Posted By:
Hal LewisLeon:
If your fabulous collection of rare cards has a "market value" of $500,000...
and you want to sell them to buy a $500,000 restaurant...
then under your definition, they would draw total bids of $425,000 in a Mastro auction...
because with the 17.5% buyer's commission, the buyers would end up paying Mastro a total of $500,000 to procure the cards.
OK, you can call this "free market valuation" if you want...
but you are still $75,000 SHORT of being able to buy something else that is "worth" $500,000.
That's not an imaginary $75,000. It's real.
That's what I am talking about.
The true "value" of a card to its OWNER and only to its owner.