You are correct, but only in theory: this requires the precondition that people are rational economic actors.
In practice, people are weird, and the scarcity of supply creates a demand.
There is therefore a weird feedback loop between the supply and the demand, and scarcity alone is enough to create "value".
Examples:
- Beanie babies
- Magic the gathering cards
- Pokemon cards
- Baseball cards
- DaVinci paintings (where anyone can have an 8k x 8k exact reproduction, but the original is worth a fortune)
- etc...
You are correct, but only in theory: this requires the precondition that people are rational economic actors.
In practice, people are weird, and the scarcity of supply creates a demand.
There is therefore a weird feedback loop between the supply and the demand, and scarcity alone is enough to create "value".
Examples: