Isn't price dictated by demand?

Recently, a famous luxury brand that had steadily raised its prices since 1991, lowered them for the first time. Known for their jewelry, this brand held their first ever sale. Other luxury brands have similarly been discounting their products. But luxury brands seem to be defined by their exorbitant prices, and the exclusivity that comes with such prices--if luxury goods go on sale, what does that mean? Do lower prices mean that these goods are suddenly worth less? Or do these goods have an inherently high value regardless of price? This week, Shooters asks, "Are luxury goods worth their price?"