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[QUOTE="Cusefan95, post: 5006357, member: 173"]
The Mona Lisa was a terrible example to make your point, in part because you note things are worth what people will pay for it and then picked something which will never, ever be sold.  Plus we have some reason to think it has an high intrinsic value - people typically do something around that painting for political stunts like the protesters who threw pumpkin soup on it last year.  They don’t pick some random painting at a museum in Missouri.

The contemporary art market would have better made your point, since art that millionaires buy constantly goes through busts in value - and some dealers have admitted the entire market is basically legalized fraud.

But if the sports memorabilia market is analogous to  the contemporary art market, that would back up the idea it’s the latest in the line of tulip manias and the current valuations aren’t sustainable.  If you wanted to avoid drawing that conclusion, using the Mona Lisa made sense -  as it will never be sold and so we have no idea what its future value is…but it doesn’t actually make any sense under scrutiny.
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