To add to this. Most view Art markets as an anomaly, & other markets (bonds, stocks, commodities) as “real”.
Yet it is the opposite— Art markets are the purest, the rest limited version, & what they show is valuation is at its core about the symbolic (or faith)
Yet it is the opposite— Art markets are the purest, the rest limited version, & what they show is valuation is at its core about the symbolic (or faith)
https://twitter.com/chris_arnade/status/1409117397777268738
This doesn’t mean purely symbolic value is a sham. The opposite. It is the core of how we assign value
Think about a baseball “documented to be hit by hank Aaron” as his 714th home run. It is indistinguishable from any other baseball used that year, yet far more valuable
Think about a baseball “documented to be hit by hank Aaron” as his 714th home run. It is indistinguishable from any other baseball used that year, yet far more valuable
That is why when experts say “something is overvalued based on fundamentals” you gotta laugh. They missing the point. There fundamentals is their myth they trying to get established
something can maintain value for a loooooooong time that is purely symbolic.
something can maintain value for a loooooooong time that is purely symbolic.
Crypto is a great example. To me it’s fundamental utility isn’t the point (Beyond allowing it to have gotten enough traction to get broad recognition, partly by the experts).
It’s value is it’s value which is, like art, about the symbolic. That is a compliment, not a put down
It’s value is it’s value which is, like art, about the symbolic. That is a compliment, not a put down
Anyways. Happy 4th weekend. Enjoy both its symbolic value (USA!, bbq, & fireworks) & utilitarian one (bbq, fireworks, no work) 
Ps: if you think the primary value in BBQ-ing is the quality of the food, rather than the company & socializing, than you might be a hard core utilitarian and not understand people
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