I'm quite late to the discussion but I wanted to answer the original question with an input about my two most expensive jerseys. One is a Sportful Celsius and the other is a Le Col Hors Categorie Hex
Sportful R&D Celsius MSRP $143.99
These are designed for all day riding when it starts cold and becomes warm or hot later in the day. Sounds perfect for a mountain ride where the base is much cooler than the higher elevation areas. The price point comes into play because it's part of Sportful's Research and Development sector that spent years into making a jersey that otherwise seemed impossible. How do you create a jersey that can keep you warm when it's cool but still keep you cool when it's warm?
The SS18 version is on sale now for around $85 with additional discounts around 20％, more or less depending on the outlet. Just like the rest of their jerseys these are race day fit with tight sleeves, shallow pockets that are tight to the body, and a high quality zipper. Do they perform as described? Somewhat, but really I just find them to be warm. Not hot and not cool, just somewhere in the middle. I mostly use it in the wet.
Le Col Hors Categorie Hex MSRP $189.39/£150
THIS was a waste of money. THIS is the kind of jersey that just says I have money and don't know how to spend it.
Where to begin? These are advertised as a top level race day jersey with none other than five time Olympic gold medalist and world champion Sir Bradley Wiggins himself wearing them. Race jerseys fit tightly to avoid drag. Race day jerseys have shallow pockets because riders aren't shoving teddy bears and souvenirs inside them. Race day jerseys are made from lightweight breathable material because typically the rider is sweating profusely either over a long distance or a quick short distance.
This jersey failed on all aspects. The torso is loose, and checking other reviews this doesn't seem uncommon. The arms have an obscene amount of silicone grippers for some reason. Huge deep pockets in the back that fit my entire arm in each of them. And the material is like nothing I've seen on any other jersey, it's heavier and less breathable than expected. I would buy this product if it was on sale for $35, and then wear it once a month just to look like a posh butthead.
Conclusion, more expensive jerseys cost what they do in order to give racers a competitive advantage, albeit miniscule. $25 jerseys can do the job. My POC Fondo Light has an MSRP of $130 but was on sale for $30, I call it cheap because it's just an overpriced version of some generic jerseys I've worn. I've had a spill in my Sportful jerseys over gravel and the clothing surprisingly didn't rip. My POC had one spill and it was completely ruined from the arms all the way up the collar. Less durable material. You really get what you pay for. Usually. Unless you don't.