Value, is of course, a subjective and relative matter. But its subjectivity when it comes to prices is not a matter of individual subjectivity, but a group subjectivity. It's a group of people, a market in other words, that collectively sets the price for a commodity like bourbon.
On eBay recently we've seen some Old Fitz bottles sell somewhere north of $600, and there's currently a 20yo Hirsch red wax listed with a starting bid of $500 (although no one has yet bid on it). If it does sell at that price, would that indicate we're seeing the ceiling for bourbon prices go up?
Scotches regularly go for those prices and even into the thousands of dollars. Is Scotch really that much better than Bourbon? Personally, I don't think so, although I have not been able to afford those Scotches to find out for myself. For other beverages I have had some of the best.
One of the things that inspired me to start collecting bourbons is I think they're an amazing value. Bourbon, when compared to Scotch, Cognac, and Wine (and maybe Port, too) is an amazing deal. I love the latter beverages too, and would collect them if I could afford it. Louis XIII is a terrific cognac, but I wouldn't necessarily always choose it over my favorite bourbons even if you factor out the high price. I think I get an equivalent and even superior level of enjoyment out of bourbon for a fraction of the price.
So, intellectually I understand and maybe even approve of higher prices for top bourbons since I think they're just as good as their more expensive brethren, but practically - i.e., how my wallet feels - I wince. I'm still astonished that bourbon is so much cheaper than any other quality alcohol.