It's incredibly random in football when it comes to assigning value to players, at least in Europe.
Take the example of James Rodríguez[1], a young Colombian player. His "value" suddenly skyrocketed[2] when he scored this wonder goal[3] in the 2014 World cup. Next thing, Real Madrid snapped him up for €80million, the decision at least partially influenced by Real's "Galaticos"[4] transfer policy, and the fact that Real can increase their commercial influence in a Spanish speaking country because Rodríguez is Colombian.
Other factors that influence a players value:
- time left on contract (longer time means more money)
- "marketability" e.g. player's ability to sell lots of club merchandise, and improve the club's brand
- perceived desperation of the buying/selling club (do they have a desperate need for a top class striker to make up for a lack of goals?)
- if there is a bidding war between clubs (e.g. young French striker Antony Martial was subject to a bidding war between Manchester United and Chelsea, dramatically driving up his value.)
- perceived transfer war chest of the buying club
- player's age
- if the player came off the back of a successful international tournament, which dramatically (sometimes artificially) showcases their skill. Sometimes teams will buy a player ahead of the tournament to prevent a later bidding war.
- skill of the player's agent (e.g. Raheem Sterling to Man City)
- then players skill and so on...
Every deal is a virtual once-off, it's always a bargain in hindsight[5] (whether you pay little or big money or not) and the player exceeds whatever the initial expectations were.
[1] https://en.wikipedia.org/wiki/James_Rodr%C3%ADguez
[2] http://www.transfermarkt.com/james-rodriguez/profil/spieler/...
[3] https://www.youtube.com/watch?v=GESyL3MkgNU
[4] https://en.wikipedia.org/wiki/Gal%C3%A1cticos
[5] http://www.independent.co.uk/sport/football/premier-league/a...