How much would you pay for a story? Before you answer, consider the following.
A three foot piece of wood is probably worth about a pound, maybe even less if it’s an old piece of wood. Fashion it into something you can use and the value goes up a bit. I’d imagine you might pay £10 or £20 if that piece of wood was shaped into a Baseball bat. So how come someone paid around £130,000 for a Baseball bat? Well the bat in question was the one used by Babe Ruth to hit the first home run out of Yankee Stadium on April 18th 1923.
Whoever bought that bat didn’t pay for an old piece of wood, nor did they pay for a functioning baseball bat. Almost all of the value was tied up in the story surrounding the bat. The tangible item is no different to thousands of others valued at just a few pounds.
So what can you take away from this? Well if you’re able to tell an interesting story about or around something you’re selling it can have a dramatic effect on value….maybe not quite as dramatic as this, but it’s worth thinking about.