I've witnessed the same phenomenon in my area...
A pawn shop near me had a Beretta 92FS commemorative that was just plain ugly, in its gaudiness. It sat under the glass for quite a while, and as I recall, it was priced considerably lower than a typical non-commemorative would have been. It was as new, in its presentation case.
I think a well-made gun of any type needs no embellishment to be a thing of beauty. It's nothing more than "gilding the lily."

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Veteran Paratrooper, '86-'90