Veblin Goods
☝️ A type of luxury good for which the demand increases as the price increases
We often attach value to things simply because they're hard to get.
People will be more attracted to $3 million painting than a $3 painting.
The price becomes a feature of the product. It allows the buyer to signal affluence to others.
can verify that: a friend of mine had an art exhibition many years ago and his gallery did not sell much. One year later, same exhibition, same gallery, same artist but prices way higher. Resulting in all pictures sold!
So what‘s your takeaway from that?