Do we pay more for branded products because we love them, or because we love the brand labels?
If Banksy’s latest art ‘auction’ is any indication, we love the labels, not the actual product. The elusive artist sold original works in Central Park for $60 a pop… or at least tried to at least, selling some for just $30. Total estimated value, based on previous sales of similar known Banksy works? Over $220,000. But with the anonymized street sale, with the original arts wedged between prints and other tourist bait, Banksy only made $420.
The value of a branded product is a tricky, tricky thing…
Deep thoughts, I know, from someone who works in advertising.