I’ve been fascinated by the way New York City taxi medallions were valued in the past. They were valued like bonds, fluctuating with the interest rate. The medallion gave the owner the right to drive or rent out the taxi, in other words, generating an average of $50K or so of income where others were blocked from providing personal transport services.
This started to fall apart in 2015 when rideshare became popular in NYC. The medallion price, valued in a stable way for decades, started to fall. For independent medallion owners, this often represented the loss of their largest single investment.