Pricing fine art might seem like a preoccupation of the wealthy few, but it’s of interest to economists, who see it as a way to test fundamental questions about value. As Mugrabi points out, the market behaves in unusual ways: Demand for an artist’s work tends to rise as prices do, because the more expensive it becomes, the more status it confers. And while value is usually a function of scarcity, the opposite can be true for artists—some great ones, like Warhol and Picasso, left behind a prolific body of work. The most unpredictable thing about art’s valuation, though, is that it’s entirely in the eye of the beholder.
We will never know exactly who first figured out that using a Polaroid camera meant whatever happened in front of the lens never needed to be seen by a lab technician.
Fender, too, has had to contend with changing tastes and markets. Once it looked like the Pan Am of guitars, a storied name that might simply vanish.
Bloggers often act alone, or in small teams, meaning that content decisions and business decisions are often made by the same people and true ‘church and state’ separation can be impractical to implement. Nonetheless, bloggers should strive to be more transparent and clearly distinguish between editorial and advertising.
The idea here is that two escapements working in conjunction would provide chronometric performances equal to a fine tourbillon. The interesting part about this watch is not only are there two seconds displays on the dial side, one for each of the escapements, but there is actually a third seconds display, which shows the average of the two.