Some kind of bias.
I was recently looking at purchasing some second hand equipment and one seller became offended by what he perceived to be a low-ball offer on my part. When he pointed out that my offer was less than 10% of the new value and while his equipment was used, it did all the things the new machines did.
I thought of my 1980 one ton GMC pickup truck….
I wonder if I could use the same rationale as this seller. I could sell my 30 year old, clapped-out pickup truck and expect top dollar because it does the same things that this years model does.
It’s amazing what value people will place on things that have no apparent basis in reality. I think that it’s either and attempt to build themselves up by placing an arbitrary high value on their possessions the high value is a manifestation of the owner’s egotism. That’s my professional opinion; my profession being welding.
I ran into this syndrome with an old landlord of mine who was storing some large fir timbers he pulled out of an old factory he owned. He asked if I wanted to buy them and what I thought a fair price was. I said they were improperly stored and were too weathered and rotten in spots to be used for anything structural. He suggest I resaw them but I told him my honest opinion: The checks in them were so deep and numerous that their main value was as fuel. I said that I might mill them but with the small amount of usable lumber I anticipated getting, he’d need to give it to me for free in order to be worth my while. He declined and said I’d be sorry when somebody else bought them and made some fast money; last time I checked, those timbers are still rotting behind his warehouse.