Lots of interesting & fun comments here.
Comparisons with other expensive items is fun to consider,, and even valid to a point.
But having had the privilege to handle, & shoot many expensive handguns I can say I concur with a few posters above. First,, you get what you pay for,, and a lot depends upon what the use is for the firearm,, AND the abilities of the shooters.
A hand built,, quality firearm is not released until the manufacturer knows it's "right." Just look at Freedom Arms. The same goes for many of the current crop of custom to semi-custom semi-autos out there. I once had my Springfield 1911 .45 break during a USPSA match. A RO,, offered me his spare 1911 to shoot the match with. It was a Les Baer. WOW. While his grip was different than mine,, I found myself enjoying shooting it,, AND it was a more accurate & comfortable handgun to shoot.
In todays world,, there are many different reasons guns are built & cost more than similar ones of the same model.
As noted,, MIM vs. forged vs. milled parts. Mass produced, vs. hand built. And we all know that d people who can hand build quality handguns are working there because of their knowledge & abilities. And it costs money to pay these folks,, so the expenses go up for the manufacturer. Prices reflect these qualities.
That's not to say that a mass produced firearm can not be accurate or good.
BUT,, let's look at something I see here all the time. Complaints about a Ruger coming from the factory needing XYZ repairs or not up to the purchasers expectations. (The same is true for S&W & others.) I hear the comment,, and have made it myself; "If you want a high quality firearm,, buy a FA."
Often,, it's a trade off between affordable serviceable firearms vs. a flawless firearm.
And heck,, lots look at a different angle.
Look at the custom gunsmiths out there. Clements, Bowen, Linebaugh, Tyler, Huntington, etc. They make their livelihood out of folks spending big bucks to modify, customize, or even accurize a handgun. (Just ask our own Robb Barnes how much he's spent over the years building customs!

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Or, a different angle.
Kimber. Many years ago,, competition shooters,, as well as many average shooters wanted different features on their mass produced 1911's so they would send off new guns to the gunsmiths to "upgrade" their guns. Kimber came along & offered many "custom" features,, as standard items,, and their sales SOARED!
Lastly,, quite often,, a hand built, quality firearm will be more accurate than a mass produced firearm of similar caliber, size etc. And even an average shooter amazes themselves at the way it improves their scores, or how they can hit stuff at longer ranges. A quality firearm costs more & as such,, it usually performs better,, even in average hands. So,, we now see a lot more firearms that are better built,, using skilled labor,, and able to perform better than a mass produced firearm. BUT,, as noted,, there is a point of diminishing returns.
As noted,, a Ferrari retains it's value as long as it's maintained. A quality firearm maintains it's value if built by a quality maker. (But we all like to find the "DEALS!")