Doesn't this mostly depend on how wealthy one is? If I'm willing to pay $10,000 for something and Bill Gates is willing to pay $10 million, it could be argued its more valuable to me because I'm willing to pay a larger portion of my net worth than Bill Gates is.
I would certainly agree with your comment.
Adam, I think what you're speaking about is fair value. A course is only able to charge what the people are willing to play.
At any rate, this is something that gets tossed around from time to time at my local club, and we're getting some very interesting answers, which is what I was after.
Augusta National is a very special place to many of us, and it was only magnified for me since I had my first visit a few weeks ago. The topic came up again with the group I took.
I must say I'm surprised by the amounts that have been shared. To me, that seems a bit over the top, paying $100,000 for a group and the $1,000,000 donation to play Cypress Point.
Again, I think Doug's right, it may be easier for these genetlemen to pay these prices than it would be for some of us to come up with $ (name the price), but it may not be as meaningful to them as it would be to others.
Scott