The IKEA chair costs less, but to say it’s valued less is too simple. Valued by whom? Only a small minority will ever buy a chair that was handmade. Presumably they prefer it, but they’re rare.

IKEA’s many customers deliberately chose the IKEA chair. We don’t know what other chairs they might have preferred if they were the same price, because they’re not.

> if they were the same price

Well that's the point a custom chair is valued more

I'd say most IKEA customers choose IKEA because it's cheap and they don't really consider or maybe even have an option to get a custom chair made, they don't know someone who could make one or they don't want to pay for it.