Source | Medium
Recapturing the scarcity that used to make art valuable
An older man has a painting he can’t wait to show you. “It’s an original Rothko. You’re going to freak out when you see it. I snagged it for 50 million dollars.”
You arrive at his modern home near the ocean. He rushes to the living room and displays his hands in front of a painting. It’s mostly…red. To you, it mostly looks like a giant canvas painted red. How is this worth 50 million dollars?
The man is smiling, like, pretty cool, right? You smile back, like, sure, man — whatever floats your boat.
People don’t buy things. People buy feelings. Relative status (created by scarcity) is a powerful feeling.