What's it worth?

As the world goes to hell in a handcart, I heard some interesting thoughts on value over the last few days.

The first, talking over dinner about Sydney property prices (hey! don't you?) was that the true value of a house selling at auction wasn't what it sold for but the underbidder's last bid, ie: the next lowest price someone was willing to pay.

Then today, after ACP's follies were splashed all over the pages of the papers (hot off the press, "Zoo, Ralph and FHM possibly similar" shocker), I heard someone muse that magazines like Cosmopolitan and Cloe weren't worth as much as they used to be.

Finally, watching Bloomberg, or Shouting TV as we call it chez nous, one of the more rational commentators hosed down the fires of Wall Street, with a simple one liner that "we're just returning to a world where value is based on saleable assets".

Here's a simple lesson. What it's worth, be it a hotel room, a Porsche or a once famous merchant bank is simply what someone will pay to take it off your hands. Right now.

Sobering thoughts. Undeniable truths.