This baseball card just sold for $12.6 million.  One wonders why. It is a piece of cardboard covered in ink on one side, and it was originally sold in a package of bubble gum.  Apparently the buyer values rarity and is willing to pay for it.  It will be interesting when the buyer sells the card in the future if he will get anything near what he paid.  This event is a text book example of value and perception.  If one is willing to pay large sums for an item, it is because he perceives it as worth the cost.  It makes no difference what others might think.  Even if the card is rare and perhaps, one of a kind, the perception of value is hard to understand.  But there is no telling what people think things are worth.  

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