Ed Minch wrote,
> A friend of mine - a non-list galoot with a rosewood plow (plough, jeff)
> that I covet - has a theory he calls "the last idiot"
> something is worth what the last idiot will pay for it - I am the last
idiot
> for a whole slew (skew?) of stuff at the bottom of the stairs.

Also known as the 'greater fool'.  Mainstay of the modern art market.

Charlie