Is it worth what someone will pay for it?

[julian64]

Always hearing this on PH, but is it true.

Banksy - nothing he has ever painted is worth what someone will pay for it
Rolex - not worth a tenth of what they sell for
Piccaso paintings - £140 million for a painting that looks like it was painted by a child, and the brush strokes look like he did it in five minutes?

Obviously it is only my opinion as I don't have a soul, but if a had a significant mental health problem and a fixation on thimbles, and was prepared to pay a million for an item. Does that mean they are all worth a million as I've paid it.

Or can I turn around and say Banksy painting aren't worth tuppence without someone saying they are worth what someone will pay for them?

Does there have to be a critical number of idiots all agreeing something is worth a fortune before it becomes true?

[2 sMoKiN bArReLs]

If somebody has paid a price for it, then that it what it was worth

[Spoke]

At the end of the day the market decides what something is worth based on balancing the supply and demand in the same way that your second hand car is now probably worth a fair bit more than it was before the chip shortage. If there are only 3 thimbles of your type then you may find three people willing to pay £1M for one but if there are 10,000 examples then the price 'normal' collectors will pay is likely to be very substantially lower.

Basic economics that underpins the price of most things from cars to the petrol that drives them.

[bristolbaron]

I’m prepared to swap a load of rectangles with £5 printed on it with any of yours with £10 or £20 printed on it. After all, the polymer is only worth a penny at best.

[av185]

2 sMoKiN bArReLs said:

If somebody has paid a price for it, then that it what it was worth

Only if the item has been offered to an appropriate market for a suitable time period afyer sppropriate marketing and a price is agreed at 'arms length'.

[2 sMoKiN bArReLs]

av185 said:

2 sMoKiN bArReLs said:

If somebody has paid a price for it, then that it what it was worth

at 'arms length'.

Are we back to Rolex?

[av185]

2 sMoKiN bArReLs said:

av185 said:

2 sMoKiN bArReLs said:

If somebody has paid a price for it, then that it what it was worth

at 'arms length'.

Are we back to Rolex?

[Randy Winkman]

I fear I'm entering a place where I don't really want to be by saying that the trouble with the world "nowadays" is that too many people are buying "things" for millions of pounds simply because they think they are going to be worth more millions of pounds tomorrow. That's why they will pay £10m for a Van Gogh or £5m for a Ferrari. They don't actually want to own either it's because they think it will be worth more in a year's time. Very sad if you want to actually enjoy having a Van Gogh or Ferrari.

[julian64]

Spoke said:

At the end of the day the market decides what something is worth based on balancing the supply and demand in the same way that your second hand car is now probably worth a fair bit more than it was before the chip shortage. If there are only 3 thimbles of your type then you may find three people willing to pay £1M for one but if there are 10,000 examples then the price 'normal' collectors will pay is likely to be very substantially lower.

Basic economics that underpins the price of most things from cars to the petrol that drives them.

Well that's the point, your are assuming something has worth because of its relative rarity. I would suggest that is only one of the possible reasons something is worth money.

I could scribble rubbish on a bit of paper and there would only be one of those. It doesn't make it worth anything

[anonymous-user]

bristolbaron said:

I’m prepared to swap a load of rectangles with £5 printed on it with any of yours with £10 or £20 printed on it. After all, the polymer is only worth a penny at best.

Not long after the new fiver came out, someone loosely connected to the wifes family, tried to flog 3 on Facebook. He was convinced that because they were early ones - how he knew this i have no idea but he is what my dad would have called a chancer - that they were worth a lot of money.
He then got quite irate because nobody would offer him big money for them
" But they are early ones, worth a lot of money!!!"
Someone replied with
"They are worth £15 mate"


Ooh he was cross

[chemistry]

bristolbaron said:

I’m prepared to swap a load of rectangles with £5 printed on it with any of yours with £10 or £20 printed on it. After all, the polymer is only worth a penny at best.

I think that in fact you have a good point there; things like Picassos are in many ways just tokens/stores of wealth for the very rich. It doesn't matter what they are intrinsically 'worth', merely that everyone has confidence that they represent value and so can be held/traded on that basis.

[Super Sonic]

Wel I payed £ xxxx for an atr so I hope so, on the other hand I'm not so sure :-/

[Prohibiting]

Get yourself on YouTube and start watching videos on modern artwork. It’s just a big money laundering exercise for rich people.

