There a basically two concepts of value. Both are correct.
The notion of intrinsic - or inherent value - and that of relational or derived value.
I’ve had a couple of thoughts on intrinsic value in these pages before, but this nugget addresses the relational.
A thing has a relational value when its value depends on having a valuer who places said value upon that thing in relation to something else.
Commercial value, for instance, is subject to markets consisting of both buyers and sellers and therefore is totally relational.
Artistic or aesthetic value is also relational, or derived.
Amongst other factors, the canon of the artist or producer is significant.
Which brings us to this statement from Noel Gallagher as he prepares to release his first set of post-Oasis recordings, and shares with us a nice slice of uncanny Manc wisdom on viewing his new work in context to the Oasis legacy.
"Let's say my career had gone backwards. Let say this new solo album had been my debut, and it was my last two records that sold 20 million copies instead of the first two records.
Had this been the case, all the other albums leading up to those last two would be considered a fucking journey.
They would be perceived as albums that represent the road to greatness.
But just because it started off great doesn't make those other albums any less of a journey.
I'll use an American football analogy since we're in America: Let's say you're behind with two minutes to go and you come back to tie the game.
It almost feels like you've won. Right? But let's say you've been ahead the whole game and you allow the opponent to tie things up in the final two minutes.
Then it feels like you've lost. But the fact of the matter is it's still a fucking tie. The only difference is perception."
Noel Gallagher quote comes from this article by Chuck Klosterman in Grantland.
Recap on Theory of Value
Extra special thanks and finders fee to the legend (and erstwhile Liam Gallagher lookalike sort of) that is Petar Vujosevic aka Niko Herzeg.