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<p>[QUOTE=&quot;Ken Dorney, post: 2783050, member: 76086&quot;]Well, the answer is actually complex, and I will only comment a bit (i&#039;m supposed to be working!).&nbsp; Morris may be a good example to use in your post but there are many factors involved.&nbsp; </p><p><br /></p><p>In one case it is cultural.&nbsp; Buy something for $10, offer it for $10,000. If one haggles (as they expect) an actual price may be agreed upon somewhere in between.&nbsp; But for others haggling is not part of their culture and they may just simply pay the asking price.&nbsp; Se be it.&nbsp; They agreed to the price, so, I suppose that works for both parties.</p><p><br /></p><p>Estimates and starting prices can and are all over the map.&nbsp; Many European auctions open the bidding at full retail and well above.&nbsp; It seems to work for many of them.&nbsp; Others, they start the auction well below retail.</p><p><br /></p><p>Another part is as you pointed out, there are coins which are for any reason whatsoever just ignored.&nbsp; In todays market a dealer (well, usually US dealers) must offer a coin at an absurdly low price just to attract bidding, so low any dealer would buy (and of course they do).&nbsp; But if the stars align, things are just right, lots will go at half or less than honestly they are worth.&nbsp; I am sure most collectors have coins they know they got very cheaply (summer months are the best, and dealers know this).&nbsp; These profit bearing lots are less than 5% of all offered (some would say far less), so it takes a lot of experience, knowledge and pure luck to get them</p><p><br /></p><p>Often times group lots are where dealers make their money.&nbsp; Sure, one collector may wish to own one example of &quot;X&quot;, and it appears in a large lot in auction.&nbsp; But they may not wish to spend $5,000 to get ALL of them (and they only want one).&nbsp; Perhaps the buyer gets the lot at say $50 per coin, but offer them at $100 retail?&nbsp; Is that not kosher?&nbsp; There are money fees, transfer, shipping, buyers premium (and no, dealers do <i>NOT</i> get any discount on any fee at all, I can tell you from experience.&nbsp; But consignors can, and that is another discussion entirely).&nbsp; </p><p><br /></p><p>Also, group lots can be simply a gamble.&nbsp; Often what you get is just not what you thought you would from the photo (much more common now that major auction houses say &#039;lot of 100&#039; but only illustrate 5 of them).&nbsp; I bought many groups last years in which I lost 75% on.&nbsp; Sure, two or three sold for 5 times what I paid, the rest just a few dollars.&nbsp; Again, it is a gamble.&nbsp; And one that is not for everyone.</p><p><br /></p><p>Bottom line, its not easy being a dealer.&nbsp; Never has been, and is much harder now than 30 years ago.</p><p><br /></p><p>So, I love the discussion.&nbsp; Keep it coming and I will comment from both a dealers and collectors perspective.[/QUOTE]</p><p><br /></p>

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