Do we need to know the brand to value its products?
Banksy set up a stall in Central Park and tried selling his signed artwork for $60. His pieces can fetch tens of thousands of dollars but on that day he only earned $420 for 8 pieces.
So what happened?
Was the issue that the people who walked by his art didn’t have a appreciation for art and could therefore not see the steal that was in front of them.
Do people need to know the brand (artist) before they can value the product (art piece).
I believe it’s the latter is often true. Yes, we can probably tell bad quality from good quality. But in today’s world. What is quality or value? We are constantly changing the metrics making it challenging for the consumer without domain expertise to perceive quality.
What do you think?