The glory of the name, highly respectable quality (but reference our own foggy' for "some are better than others"), historical luster, and the reassurance that you have a really classy pipe, even for people who don't know a great deal about pipes. I am over-confidant enough to "think" (opine) that I could get get three pipes of equal quality for the $795 Dunhill asks for a number of its pipes, and not the most expensive -- like pipes produced with Dunhill knowhow by Ashton and Ferndown. But I haven't smoked a Dunhill and don't own one, so, in fact, I don't know. I'm just not going shopping for an estate Dunhill for $285. I know you can find them for less, but that gets tricky -- replacement stems and repair questions. But if your heart is set on a Dunhill, and you work at it, you can find one that smokes well and doesn't cost $500. My heart isn't set on a Dunhill.