Former President Barack Obama is making public speeches again after a three-month hiatus following the end of his second term. The market says that an Obama address is worth $400,000, though as with other assets there should be an active debate over valuation. Let’s get it started.

Two weeks ago Mr. Obama made the first speech of his post-presidency at the University of Chicago and encouraged young people to become active in politics. On Sunday the former commander-in-chief received an award at the John F. Kennedy Presidential...