I really don't understand why one is more expensive than the other, other than tradition coming from the time nobles (in Europe) wanted to eat the "cleaner" meats without fat and connective tissues (the bits that provide taste and mouthfeel). Beef fillet is objectively pretty soft, but also mild. All the parts which move a lot and support weight have a lot of fatty padding and connective tissue (ligaments, tendons) which need long and slow cooking to be edible, but pack all the meaty flavour. There's a joke going around in old Greek butchers that God blessed the poor by making the cheaper cuts tastierTake filet mignon verses a tough cut of beef shank. There's a reason one is more expensive than the other. Sure, sure, some people have never even tried filet mignon, so shank is ok with them.
The comparison is not really fair though. They are very different cuts and need different preparation. If you try to eat shank cooked like fillet it'll be a raw, stringy, tough mess. If you try to cook fillet like shank it will probably turn into a brown stone :P
Personally I find filet mignon, chateaubriand, beef Wellington and the like very boring. Pork chops and tenderloin too. There's no fat or pronounced flavour in this meat. Fat can be added with the knob of butter they (used to) put on the meat in restaurants, and flavour with the tons of pepper - something has to help that poor bland thing! A beef shank on the other hand makes a phenomenal stew, and the gelatin adds lip-sticking/smacking mouthfeel.
Give me shanks and ham hocks, briskets, butts, cheeks and neck instead of veal and piglets, all the offal including tripe ("if your lips don't stick to the plate when you're slurping it, it's not cooked right", a old Greek cook told me once) and blood sausage - that's where the taste is (in my opinion). Mutton and old goat - preferably uncastrated male - instead of lamb. A well-aged leg of mutton is a thing of beauty.
Ohhh I recall about 30 years ago, in a family friend's house in a mountain in Greece they cooked an old stud billy goat. They had garlic goat sausages and chops, they also had goat stew, goat risotto mixed with copious amounts of goat butter (lines the stomach nicely so they can drink buckets of moonshine while eating - definitely NOT for the faint of heart, and a low brow taste!). Probably some bats died from the aroma coming out of that meat. My mother who doesn't appreciate meat - she eats bland stuff like fillet and chicken breast - or garlic was close to suicide. It was an ode to the goat, an offering to Pan. @Christos D. Tsatsaronis pinging you for appreciating the Greekness, this was in Pelion in the 90s.
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