Ceramic Scraps and Sensory Equity -
Focus: How tactile and visual experience shape perceived value.
Focus: Why we’re willing to pay for things that markets can’t price easily (texture, acoustics, visual warmth).
Sotheby’s auctions houses, overinflation of “art work”, cross-links between overvaluation in art and real estate (take New York for example, reference highest condo purchase ever form Ken griffin), compare to most expensive diamond ever sold, how much did that go for? (I.e MBS purchased most expensive artwork vs most expensive diamond). Broadly, make connections between how tactile and visual experience — that being a distinguishing factor between real estate traded qua asset class vs other asset classes (like bonds and stocks) — leads to (Thesis?) inevitable/eminent overvaluation? So long as there is the human factor here, and real estate continues to live a double life (both as an artwork we can flaunt, unlike a bond which we can’t flaunt, and as a asset/security in financial economy), housing stocks will always overinflate and detach from it’s underlying value / utility.
INSPO ////Every tale of a home purchase in the Americas might have began with the inception of an idea. One of continuity: continuity beyond one’s self, one’s kin, one’s value as an economic output unit. Real estate differs from other assets in that it’s something palpable & concrete — I brush my hand up against the wall to feel the divots in the paint strokes left by my painter Aaron’s brush. Conversely, that experience is lost on one as a bond reaches maturity, or when one’s put price starts edging to it’s strike, or when the value of an insurance policy starts to benefit from volatility in it’s underlying markets. At the same time, one would do well to make no mistake that, functionally, as yet another securitized asset class, it behaves much like these other entelechies do. With the caveat that you can have Aaron paint it, from time to time — he’s expensive. Enter here the human factor
Somebody might protest, and say that the real kindling occurred when our forbearers lightened up to the notion of personal ownership, of fragmenting aspects of space and time and began assigning them to each other with a store hold. Capital. Other’s might say “do not complicate things, we all need shelter, and some of us are artsy and want onyx in the kitchen to glass with the Mele”, and “coffered ceilings do tend to add more volume to spaces, so we best chat with the builder before it’s too late”.
