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How come this coin sold for so much?
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<p>[QUOTE="pprp, post: 6782064, member: 94602"]I have been complaining about the overwhelming participation of dealers in auctions over the past 2-3 years and in response I received some rather disapproving comments saying it's their right to do so, they always participated, they are not a threat, you should rethink your bids and the way you evaluate the market and so on. Now that that issue has reached even the lower end of the market, I see other people reacting. Maybe some people had in mind I was complaining because I could not outbid the Frank Robinson type of dealers. Just check the shops of Schmidt and Wadell, to name the most prominent ones. They buy at auctions at already very high prices (even several times the estimate). And then they try to resell at even more extraordinary prices. The majority of coins in their inventory come from auctions and not from private sales. Does anyone wonder why? If one tries to sell directly to them, they will offer a very low price and the seller will of course try an auction. So they prefer to buy more expensively from auctions than offer a fair price at a direct sale. They believe their name guarantees a later resale, whatever extraordinary price they will ask. This is of course a vicious circle and will break only if people stop buying at these prices and they get stuck with an inventory full of unwanted coins.[/QUOTE]</p><p><br /></p>
[QUOTE="pprp, post: 6782064, member: 94602"]I have been complaining about the overwhelming participation of dealers in auctions over the past 2-3 years and in response I received some rather disapproving comments saying it's their right to do so, they always participated, they are not a threat, you should rethink your bids and the way you evaluate the market and so on. Now that that issue has reached even the lower end of the market, I see other people reacting. Maybe some people had in mind I was complaining because I could not outbid the Frank Robinson type of dealers. Just check the shops of Schmidt and Wadell, to name the most prominent ones. They buy at auctions at already very high prices (even several times the estimate). And then they try to resell at even more extraordinary prices. The majority of coins in their inventory come from auctions and not from private sales. Does anyone wonder why? If one tries to sell directly to them, they will offer a very low price and the seller will of course try an auction. So they prefer to buy more expensively from auctions than offer a fair price at a direct sale. They believe their name guarantees a later resale, whatever extraordinary price they will ask. This is of course a vicious circle and will break only if people stop buying at these prices and they get stuck with an inventory full of unwanted coins.[/QUOTE]
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How come this coin sold for so much?
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