It sounds like he is spoiled. If he is getting expensive knives at 12 years old, he will probably never have to worry to much, about getting everything else he wants in life.
My son is 15, and he too likes knives, but there is no way I would lay out $400 for a knife for him...
If it was something he really wanted, and worked and saved his money for it, I would help him though.
Maybe the parents buy him expensive things, to make up for not spending time with the boy. I grew up with a couple kids that were like that
" I stand firm on my right to boldly make statements, and argue facts, about things that I know little, or nothing about "