Sure but this dynamic is always true for all markets for things. You're just loosely describing a Keynesian beauty contest. At the core there's still someone o

Sure but this dynamic is always true for all markets for things. You're just loosely describing a Keynesian beauty contest. At the core there's still someone or some group of people making some kind of fundamental aesthetic valuation. It's really more the severe lack of liquidity and impossibility of commoditizing of the market that creates the effect you're seeing.