For me, a major issue I have with the "what did you pay for it" element of valuation carries a presupposition that my time is worthless. In other words, if I got a great deal on an item, it is normally in part because of the time I've spent acquiring knowledge, cultivating contacts, bird dogging items, going to auctions, negotiating, etc. There is also the element of risk assumed by putting up the money for items for which there is no guarantee of being able to sell.
I used to tell friends who buy from me what I paid for something. But I do this no more as they would always take that figure and work from there instead of using the market or book value as a basis and then working down. Lesson learned. That said, I do pass on the benefit of a good deal on an acquisition to friends and people who buy from me regularly. But then, I don't buy and sell cards for a living, thankfully.
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