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<p>[QUOTE=&quot;IdesOfMarch01, post: 4799122, member: 39084&quot;]I wouldn&#039;t characterize the differences of opinion that are being expressed in this thread as testy, but they <i>are</i> substantive rather than just semantic.&nbsp; For example, I agree with Carausius:</p><p><br /></p><p>and it wouldn&#039;t bother me in the least if Frank Robinson won all 132 lots on which he wanted to bid at the Baldwin&#039;s-St. James auction. </p><p><br /></p><p>Every coin I acquire, whether at an auction or a direct purchase, is subject to my own personal budgetary constraints.&nbsp; At an auction, it doesn&#039;t matter to me whether I&#039;m outbid by a dealer or a collector bidding for his own collection.&nbsp; If a dealer wins it, I certainly won&#039;t be going to him/her to buy it afterward, since I couldn&#039;t justify the hammer price let alone the subsequent dealer markup.&nbsp; So the fact that a dealer, rather than another collector, won the coin makes no difference.</p><p><br /></p><p>I also think that, except for the occasional bidding war and other unusual circumstances, you&#039;ll find more &quot;bargains&quot; at auctions since dealers need to allow room for a retail markup if they win a coin, and it&#039;s more likely than not that their budget for a particular coin is lower than mine.&nbsp; So I personally welcome dealers who are bidding on coins for their inventory at an auction.</p><p><br /></p><p>I sense that part of your perspective might be that, at an auction, a collector <i>might</i> pay a lower hammer price if dealers weren&#039;t bidding for their inventory.&nbsp; It&#039;s not possible to know whether or not this is true, since there isn&#039;t any statistical data that supports or refutes this idea, but logically/inferentially I don&#039;t think collectors would pay lower prices for coins if dealers were banned from bidding on coins for their inventory.[/QUOTE]</p><p><br /></p>

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