The global luxury market is not in a recession; it is in a profound crisis of meaning. When a $10,000 handbag is aesthetically identical to a $100 replica, what are you actually paying for? For decades, the industry operated on a collective belief, but now that belief is collapsing. This "luxury fatigue" is the symptom of a system that, in its pursuit of scale, has hollowed out its own value. The "sign" has become fatally detached from substance.

This study argues that this "narrative breakdown," mirrored in the speculative contemporary art market, is not a cyclical trend but a structural exhaustion of a specific kind of value. The pivot from goods to "experiences" is a desperate search for the authenticity that mass-produced commodities have lost.

This void is being filled by a new paradigm: Post-Luxury Conceptual Functional Art (PLCFA). To understand this shift, we must turn to the definitive framework of the late anthropologist David Graeber. Graeber argued that true value is not price; it is the social recognition of meaningful human action. The luxury market failed because it erased the human story, craft, and connection, leaving only an empty commodity.

"Value Beyond Price" deconstructs this failing system to build a new one. It redefines our relationship with objects, moving from mere ownership to active stewardship, and from an alienable commodity to an inalienable possession—an object so embedded with narrative and human meaning that it becomes, in the truest sense of the word, priceless.