Did someone seriously just say they are willing to spend $500/plate on something that their body is just going to expel later that night?! Uh, nope.
Yip. And I'd do it in a heartbeat again... Well, every 5 years or so. (I've only been there twice - it's incredibly difficult to get a reservation). It's not about the food, it's about the memory. You don't really do a $100 hamburger run for the $3 worth of ground beef, right?
But, at the risk of having beer cans thrown at my head, I will attempt to make an argument here for "value" about what you're actually getting and that it's not just crazy overpriced food...
First of all service is included, so you actually just pay $500. This brings it down to the equivalent of $425 (18%).
Second, the dinner event takes 3 to 4 hours. It's really 2 dinners rolled into one over 8 to 10 courses. It's a LOT of food - more so than what would be comfortable to eat in an hour. You are definitely satiated after.
Third, they use ingredients that would be expensive even to cook at at home - e.g. on the
menu right now (part of the $500, but listed individually):
* $60 for Kaluga Caviar -- Kaluga runs around $35 for 0.5oz.
* $30 for Fois Gras -- Goes for about $70 per pound. Let's say $18 for 4oz.
* $100 for Japanese Wagyu (not just American raised Wagyu-descendants) -- Goes for around $150 per pound. Let's say $75 for 8oz.
* Not on right now, but $75 for black truffles when it's in season - they shave it in front of you, you get to say "when". I stop when I have about 5 little truffles equivalent, which would run ~$50 in Whole Foods. On top of that the ones in Whole Foods are really hit or miss (I've actually returned truffles to Whole Foods before - only time I ever returned fresh ingredients to a grocery store).
So their markup isn't actually that high over the raw ingredients. If you prepare let's say Kaluga at home for 2 people, the ingredients alone will run you ~$90 and you still have to prepare it. And you risk screwing it up - which is fairly easy to do with caviar - OR - you can pay $30 more and have it prepared by one of the top-rated chefs in the world and he'll either get it right or he won't serve it. I'd pick the restaurant prep every time.
You just don't generally go and eat Kaluga, Fois Gras, Wagyu, Black Truffles etc. all on the same night. If you did, it would be expensive as well - even at home.
Yeah, it's a lot of money. But if I have to give up one Ruth's Chris a year to go to the French Laundry instead once every 5 years - it is absolutely worth it. Think about it, would you rather go to Catalina 5 times, or once to Hawaii?