Artist Banksy has been on the radar a lot this week, first with his own personal take on the Simpsons intro and now with his artwork going for a cool $75,000 at a Christie's Post-War and Contemporary Art Day auction.
The money from the Banksy artwork will go to the restoration fund of the Defenestration in San Francisco, and not in my bank account. Sigh.
Implications - Consumers are willing to pay large sums of money for objects which satiate their desire for exclusivity. This desire spawns from the fact that society idealizes individuality, and owning exclusive possessions is a way in which consumers can differentiate themselves from their peers. Corporations can easily satisfy this consumer desire by releasing products in limited numbers while charging customers higher prices.
$75,000 Stop Signs
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