I think you are correct in your assessment. No matter the item, there will always be collectors, and some guys take things a little further than others. Watches, pens, cars, tools, whiskey... you name it, there's sure to be someone collecting it and they are willing to spend big money on it. If you have the means and having a different high end knife for every day of the month is your thing, rock on brother.
Personally, I like following along with these types of threads because, while I have little interest in owning expensive exotic rarities, I do appreciate the work and craftsmanship that goes into them. The other reason I like to follow along is that someone might post their high dollar limited edition whatever, and in looking at the manufacturer's website, you might find that they also make less expensive, but still high quality version that you might end up purchasing.
I've come to share this line of thinking over the last few years as well. For me, it really comes down to reliability more than anything else. When I used to buy cheap "leather" belts, I replaced them yearly (if not sooner), but have been wearing the same US made Duluth Trading Company belt for the last 5 years without issue. That's at least five fewer instances where I had to deal with a broken belt and making a trip to the store to find a new one. There are certainly diminished returns with any item - spending more doesn't always mean getting more value. But there is certainly value in spending a little more up front on a higher quality item.
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