Of course it's perceived differently, that's the entire point! A $2000 Brunello Cucinelli sweater is conspicuous consumption just like an oversized Gucci belt.
And the art world is small. People know who the collectors are.
The difference is that every joe blow knows what Gucci looks like but only certain people, if any, can spot a sweater like that. You are signalling to completely different groups. Honestly I'd be surprised if anyone outside diehard fashion "experts" could spot a subdued Brunello sweater at all so the intent there is not to signal at all.