[Lordstan]

Mike,
I think the differences you point out all still go back to the same points that have been made. Now, the specific reasons to what happened in individual auctions may vary.
1)High Quality - His Thorpe is a nicer image. Looking at camera and smiling with more flattering lighting. I think the ink mark makes only a little bit of difference.
2)Presentation - The Tribune auctions are very utilitarian without flattering descriptions.
3)Clientele/Morass of crap - Many will not put out the time and energy needed to weed through the tens of thousands of items on ebay to find bargains. A group of his buyers are those who only care about wanting the best quality item. Whether it is a bargain or market value isn't the main issue. I would think that there are a few items out there, for each of us, that would fall into the "gotta have it no matter what" category or at least ALMOST no matter what.
4)Reputation - People expect to pay more to win an auction from Henry.

I decided to add one more that hasn't been mentioned. After thinking about it, I think the lack of a buyers premium may make a significant difference as compared to other big auctions.
I know it's always something that gives me a little pause when looking at the Hunt's/REA/Heritage types that after I bid and win, I'll be paying an extra 15-20%. I know I can calculate it ahead of time and bid accordingly, but it just doesn't feel the same to me. I just wonder if the psychology is such that if a buyers knows that the final price is the final price, will they feel a certain freedom to bid more aggressively.

Morass of crap example
Lets say you want to buy a vintage Gehrig card. You're not a hard core collector, so you have no set card in mind. You'd just like to see what's available.
Search Lou Gehrig - 6115 listings.
Refinement 1 - category BB cards - 2931
Refinement 2 - Years 1922-1950 - 276
Refinement 3 - Era Pre WW2 - 262
Refinement 4 - "original" - 135
Refinement 4 - Product "single" - 105
Of those remaining, only 59 are actually original Gehrig cards from 1922-1950, and that number includes approx 15 exhibits and Wheaties panels.

We have an advantage. Most of us on this board know, after years of using and learning how to manipulate the searches on ebay, ways to cut down the time needed to find what we want. Most others do not.

Despite the fact that I do spend a little with Henry each auction, like many here, I will continue to sift through the morass of crap to find those diamonds in the rough as well.

Keep those winnings coming.