Let’s Talk Value

“I got such a great deal on that buffet table!” I had just boasted about this the other day. Why do we value such a great deal? Is it actually about the item we purchased or just the hunt for a bargain that leaves us feeling accomplished? If an item holds value we expect it to be an investment. Some of your valuables could be your real property, personal property and memories. An antique tea pot that your grandmother left you may not have any monetary value but may hold significant sentimental value from cherished memories with her. While a beautiful ring from your same grandma may not hold sentimental value for you but is valued as a collector’s item. Value can mean different things depending on the person or the item.

Let’s talk about the definition of value. Value is the regard that something is held to deserve; the importance, worth, or usefulness of something. And here we’re not referring to real estate value but specifically personal property value. Personal property value is property that is movable. Examples of this could be a car, furniture, appliances, electronics, clothing, and art.

Some types of personal property depreciate naturally, like cars. Whereas other times property such as jewelry and art sometimes appreciate in value. Personal property value could be viewed under the same umbrella as a secondary market; meaning values change, items trend, and numbers fluctuate.

It is a fluid market because it all can be traced to supply and demand. Currently, antique items are being valued as lower because there isn’t a high demand for them. Millennials generally don’t hold antiques in high regard. You can imagine with low demand from Millennials for antiques but a huge supply of antiques from the Baby Boomers or from their parents, the Greatest Generation, this leaves us in a chasm of a supply and demand catastrophe for some antiques.

Nostalgia can also be another value, having affection for the past or sentimental longing. Oftentimes we can value items solely because of fond memories we have linked with them. In this same way, memorabilia can hold monetary value but also hold sentimental value because it’s linked with your memories or interests that your loved ones enjoyed.

In short, value can take on many meanings, forms, and come down to how much a customer is willing to pay for a product. An item that you have a strong sentimental attachment to may not possess a high monetary value and oftentimes we have to accept that reality. At the end of the day the things that we value can be linked with our memories, and it’s our memories that will forever be cherished.