Originally Posted by JustJames
Prices don't go up because the seller jacks the price up.
Prices go up because there are buyers who are prepared to pay higher prices.
In the case of sought after vintage items (cars, wine, guitars, whatever) it's because the vintage version has some attribute(s) that the newly made version doesn't have.
I can't argue with that logic. But a similar logic could be applied to price gouging in a time of calamity.
I'll clarify that I don't mean the prices go up because the seller jacks up the price. Rather, I meant that the seller jacks up the price because it is "vintage". In a similar fashion to the way prices are jacked up for products because they are "boutique".
A thing can only be worth as much as someone is willing to pay for it, right? But some things are only worth so much in absolute terms. There are plenty of examples of sellers quoting ridiculous prices and as many examples of buyers quoting paying ridiculous sums.
If no one is willing to pay a high price for my goods, that does not mean the goods are only worth that much. Look at the dotcom bubble burst. People put all their money into worthless stocks. Were the stocks actually worth what people paid for them? No, even if that was the price the stock was being traded for.