I agree in principal, but what this actually amounts to will vary based on what magic items are in the world.
In some campaigns, magic items are mostly relics of the past (forged by the elves of the dawn time, or whatever). In this case, acquisition of those items is more in line with status symbols by possessing unique or rare things.
In a world where magic items are currently being constructed but are difficult and expensive to make, it looks more like commissioning artists to create something unique as a status symbol.
Only in world's like Eberron where magic is both ubiquitous and commercial would you get nobles outfitting their retinues with items, or filling their houses with magic commodes.