What makes a knife worth hundreds of dollars?

I get it, I'm cheap. I have handled cheap knives and I have handled expensive knives. I personally could never justify paying over $150 for a pocket knife. In your personal opinion or from technical/functional standpoint, what makes these $300-$400+ knives worth the money when you could just sharpen or replace a $5-$50 when it's not up to par anymore?Cross posted to /r/knifeclub http://ift.tt/2gaHnYp