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Sabine's avatar

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!

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Happy Habits's avatar

Thank you for sharing 🙏

Art is the perfect Veblen good … in which city was your friends gallery?

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Sabine's avatar

Hamburg

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Marcel's avatar

So what‘s your takeaway from that?

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Happy Habits's avatar

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”

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