Posted by Jay Liedman on February 13, 2018 at 07:12:28 from (184.60.51.222):
In Reply to: Craigslist Sellers posted by Ultradog MN on February 12, 2018 at 17:40:53:
There is a human tendency to over-value our stuff. In most instances we would not own an item unless we valued it, probably more than the average person in the population. I really like auction sales as a means of determining the value of something. While there can of course be flukes in sales results, when someone buys something at an auction, you know there was at least one other person (i.e. the back up bidder) that thought the item was worth nearly as much as you did. I used to do some work where we had to estimate the value of a person's property. The owners almost always were too optimistic about the value of their property. I used to tell clients that there is a difference between "market value" and what they might personally value an item at. "Market Value" is what someone else would likely pay them for an item at an auction.
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