[pydry]

it's not that either. it's the total value of all transactions.

if you paint a masterpiece worth millions and keep it in your closet it has negligible impact on GDP. only once it is sold does it have an effect.

[stasomatic]

Can you explain more? Isn't it just money changing hands? The millions sat in the buyer's safe, now it's in the artist's safe. Same total, no? Or is it doubled? The artist has millions, and the buyer has millions worth of art. I am dense, if you can't tell.

[stefanfisk]

And on the contrary, there’s this method of increasing GDP.

https://news.ycombinator.com/item?id=37395566

[PaulKeeble]

And if its sold 5 times in the year its 5x the GDP. Of course the value of the painting hasn't changed and their remains only 1.

[sokoloff]

Resales of previously sold (used) goods are not included in GDP.

Services to facilitate selling [auction fees, commissions, shipping, etc.] are new services and so get counted, but the underlying asset's resale is not.