That doesn’t make logical sense. I was willing to pay $10 and that’s what I spent on it. It doesn’t mean I’d pay $100k for it just because it then becomes valued at that amount, even if I chose not to sell it, because if I had $100k in hand i may not feel that painting is worth that kind of expense and spend it elsewhere. But if I paid $10 for it and it’s now worth $100k, that’s a different equation, because I only actually spent $10 on it. I’m not OUT $100k. I’m out $10 and haven’t REALIZED the gain. The reason for keeping it may very well be emotional - I really like this painting, it was painted by someone I knew, I want the prestige of owning a $100k painting, I have no need for the money, etc etc. There could be many reasons why I don’t sell.
in the examples of the house
Or… they still need a place to live. The house has value - monetary value too - beyond its selling price. And to sell and rebuy a new home might cost the owner more than the money they’d get from selling.
In your example of the painting, I’d likely sell unless I had an emotional attachment to the painting, because it’s value is so high (or unless I thought the value would continue to rise if I held onto it for longer. Is that after all what we do with stocks? If I bought a stock for $10 and it’s now worth $1000 I might never buy for that amount, but I might hold onto it if market trends tell me it might be worth $10,000 in 10 years.)
But with DVC, I’m not selling because there are other monetary value equations here at play, including the initial cost that I’m out that may be significantly less than the current value, not to mention the monetary value I get from using it. If I am still using points, my reason for not selling has nothing to do with current valuation and everything to do with the value the points give me.