It is about procuring the best quality seafood, cooked simply, and most importantly, priced reasonably... you pay for what it’s worth.
"This explains the “naked” in the restaurant’s name, as the owners had a “simple and unadulterated” approach to food and drink. Finn refers to the artist character played by Ethan Hawke in 1998’s Great Expectations, a film that left a great impression on Loon and Tay when they were art students at Lasalle College of the Arts. Both of them still paint and remain fans of the art featured in the film by Italian artist Francesco Clemente."
Adeline Chia, Artinfo, January 2013