I like this topic.

Thanks for starting it.
For me, my finances deter my "high" side from being that high anyway (aka no fendi furs and givenchy booties are found in my wardrobe). But I think as with most things how high is "high" and how low is "low" can be relative and still apply.
Things that I'm willing to spend more money on or buy more expensive versions of when they are on sale at a more realistic (for me) price:
- shoes
- bags
- jeans
- coats and jackets
- special occasion dresses
- watches and classic jewelry and accessories that I know will be worn regularly and for a long time
stuff I can't justify spending a lot on:
- a trend I want to try but I don't know how much I actually will wear it and I do know that it will be gone quickly
- emergencies that I am not planning to wear any more than that one time that I *really need it*
- trendy jewelry
- trendy accessories such as belts and scarves in non-classic styles
- knits such as tanks and t-shirts. I know why people spend a ton of money for some brands of knits, but I personally don't see that the fibers and construction make *That* much of a difference to justify a crazy triple digit price. I don't think you need to spend more than $30 (and often can find for less) for good quality cotton Ts and tanks. I will spend more (closer to the $30 mark) for stuff I will wear showing or on it's own. But for things that I wear as an under layer and doesn't show most of the time, I just buy those $2.50 camis from F21. They come in a trillion colors and I just wear them to protect my better clothes from touching my skin.