The value of a Counter-Strike skin is determined by a combination of factors that go beyond simple aesthetics. Understanding these factors is key to appreciating why some skins can be worth hundreds of thousands of dollars.

Rarity and Supply:
The most significant factor is rarity. Skins are typically obtained from weapon cases, and some are much rarer than others. Contraband items, like the M4A4 | Howl, are no longer available in cases, making them exceptionally rare and valuable.

Float Value and Wear:
Every skin has a "float value," a number between 0 and 1 that determines its wear. A lower float value means the skin is in better condition (Factory New), while a higher value means it's more worn (Battle-Scarred). Factory New skins are rarer and therefore more expensive.

Pattern and Finish:
Some skins, like the Case Hardened series, have patterns that vary from one skin to another. A "Blue Gem" pattern, where the majority of the skin is blue, is extremely rare and can increase the value of a skin by thousands of times its normal price.

Stickers and Souvenirs:
The presence of rare stickers, especially those from early tournaments like Katowice 2014, can dramatically increase a skin's value. Souvenir skins, which drop during Major tournaments and bear the signatures of professional players, are also highly sought after.