Artwork, Real Estate, Fine Wine, Rare Stamps, Classic Cars. They may seem completely unrelated, but they all have a striking similarity: they increase in value over time. In the following article, we will explore how this occurs.

To understand how this works, we firstly must understand the definition of ‘value’. According to Google, ‘value’ is “the regard that something is held to deserve; the importance, worth, or usefulness of something.” However, if this is true, then why do we pay insatiably large sums of money for something useless; like football shirts, or a 500-year old rug? This is because there is another, more philosophical, mysterious, and complex aspect to value.

There are many possible reasons to why this occurs:

1)    Humans are born to believe that power brings happiness, which is the main goal in life. Therefore, to make ourselves look powerful, rich, and more ‘worthy’, we desire to buy rare objects to distinguish ourselves as unique.

2)    The pride of having ownership of such a valuable object, and the belief to be gaining power through the possession of it gives people happiness, making them result to buying them.

3)    Humans believe that through looking rich and powerful, a larger network and connection with richer and more powerful people starts, letting them utilise this to make more opportunities to grow richer and more powerful.

No matter the reason, it is agreeable that rare objects spark feelings in the human body, making us require them desperately.

The reason that I have described this in detail is because this is a distinct reason why many things increase in value over time. If around 10,000 artifacts were made 1000 years ago, you can almost guarantee that many would break or go missing in the next millennium. As these artifacts are now rarer, they become more desirable and make people pay more money for the ownership of the object.

Our love for scarcely found objects also explains why gold and diamonds are so expensive. Whilst they each have the following qualities of not rusting, and being virtually unbreakable, they are found in low quantities. In other words, a substance can be valuable, should it be useful, rare, or both of the aspects.

We have touched on how value increases by time through scarcity and convenience, but there are multiple other factors that can change artifacts’ value over the years.

The history of an object also affects its long-term value. For example, a source from the Dark Ages, an era we know next to nothing about, would now be invaluable, as it could give the world precious information and knowledge about the past, broadening perspectives and ultimately enabling us to make decisions with more insight and a bigger picture in mind.

The history an object contains, can also create more value, even if it has no use in being studied, especially if it was made by an influential individual. The sentiments that it gives you also makes you feel more entitled to hold on to it, or only release it for a higher price. Objects in people’s family history are also examples of what I have mentioned. For instance, a war medal which was earned many generations back in your family, may increase in value over time for the future generation, as it would be a way to remember your ancestors, and the major events which defined the family’s history.

Yet another point to mention is how this can also work on people. As you get older, do you become more valuable to the people around you? Possibly… because, as we age, the memories, wisdom, and experiences which we have gone through can be shared to future generations, shaping the upcoming world for the better.

While some people may argue that the old is worthless, I believe this is not the case. My article aims to state and provide reasons why the value of substances, objects and people can increase over time, which is my creative take on the well-known proverb of  ‘Old is Gold’.