Satin can be both cheap and extremely expensive because satin refers to a weave pattern, not a fiber, so its price is determined by what it is made from. Polyester satin is very cheap. Polyester is a mass-produced synthetic fiber made from petroleum, and the satin weave can be made quickly on modern looms. This is why polyester satin dresses, linings, bonnets, and bed sheets can cost as little as a few dollars and are ubiquitous in fast fashion. In this context, satin has a reputation as a cheap fabric. However, silk satin is one of the most expensive fabrics in the world. Real silk is produced by silkworms, requires intensive labor, and a silk satin with a high momme weight can cost $30 to $80 per yard or more. Designer silk satin gowns can cost thousands. There is also a mid-range category like acetate satin, cotton sateen, and cupro satin. So saying satin is cheap is only accurate if you are talking about polyester satin. High-quality silk satin is a luxury fabric, not cheap at all, and its price, durability, and feel reflect that difference.
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