Originally Posted by
CV-6
It is not what it is worth to you, but to an interested party. Clearly if you are answering $3.50 or zilch, you are not an interested party. Your reasoning would say, for example, that the Mona Lisa is worthless because you have no interest in it.
I believe what is trying to be established is akin to a NADA value for cars. Valuation should be based on actual sales over a period of time. Not what one individual is willing to pay. Those valuations can and do get skewed by highs and lows, but over time, they prove pretty accurate.
And I told myself I was going to avoid this forum.
So, my opinion means nothing unless I want to buy it? As regard to the Mona Lisa or anything else that is for sale through an auction. the highest bidder buys it. That is because that buyer has determined it is worth more than anyone else thought it was worth. Are the others wrong? Is the buyer wrong? The others have decided it was not worth that much. It doesn't only happen in auctions. Have you gone through a grocery store and see something that looked good but decided not to buy it because it was more than you thought it was worth?
NADA? that is also a worthless piece of paper. Go into a dealership and say, "well NADA, Blue Book says it is worth X amount. Sell it to me for that." They will say, no, we want," X + 1000". Worth is an individual concept. Saying that only people that want to buy it should respond is nonsense, since this can be proven every minute on ebay since someone else is always willing to pay more. Even if I want the object, that doesn't mean it is worth the same to me as it does to others. Again, this have been proven through eBay since I have been out bid on some objects. I have also won some objects. Meaning that object was worth more to me that anyone else at that time.
Any object is worth what it is worth to the seller and the buyer. And that is all.