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Re: Fw: Meteorite "worth"


>.....the "price of gold", its "worth" if you will is not so much
>defined by "demand" but by how much it costs to extract-

Everything's worth is determined by supply and demand.  The cost of
production/extraction is simply a key component of "supply".

<<Meteorites, on the other hand are valued differently.  Mostly by rarity,
>and demand.>>

Well, "rarity and demand" is pretty much indistinguishable from "supply and
demand".  Rarity just means the supply is limited.

<<>And "worth" with regards to them is purely subjective-- there is no
>intrinsic value to a meteorite, no matter how rare it is.>>

Actually, I think economic "worth" is completely objective.  Sentimental
or personal "worth" can be subjective.  There is no intrinsic value
to a beanie baby either, but try to tell a collector that they are "worth"
the 20-cents-worth-of-cloth they contain.  To YOU (and to ME, I might add!)
a beanie baby IS only worth the cloth it's made of, but OUR opinion doesn't 
really count as far as the prevailing prices are concerned, does it?  It's 
the people
who actually buy-and-sell who determine worth, not the folks who stand
alongside and offer their subjective opinions.  

<< One thing I can say... If I do not think a meteorite is *worth* what
 >the other dealers are asking, I will lean on my subjective judgement,
 >and not buy it--- even if everyone else is in the "feeding frenzy" mode.

And if the majority of other buyers out there don't buy at the specific 
"asking" price, 
then the meteorite isn't "worth" that price.   But if you are in the 
minority, and
there are plenty of buyers who WILL pay it, then, sorry, but that's the 
meteorite's
price.  You may not LIKE it, you may fervently believe that it's overpriced, 
but
if people pay it, if it's the "going rate", then that's what it's worth.

 
 >If everyone just sat back for a while everytime a new meteorite crops up,
 >then perhaps the true *worth* of that meteorite will be better established. 
>>

If a majority of buyers did not buy a new meteorite, the price would plummet.
When/if more of them started to buy it, the price would begin to rise.
If the meteorite became suddenly famous, or if demand became
extremely high, the price would skyrocket.  And at any given moment along the 
way,
the average, prevailing price would be what the meteorite is worth at that 
moment. 

When Nininger was "doing his thing", meteorites could be had for a dollar or
two a pound.   If you were to chart the "worth" of Canyon Diablo from 1900 to 
2000, most every year on your chart, the price would go up.  Can you really 
decide that some arbitrary moment on that chart represents the exact value of 
CD?   
'You mention above the "true worth" of a meteorite.  Could you please tell me 
the "true worth" of Canyon Diablo?  What about 50 years ago? 40? 30?  10?  
There is really only ONE "true worth" for Canyon Diablo, the entire 20th 
century?  

Nobody like paying higher and higher prices for ANYTHING, meteorites, gas,
food, insurance, baseball tickets.  But if people are willing to pay higher 
and higher
prices, sellers are going to charge them.  It's only if people STOP paying 
them, that the prices will drop.  Steve, while I admire your strong stance 
about meteorite prices, if enough people out there are willing to pay 
exorbitant prices, then THEY are determining the "worth" of meteorites, not 
YOU.  Frustrating, maybe, but true.
Gregory



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