What could your time be worth?
Many of us own a watch or two. They may range in price anywhere from $10 to $500, well at least for us college students. In a report recently released by Msn.com, watch prices on select makes and models are skyrocketing. The Martin Braun Eos model, which made its debut in 2000, sells for approximately $36,000, and the value of the watch is continuing to increase. Many watch connoisseurs are likely to spend anywhere upwards of $3000 to $500,000 for a watch. An antique model of a Patek watch recently pulled in more then four million dollars at an auction. Four million dollars for a watch! To some, wearing a nice shinny watch is a statement of ones class, but are watches really that important of a measure of ones class that they may pay into the hundreds of thousands of dollars for it?
5 comments:
For some people they might feel that they have to buy the best quality/name brand items to fit in. They may feel that, that is a way to express themselfs and show how which econimic class they are in. My opinion I would just buy a watch from Target for $10, I think they work the best.
These watches seem to be very inelastic. Even though people dont "need" these watches to survive, they still insist on purchasing them at unreasonably high prices. This seems odd to me that these watches are so inelastic because to me, a watch is not a necessity.
I do not understand why people will want to perchase expensive watches, and I do not think expensive means high quality or valuable. There are lots of people that would like to pursuit the "high level" life and "brand", so they always buy expensive stuff an, but sometime they do not have a reason why they bought them. I think it is ridiculous to buy a really expensive watch, instead of this, they can perchase goods that worthy and valuable or even donate their money.
Although I will never buy a watch for more than a hundred dollars, or should I say I even don’t wear a watch for almost ten years, I can understand some “crazy” people who are willing to pay hundreds of thousands of dollars just for a watch. As we know, different person has different marginal benefits. It’s just like say to Mike, he would pay fifty bucks to see a live basketball game, but to Jill, she won’t go to the game even if it’s total free.
Of course watches are important enough to pay hundreds of thousands of dollars for. Why do you think people put diamonds in their mouths. It's kind of a "Look how rich I am thing." Trying looking into the market of purses. It's the same thing. I'm so rich I'm going to be a 500,000 dollar purse that nobody else has. Why? One reason is because you can. I can blow 500,000 on a purse so I'm going to. Why be rich if you can't individualize it. If everything was one price, and it was the same shape in size. It would make our economy pointless. If you're a seller who is selling watches for 500,000 dollars a pop why wouldn't you? At least if you lost it someone would get a nice watch and you would get some insurance money.
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