As far as documented value, I can create a price tag on the lamp for 100 million, then that’s the latest “documented value”. Only problem is buyers aren’t going to trade with me. They’ll just move down the order book to someone offering a lower price. Go look at an order book and you’ll see a zillion sell orders at stupidly huge prices, and a zillion buy orders at stupidly low ones, and they never clear... they just sit there on the book. But when we talk about price we talk about where it’s trading now. Value is subjective to each player in the market... price is a function of market forces (supply & demand)

As far as documented value, I can create a price tag on the lamp for 100 million, then that’s the latest “documented value”. Only problem is buyers aren’t going to trade with me. They’ll just move down the order book to someone offering a lower price.

Go look at an order book and you’ll see a zillion sell orders at stupidly huge prices, and a zillion buy orders at stupidly low ones, and they never clear... they just sit there on the book.

But when we talk about price we talk about where it’s trading now. Value is subjective to each player in the market... price is a function of market forces