I really hate to try to enlighten people who don't know much about the current state of custom knives because the subject is so broad, but I'll try and do so briefly with the caveat that books are written about this subject and they can't cover the whole panoply of knife making today well.

Unlike 50 years ago, when there were a handful of true custom (Loveless, Moran, and Ruana would be a few well known names as an example) or semi-custom knife makers (Randall), today there are literally hundreds in the US alone and many more world wide.

While most knife makers can and do start off making "using" knives, currently the top makers make a majority of their knives as art knives, or at least, semi-art knives, that is they could be used, but no one in their right mind would use them because doing so would hurt their value so much, which brings me to the current state of the knife making world.
Very succinctly there are art knives, semi-art knives, and using knives. Among these divisions each one can be further broken down into folders, double actions (switch blades), fixed blades, swords, fantasy knives, etc.

An example of one not so well known art knife maker who is regarded as among the best by the cognoscenti is Paul Jarvis. He makes very few knives a year and they usually cost in excess of $50,000 per knife, often using diamonds and other gem stones as well as ivory, gold, etc.

The semi-art knives are made by a host of well known makers, who sometimes do and sometimes don't make using knives anymore. A couple of examples would be one of the best, Jerry Fisk of Ark, who makes very usable Bowies, etc but at several thousand dollars each, not many people are going to strap them on for a weekend camping trip or for use in Afghanistan. A couple, and there are many more, of the same type of folder makers are Joe Kious and Warren Osbourne from Texas. Their knives, almost completely folders or double actions, are usually in at least the 2 to 3 thousand dollar range these days.

Then we come to the using knives, which are made by famous and not so famous makers. A famous maker of mostly art folders who makes a few users is Rick Dunkerley whose "The Bob" hunter, hand forged out of 52100 steel, is a very fine knife for $400 or a bit less if you want to skip the engraved pins in the handle. There are dozens and dozens of others who are not really famous who make excellent knives, Ingram and Winston are a couple who immediately come to mind that are commonly mentioned in here.

I'll make a list of truly world class makers later but have to stop for now due to work calling.

Well said! I've been messing around with custom knives for 30+ years and Have been friends with Clyde Fisher, Jimmy Lile and others and it still comes down how much you want to pay and what will you use it for. Bill