something has value because it is sold for a lot? Seems weird. If I sell a turd for 2700$ the turd has “value”. At what point did it get that value? when someone buy it, or the moment I put it on the shelf on my shop?
I mean, I’m definitely not defending this massively overpriced bag, but an artist can spend less than a hundred on materials to make a piece of art, and it sells for millions
The value of the materials and even the labour that goes into making it are not the only things that determine the value of luxury items, value is heavily determined by scarcity in one way or another.
For the piece of art, this is actual scarcity, there may only be one. For the bag, the scarcity is somewhat crazily generated by the RRP meaning many won’t buy it and therefore creating the scarcity to justify the value.
It’s kinda a microcosm of capitalism, where value is created by the perception of value.
They have invested a lot in branding, now they got to claim it back.
Moreover, a high retail price make that bag valuable.
something has value because it is sold for a lot? Seems weird. If I sell a turd for 2700$ the turd has “value”. At what point did it get that value? when someone buy it, or the moment I put it on the shelf on my shop?
Now you’re starting to understand how money is laundered through art.
Well, yes. But we can still make fun of whoever bought it.
I mean, I’m definitely not defending this massively overpriced bag, but an artist can spend less than a hundred on materials to make a piece of art, and it sells for millions
The value of the materials and even the labour that goes into making it are not the only things that determine the value of luxury items, value is heavily determined by scarcity in one way or another.
For the piece of art, this is actual scarcity, there may only be one. For the bag, the scarcity is somewhat crazily generated by the RRP meaning many won’t buy it and therefore creating the scarcity to justify the value.
It’s kinda a microcosm of capitalism, where value is created by the perception of value.
Yes, it works well for bitcoins and NFTs.