rolex you can. That establishes baseline value, like a finely crafted Japanese chef knife. My dinner won’t taste any better, but the tool I’m holding is valuable to the people who know their stuff.