Back in October, I blogged about the We Buy White Albums project (where artist Rutherford Chang opened a retail outlet that stocked only the Beatles’ White Album)

He’s taken a precious object that is also a ubiquitous commodity and created a very traditional experience that highlights both aspects. As archaic as the original object is, it has managed to hold onto a good chunk of it’s (non-monetary) value over the decades. It’s a somewhat retro-futurist idea, that we have retail set up to deal with one item and one item only, decades later.

The combination of art/music/commerce/context/ubiquity gets a totally different spin (oh yes I did) with the Wu-Tang Clan’s plan to sell just one copy of their new album.

The Wu-Tang Clan has decided to release an album specifically to be a rarity. Only one copy of “The Wu – Once Upon a Time in Shaolin” – a 31-track double album that the band has worked on quietly for the last six years – will be pressed. It will be “available for purchase and ownership by one individual only.” The plan is for the album to first make a tour of festivals, museums and galleries and tickets would probably sell for $30 to $50.

A report from a University of Guelph study explains that

People are more likely to spend dirty, crumpled currency and hold on to new bills. [But] in social situations, people reach for new bills even when they have older higher-denomination currency on hand.

Researcher Theodore Noseworthy explains

We tend to regard currency as a means to consumption and not a product itself. It should not matter if it’s dirty or worn because it has the same value regardless. But money is a vehicle for social utility, and it’s subject to the same inferences and biases as the products it can buy.

This suggests some design opportunities for digital money. I recently tried Square’s new service that lets you email cash to anyone (US only). The user experience was so minimalist and utterly delightful – and such a change from the dirge of PayPal (even without the frequent frustrations). If I’m sending someone an experience as part of sending them money, the quality of that experience may be something to consider (also, it’s free; also it’s a good experience for me as the sender).

• 'Magic Fingers Vibrating Bed' inventor dies at 92 – The inventor of the "Magic Fingers Vibrating Bed," which brought weary travelers 15 minutes of "tingling relaxation and ease" for a quarter in hotel rooms across America during its heyday as a pop culture icon in the 1960s and '70s, has died.
• Vending machines for Gold? – While it's just a plan at this point, it seems that the idea is more about disruption and promotion than simply "vending."
• Let’s Embrace Open-Mindedness – My article published at Johnny Holland, considering the challenges in living up to the standard we set for ourselves. And there's a story about cheese, too!
• Why some cultural products and styles die out faster than others – To investigate how cultural tastes change over time, Berger and Le Mens analyzed thousands of baby names from the past 100 years in France and the US. (Because there is less of an influence of technology or advertising on name choice, baby names provide a way to study how adoption depends on primarily internal factors.) The researchers found a consistent symmetry in the rise and fall of individual names; in other words, the longer it took for a name to become popular, the longer it took for the name to fade out of popularity, and thus the more staying power it had compared to names that quickly rose and fell. The effect was robust, occurring in both countries and across various time windows.

  According to the results, the quicker a cultural item rockets to popularity, the quicker it dies. This pattern occurs because people believe that items that are adopted quickly will become fads, leading them to avoid these items, thus causing these items to die out.

  (via Lone Gunman)

• If you choose not to decide, you still have made a choice: the appeal of simplification by choice elimination – At the bottom of the Heaven's Dog cocktail list there's a category called "Freedom from Choice," where you leave it up to the bar staff to decide your drink. Diners choose the spirit they'd like and whether it should be "citrus-driven or spirituous."
• Home + Housewares Show 2009…in Cartoons! – Pithy, brilliant, hilarious. Applies pretty much to every tradeshow I've ever been to.
• Ask Jeremiah: The Comprehensive FAQ Guide to Twitter – It's a great document, but an online FAQ on someone's site is good for the type of user who is going to seek this document out…the mass adoption from Twitter is not going be as well supported by documents like this as it would be through the experience that Twitter itself creates
• Lisa Smith and Caroline Linder at the Home + Housewares Show 2009 – "a maze of the bizarre and the banal, including picture frame air fresheners, pet hair picker-uppers, fingerprintless garbage cans, antibacterial marinaters, high-power vacuum cleaners, automatic hair-cutters, gas-powered blenders, anti-static dusters and instant boot dryers."
  "the spectacle is especially nightmarish; it represents the darker side of our discipline–product design gone wild and unchecked in the marketplace"
  "Who knew that both Miami Vice and the Southwestern pottery craze are preserved within the wide color range of KitchenAid Mixers?"
  "Q: How did you pick these forms? A:Oh, these are historical forms that we made up.""

On a recent trip to Maui, I came across car after car, abandoned and disintegrating, on the sides of the roads.

At what point will these dumped cars become interesting historical artifacts?

How long ago were petroglyphs simply graffiti?

So much about value is a matter of framing. Has there ever been a marketing tactic more transformative than the simple passage of time?

Unsurprisingly to anyone who knows of the early Louis Cheskin work, a recent Stanford study established that the more wine costs, the more people enjoy it, regardless of how it tastes.

Expectations of quality trigger activity in the medial orbitofrontal cortex, the part of the brain that registers pleasure. This happens even though the part of our brain that interprets taste is not affected. While many studies have looked at how marketing affects behavior, this is the first to show that it has a direct effect on the brain.
…
“We have known for a long time that people’s perceptions are affected by marketing, but now we know that the brain itself is modulated by price,” said Baba Shiv, an associate professor at the Stanford Graduate School of Business.

When we worked with a wine brand recently, we sought to understand the complete wine “usage” process, from planning, through shopping, to storage, to opening, to serving and drinking. We looked specifically at people who were interested in lower-priced wines and most of them were limited in their knowledge and/or experience.

In other categories when the customer is new and is presented with enormous product choice (the amount of wine choice dwarfs most other categories I can think of) we might feel sympathetic for the learning/selection/usage learning curve they would face; with wine people spoke very enthusiastically about the journey. Each trial experience involved drinking wine…something they liked to do! A social, tasty, and rewarding experience. Even a wine they “didn’t care for” (the typical critique) wasn’t a failure, because it still carried all the symbolic meaning.

The marketers were hampered by a limiting view of their customers; the market had been sliced into ridiculously narrow price points and this inevtiably drove discussions of people characterized exclusively within those $3 slots (as in, “I’m a $7.99 to $10.99 drinker”). While our client no doubt had cash register data to support their segmentation, it was completely at odds with how people saw themselves. They purchased across a much broader price range, and their primary concern was their own knowledge and accumulated experience. We were given a great opportunity to offer this different view and illustrate some of the unmet opportunities this presented.

The New York Times takes a quick look at how companies manage pricing of equivalent goods and services, and how people perceive value.

Although some people care a great deal about cutting-edge hardware and software, others would happily settle for simpler machines if that meant lower prices. Offering discounts to buyers of traditional white machines enables Apple to expand its market. And this reduces its cost per unit sold, freeing resources to develop even more sophisticated machines.