The value of an item is what somebody is willing to pay for it, simple as that. Rarity and utility factor into that somewhat, but demand can come from completely abstract (and potentially bs) factors like 'intrinsic value' or 'collectibility'. I've done some work in the antique toys business, and I've encountered plenty of items that are in good condition, have good build quality, are quite rare and are literally worthless because nobody collects them. If we get stuff like that in an auction lot, it either goes to a charity shop or is left at a car boot sale with a sign saying 'take me'.