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| At the high end, the pen price typically comes in large part from the value of the precious metals or stones used in the design. | |
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Nope. I have some expensive pens and that bit of gold or the amethyst or sapphires used on the wife's pens in no way accounts for the price. The steel and plastic (even if the manufacturer rather says "resin" than "plastic") of my personal ones are effectively worthless and surely cannot explain the price.
You are paying a lot for the design and crafting of the pen and then at least as much for the marketing expenses of the larger brands. And of course for the rents on Bahnhofstrasse... and the shop keeper.
Expensive pens are in that regard pretty much the same as watches. Luxury items, nothing more, nothing less.