Solution 1:

As its " Part of speech" of priceless is ADJ and if you look it up the meaning on dictionary, you will find as follows.

1.) used to describe something with such a high value that its price cannot be calculated, especially because it is rare

2.) extremely funny to see or hear, delightfully amusing, odd, or absurd

If you think about those two meanings, they are, in fact, aspects of the same meaning:

"This painting by Leonardo Da Vinci is priceless." Priceless = of such a high value that it is impossible to put a price upon it (the value of the painting).

"He fell into the mud! You should have seen it! It was priceless." Priceless = of such a high value that it is impossible to put a price upon it (the value of the humour-).