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Referring back to the Smith & Belloit definitions, both value in use and 
value in exchange require utility.  Value in exchange also requires 
transferability and scarcity. 
 
I would think both types of value exist beyond subsistence or necessity... 
the barest of utility. Showing off a diamond may be ostentatious or simply 
an appreciation of beauty, as noted.  (In the latter case the gem or a 
Faberge egg or whatever might be locked away in a box to be savored in 
secret only by the owner.)  But these may also be regarded as an investment 
becuase as long as scaricity exists they are likley to retain a value in 
exchange. 
 
True ostentation value might be lighting a cigar with a hundred dollar bill 
(was that the man in the top hat on the Monoploy board or was it attributed 
to some robber baron?).  True "collector" value might be displayed in the 
expensive creation of a folly or expensive acquisition (through search, 
travel, return shipping, whatever) of some personally appealing object that 
may be of no appeal to a market and thus have no value in exchange.  But in 
both cases a particular utility was perceivd by the user. 
 
Scott Cullen 
 
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