(1) the exchange values or prices of goods produced in pre-modern or tribal societies for ceremonial purposes or gift exchange;With regard to (2), Marx himself admits this in volume 3 of Capital and states that prices of things which “cannot be reproduced by labour, such as antiques, works of art by certain masters, etc. … may be determined by quite fortuitous combinations of circumstances” (Marx 1991: 772).
(2) non-reproducible commodities, whether antiques, works of art by certain artists or masters, objects or goods signed by famous people sold on markets, letters or writings by famous people, vintage wine, etc.
(3) second-hand goods, and
(4) the prices of financial and real assets bought and sold on secondary asset markets.
As we survey the list, we can see that it removes quite a vast swathe of goods from the purview of the labour theory, but it includes goods of a high economic significance like secondary financial and real assets.
The labour theory of value, then, cannot provide a universal theory of price determination nor explain why businesses earn profits in dealing antiques, works of art, or second hand goods, or why profits occur in businesses dealing in organising or intermediating the purchasing of secondary financial and real assets.
Even worse, Marx distinguished between so-called “productive” and “unproductive” labour and argued that vast sections of what we would now call the service economy do not add surplus value, even though they manifestly do produce profits and satisfy human wants and needs. If profits exist in these sectors but according to Marx they do not produce surplus value, we have yet another gaping hole in Marx’s theory of capitalism.
Marx, Karl. 1991. Capital. A Critique of Political Economy. Volume Three (trans. David Fembach). Penguin Books, London.