The value we attribute to significant objects

In 2009, Rob Walker and Joshua Glenn bought 100 worthless items from thrift shops and garage sales, then paired each item with 100 creative writers. The writers were asked to write a fictional story for their allotted item. From an initial spend of $128.74, the items were subsequently resold on eBay for $3,612.51.

A Utah snow globe that was bought for $0.99 was sold for $59; a shot glass was sold for $76; and paperweight that was initial bought for $1.49 was sold for $197.50 based on a handwritten note attached to the object. Walker and Glenn wanted to show that emotion is a powerful driver of value, and that it could be measured objectively. It is important that this was not an attempt to deceive potential buyers, because each item was listed with a prominent note that said ‘the significance of this object has been invented’.

In this experiment, the story behind the story contributed to the value of the item; moreover, people liked sharing their story about participating in the project.

The human brain is wired for storytelling

Even human memory is said to be story-based, more so when the story has an emotional content. In fact, our brains may even like stories because it helps to cut through all the overwhelming information overload we are subjected to on a daily basis. When the story is emotionally charged, our brain releases dopamine, which makes it even easier to remember a story in great detail.

Stories are how we explain, how we teach, how we entertain ourselves, and how we often do all three at once. They are the juncture where facts and feelings meet. And for those reasons, they are central to civilisation — in fact, civilisation takes form in our minds as a series of narratives.

R. Fulford, The triumph of narrative: Storytelling in the age of mass culture, 1999. Anansi Press, Toronto.