I can only agree. Hard.

It's less about the horse, the speed, the actual genetics - it's all about the process, the appearance, the gate-keeping.

Country Clubs for horses (and cows, etc)

At some point moving up the luxury scale the price is less about product and more about buyer psychology.

I can sell a ripped t-shirt, but that same product coming from an upscale exclusive boutique owned by so-and-so’s wife is participation in a whole ecosystem with lots of signalling to other buyers in the same financial strata.