Dec 7, 2013

Inventory Pricing Has Nothing To Do With ‘Fair Value’

I’m a sucker for a bookstore. I can’t seem to walk past one without going in, and I seldom go in without buying something.

This has been a lifelong affliction of mine. When I was a teenager, my mother once asked me, “Why do you buy more books when you haven’t read all the ones you’ve got?”

To which I replied, “What’s the point in having a library full of books that I’ve already read?”

Occasionally I read a book that’s a real game-changer for me; a book that rings so true it forever changes the way I think about a particular subject. I’ve recently read such a book, and I enthusiastically recommend it to my friends and colleagues in the antiques business. It’s titled, “Priceless: The Myth of Fair Value (and How to Take Advantage of It)” by William Poundstone. This book should be required reading for anyone who intends to buy or sell anything. Read More

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