Justin Gignac is an “artist” who takes the garbage of NYC, packages it, and sells it at $50 for a regular edition and $100 for a limited edition. The project, he says, evolved out of an argument over the importance of packaging and the consumer mind. To date, he says that he has sold hundreds of his cubes.
It’s a total shtick, but what is most interesting is how he has harnessed behavioral economics and marketing in this project. When he started selling the cubes he priced them at $10, he was getting tired of the project and decided to bump it up to $25 on the theory that sales would decrease.
They did not. He bumped them to $50, and even $100 and they still sold, and continue to sell. Brand the garbage as art, make the product rare with “limited editions”, raise the price on garbage, and it becomes more valuable garbage. This shows that value is a more flexible concept than we sometimes assume. Even when the thing being valued is, pure garbage. This reinforces that people will buy anything.