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<p>[QUOTE=&quot;Sulla80, post: 4669581, member: 99456&quot;]I agree and I would add <b>the degree to which to differences are visible to buyers</b>.&nbsp; A number of comments in this thread have highlighted that experts may see rarity and value differently - recognizing differentiating details that are not seen by the general public.&nbsp; Markets are not perfect in both the access to buyers and the information required to value an asset.&nbsp;&nbsp; Not everyone who wants a coin knows it is for sale in a particular source, not everyone has the information to judge fair market value.</p><p><br /></p><p>Experts and auction houses can and do profit from imperfect markets and <b>information disequilibrium</b>&nbsp; e.g.</p><p>- How often do you see a coin move from one auction house to another?&nbsp; (just do a search in ACSearch and you will find many examples)</p><p>- How often do you see a poorly described coin or misattributed coin sell for less (or more) than what you see as market value? (no shortage of posts on CT about great deals on misattributed coins - or coins that sold too high that should have been called &quot;tooled&quot;)</p><p><br /></p><p><b>Access to information changes market demand and price</b>.&nbsp; The best auction houses and aggregators provide a good service to buyers by educating - information can change the demand for coin - just look at what happens when a coin is labeled (Dattari plate coin) or has been described as &quot;brushed&quot;, &quot;graffiti&quot;, &quot;tooled&quot;, &quot;repatinated&quot; or &quot;1/5&quot; on it&#039;s NGC slab.&nbsp; Like those who pump and dump overvalued stocks, there are those who try to do the same with coins, hiding flaws, claiming rarity, condition and history that is misleading.&nbsp; I try to stay away from the latter and greatly appreciate the efforts of the former to educate with research archives, publication of books and journal articles, well written auction catalogs, etc.</p><p><br /></p><p><b>The value of reputable dealers</b>: This information disequilibrium, is the reason that all and especially those new to ancients are encouraged to seek the counsel and services of knowledgeable and reputable dealers - the service they provide is well worth the price.[/QUOTE]</p><p><br /></p>

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