In 2021, the 17th-century Ecce Homo painting was rediscovered. Initially attributed to Jusepe de Ribera, a second-line painter, it was valued in 1500 euro. However, further research demonstrated it was painted by Caravaggio, subsequently raising a value of 36 million euro. Furthermore, if we dig deep into the object, it is just a piece of canvas and paints that cost less than 100 dollars.  Why such value differences?

Every object and service may have three different values: a material value -the canvas and the paints-, a social value -which explains the difference between Caravaggio’s and Ribera’s painting-, and a personal value. 

Let’s consider a 1$ bill. Its social value is 1$, as we make transactions considering such value for that object. The value is given by some public institutions and international conditions that at the very end are nothing but groups of people. However, what we really hold in our hands is just a piece of paper and ink with a value of a few cents. Let’s imagine the 1$ dollar was given as a present by my father just before he died: then his personal value to me would be infinite. 

Cristiano Ronaldo was a successful Real Madrid player. He was appreciated by the fans (social value) as a consequence of his good performances (material value). However, as he was getting older and his performance was decreasing, he was losing material value and the club decided to sell him before he also lost social -and transfer market- value. It is likely to be a difficult decision for the head staff of the club, who may have developed a personal attachment (personal value). 

Apple began as a small company that produced high quality computers -and later, mobile phones. That material value (high quality computers) evolved into a social value (brand), which made their products more expensive. Other brands like Xiaomi, initially cheap alternatives, are experiencing the same process in the last five years. 

Ultimately, our system of values, that is, how we chose and distribute among social, material, and personal value in our daily life, determine our identities. Consequently, our identity also explains our system of values. I prefer to go hiking in the mountain and having some Spanish soft meal like fried eggs with Spanish ham and bread, while other people prefer going to exclusive social events wearing expensive elitist brands. No one is better here: it is just that the system the values and the identities of persons are different. 

However, analyzing the concept of value and how we distribute its material, social, and personal aspects can help us to design and reach our goals.