Internal Reference Price

I have this beautiful piece of artwork hanging in my room that is a scene of trees with various colors, including: red, orange, green, yellow, and brown. I absolutely love this painting because it is so large and it fits with the color scheme of my room. Plus, for some reason, it gives my room a completed feel.

I enjoy this painting so much, however, I want to explain my decision making process, as a consumer, in order to discuss how I came to paying $98.00 for a piece of artwork. As anyone would know, living on a college student budget does not exactly allow for these large expenditures.

When I was reading in the textbook about internal reference price, a lightbulb lit up. I understand exactly how I reasoned myself into making a semi-large purchase on something that I probably should not have purchased.

The short version of my decision making process:
1. This is a very beautiful painting.
2. It is expensive, however, all other pieces that I have seen in this magnitude are far more expensive than $98.00.
3. Will it fit in my truck?

As you could have already understood, I bought this painting after all of those tough (and not so tough) decisions. Overall, I think that internal reference price comparisons really help the consumer understand how prices relate to each other, how items relate to each other, and how we are constantly using this tool to make decisions on our purchases.

(Of course I included a picture of the painting, in order to demonstrate the magnitude of the artwork)