Last month, a Leonardo da Vinci painting was sold in an auction by Christies for $450 million including fees. It blew away all previous records.
Image is from Wikipedia
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What makes a painting worth £45 in 1958, $10’000 in 2005, and nearly half a billion dollars in 2017? Did the value of money decline that much? Or did the number of “believers” in the painting’s value rise. Answer: It’s the beleivers.
The seller of Leonardo’s “Mundi” needed only two “believers” with deep pockets. He found them both. The buyer was a a Saudi prince.
The buyer, and the runner-up both believed in the value of the painting.
Put 100 people on the desert island. You only need two of them to believe in the value of your painting, and want it, and you have a market. Otherwise it’s worthless.
it is somewhat complicated to understand
But you're absolutely right.
the matter would be expressed in a more technical way.
cost: the amount invested, in raw material, for the production of a product or offer a service.
Value: It is that which is given within the market according to the needs of customers
Price: is the amount $ to which you put your product or service to the market, here it includes your cost and the profit you want
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It's right friend, things take value when you believe in it, it can be something simple or significant, but believing is what puts the value. Greetings friend!
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You just need people to think there’s really intrisic value!
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To each thing we gives the true value that it deserves.. or we think that it deserves. Next time this painting will reach new sale record.. because people who want it will pay his intrinsic value.
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This is crazy - but this is unique.
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Your advice is very valuable and practical. Now I understand why the news has so strongly influenced the courses of kriptoval, they reduce or strengthen their faith in them. Thanks for the knowledge.
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It's an awful painting. :(
What "value" they could find in this is beyond me, really... haha! Thanks for the post, quite informational.
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Hello friend, you know what spam is?
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Please don't SPAM... take a look in this before hurting your reputation.
https://steemit.com/steemit/@miti/newcomers-minnows-and-spammers-this-post-will-save-your-reputation
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