Interesting question OP. I have always wondered, when looking through eBay etc, why a 70's Fender Jazz will go for upwards of £1500, whilst a MIM will go for £300. Although there are huge differences between different basses, even different USA 70's Fenders, I think that a lot of it is just commodity fetishism, like many other things that we all drool over. Does a £6k bass really sound stunningly different to a £500 bass? Does it sound £5500 worth of better? Who knows? I don't. As long as my basses sound good to my ears. and they get me to where I want to be right now, I'm content. Also, I don't have thousands of £££ 
