What happened here? (1936 Luger)

[DonVoigt]

Alvin,
I don't believe you have the meaning "intrinsic" value sorted out.

Intrinsic: inherent, essential, innate, belonging to itself - per Webster.

Objects have an intrinsic value of the material and labor involved to make them, no more.

A luger made of silver or gold would have a higher intrinsic value than one of steel, or wood- due only to the recognized market value of one material vs. the other.

Though one could argue that as a tool, the luger would have the equivalent value of a Glock, or more or less $400- as they would each do the same job with more or less the same efficiency.

Thus all lugers(and most 9mm pistols) would have a similar intrinsic value; but a different "subjective" or "market" value.

The "value" achieved at auction is the "subjective" value; the specific value perceived by the one person who finally bought it; and totally unrelated to the intrinsic value of the luger.

English is a wonderful language.