[rollo tomasi]

"Let the artsy-fartsy types explain why this paint splotch is worth a full $1.5 mil!"

Subjective Theory of Value

One thinks it is worth $1.5 million, creates the illusion, and sells it at that price. Then some dude buys it for $1.5 million, ain't capitalism grand.

[linda_22003]

Exactly. I sold a book this week for $4500 that I bought in college for $75, and another for $1000 which I had bought for $10. They are exactly the same books as they were then, but the perceived value has changed over time. Someday they will likely sell for twice what I sold for, but it's up to me when to realize the gains.