Mises Daily
Author:
Yumi Kim
Online Publish Date:
My sister was telling some friends and me that a pencil drawing of a dollar sign by Andy Warhol was in the market for about $18,000. One friend then said, “It is not like there is an inherent value in the work itself as it is a pencil drawing — Warhol needed a pencil and a piece of paper to produce it.” Indeed, the value people attribute to works