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Permalink Reply by sling on April 14, 2016 at 10:14am

good points. This crazy clothing market has been going on for awhile-a Madonna movie jacket went for huge money awhile back

The Madonna jacket, the Harrison  ford jacket, are likely .

going to people who this type of money is lunch money, don,t care about future value as much as wearing such things to cocktail parties, etc.

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Permalink Reply by KarlKeaton on April 14, 2016 at 10:57am

Whoever bought it was probably rich and seized the chance to be charitable in a high profile way. I doubt they ever saw the jacket as a collector might in terms of value, present or future.

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Permalink Reply by sling on April 14, 2016 at 1:41pm

note that todays economy and valuations are far removed from commodities and valuation is often based future perception of cash flow, rarity, etc.  If it is Einstein signature or someone like that it will hold value based on perception of his place n history.

Up til 20th century, gold had now commercial value but is was perceived as rare and valuable anywhere in the world. Like autograph values, gold value was in perception rather than a real industrial value

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Permalink Reply by KarlKeaton on April 14, 2016 at 2:43pm

I think that's true of any commodity Sling, something's value is always based upon what others are willing to pay for it and there can be many reasons why something might have value to somebody. In the case of gold, here in the UK the Celtic warriors over 2000 years accepted accepted a single gold stater coin as payment for risking their lives in a military campaign. I used to own one and they're quite small so gold did have real value long before the 20th century.

I do get Dan's point as well, the headlines attract attention and inflates people's opinions on what things are worth. However I believe that unless their is a genuine increase in demand any "roads show mentality" driven spikes in the price will soon settle down.

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Permalink Reply by sling on April 14, 2016 at 7:58pm

Some commodities have inherent value, like Corn, grain, fish, lumber--things that might keep you alive.  Gold's value much more perceptive value related to rarity and crossborder reckonition. But its value was long aqo eclipse by pieces of paper with writing on it.

Do some people bid more than others on things,, perhaps  foolishly? Yeah, but that is not a solid predictor of future value growth because other wealthy people of same generation may notice and say, gee i would like that too... I mean in the fine art world, initial stupidity bof high bides, has lead to real growth markets. Andy Warhol anyone?

But there is no disagreement on most foolish bids lend credence to a falwse market value

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Permalink Reply by automan on April 14, 2016 at 3:33pm

only worth what somebody is willing to pay,and this one they were willing to pay

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