4 ms·

Because someone is willing to pay them one. Value is between buyer and seller. It's not for an onlooker to say which value is "real" and which is not.

kqr 4y ago
But why is someone willing to pay them? Because luxury watches are a status item. Why are they a status item? Because enough people believe them to be one. So value (in this sense) is not really between buyer and seller at all, but a common agreement between a large enough number of people. What OP in this discussion did was shine a spotlight on that fact, maybe in the hopes of getting at least one person to change what they think is valuable, to ultimately help society redirect money to more needed things.
- Mikeb85 4y ago
  > Because luxury watches are a status item. Rolexes are a status item. They're cheap in the world of watches. Many brands you've never heard of command far higher prices. The value is in the fact someone who studied horology their whole life devoted a certain amount of hours and effort into creating something. People who love watches love the craftsmanship.
  - kqr 4y ago
    Sure, but this sidetrack were started from the fact that there are many hobbies where people devote hours of craftsmanship and effort into creating something that's not considered nearly as valuable. So "hours of craftsmanship and effort" is not what makes something valuable. It takes something else -- in this case that it's a status symbol. A long time ago it would have been certain tulips. Now it's watches.
    - Mikeb85 4y ago
      It's demand that makes it valuable. And it's demanded because some people appreciate it. That's it. If people want it, it has value. Period.
      - kqr 4y ago
        No, but it's different. Wheat has value because people want it. Regular watches have value because people want them. Luxury watches have value because other people want them. Owning an actual luxury item is pointless if there's nobody to brag about it to.

kqr 4y ago

But why is someone willing to pay them? Because luxury watches are a status item. Why are they a status item? Because enough people believe them to be one. So value (in this sense) is not really between buyer and seller at all, but a common agreement between a large enough number of people. What OP in this discussion did was shine a spotlight on that fact, maybe in the hopes of getting at least one person to change what they think is valuable, to ultimately help society redirect money to more needed things.

Mikeb85 4y ago
> Because luxury watches are a status item. Rolexes are a status item. They're cheap in the world of watches. Many brands you've never heard of command far higher prices. The value is in the fact someone who studied horology their whole life devoted a certain amount of hours and effort into creating something. People who love watches love the craftsmanship.
- kqr 4y ago
  Sure, but this sidetrack were started from the fact that there are many hobbies where people devote hours of craftsmanship and effort into creating something that's not considered nearly as valuable. So "hours of craftsmanship and effort" is not what makes something valuable. It takes something else -- in this case that it's a status symbol. A long time ago it would have been certain tulips. Now it's watches.
  - Mikeb85 4y ago
    It's demand that makes it valuable. And it's demanded because some people appreciate it. That's it. If people want it, it has value. Period.
    - kqr 4y ago
      No, but it's different. Wheat has value because people want it. Regular watches have value because people want them. Luxury watches have value because other people want them. Owning an actual luxury item is pointless if there's nobody to brag about it to.