Value is a subjective judgement imposed by an owner or a would-be owner upon an item of property. 

No property has any real intrinsic, inherent, or de facto value, although we often say that it has.

What we really mean by "value" is actually something quite personal.  When we express a value preference or designation, we mean that the property in question has value (percieved value) to US.

Others are quite likely to value that same property item quite differently.  This question of value will be examine more fully in a later lesson, as it is an important concept.

At this moment, it is only important for us to show that if an individual does not value a property enough to keep it (value being as he perceives it), he will invariably seek to dispose of it in the most profitable way, or at least in a way that incurs the least costs to himself.

For a relationship of ownership to occur at all, value must be in the picture.

Value is ALWAYS subjective and relative.  That is, we value the item insofar as our own view of the property is concerned - in other words, its "value" is a subjective assessment on our part.  We also might value it relatively - that is, we the value we place upon an item is relative to other things we also value. 

For some time, it was considered true that for an item to exist as a property (to be subject to ownership), it was necessary for two or more people to consider it to be of value.

While this may be a statement regarding the marketability of a property (and most properties are marketable if the price is right and the right buyer is found), marketability is not a condition of ownership.

All that is really necessary for an item to be a property as far as value is concerned, is for ONE person to value it.  Other people may consider this sense of value to be "sentimental", or "eccentric".