[Magnum 475]

Chav plates anyone?

Apparently a registration number is worth money.

I’d rather buy a piece of genuine art, whether by Picasso or most other artists (Tracey Emin & Damien Hurst excluded).

[Dr Jekyll]

julian64 said:

Spoke said:

At the end of the day the market decides what something is worth based on balancing the supply and demand in the same way that your second hand car is now probably worth a fair bit more than it was before the chip shortage. If there are only 3 thimbles of your type then you may find three people willing to pay £1M for one but if there are 10,000 examples then the price 'normal' collectors will pay is likely to be very substantially lower.

Basic economics that underpins the price of most things from cars to the petrol that drives them.

Well that's the point, your are assuming something has worth because of its relative rarity. I would suggest that is only one of the possible reasons something is worth money.

I could scribble rubbish on a bit of paper and there would only be one of those. It doesn't make it worth anything

He's saying it has worth because of it's scarcity, not the same thing at all.

[Cotty]

The other point is that overpaying for something may have roots in moneylaundering. It could be seen as a legitimate way of moving money around, into or out of a country.

[av185]

Magnum 475 said:

Chav plates anyone?

Apparently a registration number is worth money.

.

Haha quite.

Nothing wrong with legally good plates such as A1, of course.

In contrast and at the other end of the spectrum the world of Chav numberplates is a law unto its self. Chavplaters are clearly so obsesssed with their own bent egos and narcissistic tendencies and in their desperation to try and impress others about their 'personal plates' i.e. bastardised illegal Chavplates they are prepared blatantly become overnight miscreants by butchering numberplates and to top it all pay moronic sums of money for C124PPY plates whilst normal folks laugh their cocks off at their sheer desperation of their dodgy attempts to impress.

A prime and somewhat desperate example displayed on a typical Chav chariot.

Edited by av185 on Monday 25th October 19:50

[Prohibiting]

av185 said:

Magnum 475 said:

Chav plates anyone?

Apparently a registration number is worth money.

.

Haha quite.

Nothing wrong with legally good plates such as A1, of course.

In contrast and at the other end of the spectrum the world of Chav numberplates is a law unto its self. Chavplaters are clearly so obsesssed with their own bent egos and narcissistic tendencies and in their desperation to try and impress others about their 'personal plates' i.e. bastardised illegal Chavplates they are prepared blatantly become overnight miscreants by butchering numberplates and to top it all pay moronic sums of money for C124PPY plates whilst normal folks laugh their cocks off at their sheer desperation of their dodgy attempts to impress.

A prime and somewhat desperate example displayed on a typical Chav chariot.

Edited by av185 on Monday 25th October 19:50

I’m so friggin’ embarrassed by that car that I went into private mode to google ‘Range Rover evoque convertible’. Butt-ugly.

[glazbagun]

Randy Winkman said:

I fear I'm entering a place where I don't really want to be by saying that the trouble with the world "nowadays" is that too many people are buying "things" for millions of pounds simply because they think they are going to be worth more millions of pounds tomorrow. That's why they will pay £10m for a Van Gogh or £5m for a Ferrari. They don't actually want to own either it's because they think it will be worth more in a year's time. Very sad if you want to actually enjoy having a Van Gogh or Ferrari.

Or a roof over your head in your hometown! That too has happened before though if you google Tulip Mania. Many of these people didn't really really want tulips, they were just speculating.

[ntiz]

The problem with value is that it can be hard to understand if it’s not your bag.

Art and wine make absolutely no sense to me. Especially wine that is traded based on how good it is but has such huge worth no one will ever drink it. Complete lunacy. But to someone out there it makes sense.

For example get pic of something like an Emira and F1. Tell your wife the Emira is 80k brand new and the F1 is 20 years old which will set you back 18 million quid. Now explain why without sounding like a complete mentalist.

Just because we don’t get it doesn’t mean there isn’t a group deeply passionate about it willing to spend their last penny to have the dream painting, wine, stamp etc.

I agree that there is also a group of wealthy individuals who don’t give a toss just buying stuff to sell again when it suits. Which to me ends up with the weird situation of time capsule cars that can’t ever be driven for fear of losing value. Even though the usual reason to want a low mileage example of a car is to know it’s fresh for driving and won’t cause any problems.