☝️ A type of luxury good for which the demand increases as the price increases
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!
Thank you for sharing 🙏
Art is the perfect Veblen good … in which city was your friends gallery?
Hamburg
So what‘s your takeaway from that?
Value is often subjective.
The concept reminds us to think about what we are actually paying for.
For instance it may be argued that Apple products are Veblen goods in some form.
Similar technical specs (memory, performance, etc) may be bought at lower prices from competitors.
Apple additionally sells “coolness”
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!
Thank you for sharing 🙏
Art is the perfect Veblen good … in which city was your friends gallery?
Hamburg
So what‘s your takeaway from that?
Value is often subjective.
The concept reminds us to think about what we are actually paying for.
For instance it may be argued that Apple products are Veblen goods in some form.
Similar technical specs (memory, performance, etc) may be bought at lower prices from competitors.
Apple additionally sells “coolness”