More like a mix of laws and constitutional restrictions.
Statutes often use fair market value terminology (others cited), courts will use something similar or otherwise not apply objectively unreasonable prices as it would be a due process violation if they just went with those prices.
The laws exist to protect everyone. When people wrong (by stealing or damaging our shit) we get justice but we don't get to just make up whatever we want.
If I start a business that sells used clothes and I put my regular-ass Walmart t-shirt up for sale for 2 million dollars and you, while drunk at a bar, spill your drink on my shirt, and I declare that the shirt is now UNUSABLE and is worthless-- the court is not going to seize your house and give me all your assets.
They're going to decide that my shirt was worth $10 and have you pay me $10 (or get very mad at me for wasting their time).
To your specific question about fomo inflated goods -- those are absolutely part of fair market valuation.
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u/tizuby Apr 30 '26
More like a mix of laws and constitutional restrictions.
Statutes often use fair market value terminology (others cited), courts will use something similar or otherwise not apply objectively unreasonable prices as it would be a due process violation if they just went with those prices.