A superman comic for a million dollars. Wow. That's a lot of money!!! The name of this comic book: Action Comics#1.
Well, now we know how scarcity plays into the system. But seriously, a million dollars...even though scarcity helps explain the price of the comic book, I think it's still out of whack. Buy a house for crying out loud and help the housing market. Buy a car, clothes, or food.
People spend waaaay too much money on wants/luxuries. Here is a look at the American Life people.
Thursday, February 25, 2010
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5 comments:
HMMMM... this is quitee interesting.. i mean, i would i understand if a person is willing to spend extra money for a comic book because of his or her interest, BUT $1 million dollars?? now that seems like a waste to me...
HAHAHAHAHAHA!!!!! if i had a million dollars i would sooooooo not get the commic book i would buy like shoes!!!!! but there are some billionares who are lets just say geeky and they love commic books and will buy this. And as people know any thing of high value will go up in value over time.
I agree with Amreet that people do spend money frivolously but the person who bought the comic is no doubt a successful person who has money to burn. When you become a multi- millionaire you not only help the housing market many times over, but you also stimulate the economy by spending money on luxuries such as rare comic books, vintage rolex's, rare wines, expensive bugati's, or essentially any unnecessary item that is bought regardless just because those people have a taste for the finest items. If I won the lottery or became some fabulously rich businessman, I know I'd drop some serious money on things that are quite unnecessary but then again everyone does that from time to time; the only difference is the price range of the frivolous spending.
I agree that spending $1 million on a comic book is quite crazy, but as Seth said, people buying this probably aren't stupid or desperate. They probably have money to waste (or maybe, there is some great value to this comic book that exceeds the monetary value). Also, according to the article, people are nervous about the housing market (houses are usually people's largest assets) being so fickle. However, the article also says that the comic books or other collectibles usually just increase in price, so maybe buying one of these collectibles is to akin to getting a safer asset? People have their reasons.
-Henry Zhang
Kind of building off of what Seth said, what does $1 million mean to a multimillionare? It's a drop in the bucket.
Poor people could just have easily said that it's a waste of money to spend $50 on designer jeans when you could buy a pair for $5.00 at Target. But since people can afford it, it doesn't matter.
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