But I’d wager 90% of people know who Picasso was and can recognise his work.

But what percentage of the general public can spot a Nieman Marcus buy from a thrift-store find?

i bet more people in the world recognize the Gucci logo than can recognize a Picasso.

Unlikely. There are entire countries who could not care less about Gucci. Hell, I might not be able to recognize it's logo.

Which countries did you have in mind and why would they care about Picasso? Western art history is probably not all that common of a study subject around the world.

Most? I did not study Picasso in Russia, but he is famous enough to be known there.

true, a picasso is just acrylic on canvass but it's not acrylic on canvass mass produced in a factory.

If Miuccia Prada herself sewed together a tshirt and painstakingly put on the rhinestones with much thought, then no one would be questioning the price.

Maybe expensive whisky or wine is a better comparison. They're both mass produced and their value derives more from scarcity than better worksmanship.