Hi Roger,
I really don't want to discuss the pros and cons of auctions or whether auctions measure what a chip is worth.

The only POINT I want to make is KNOWLEDGE involving the chip, in my opinion, is the main contributing factor for establishing value and its corresponding price. The more knowledge the buying community has; the better the chance the chip will reach what it is worth.

This "subjective" business is really not applicable. If an uninformed seller places a chip in auction and the uninformed buyers bid on it - WE HAVE NOTHING! The final result will establish one collector wanted the chip for his/her collection. Real value via the market place has not been established. Just look at the quality chips on Ebay going for a fraction of what they are worth because no one including the bidder knows anything about the chip. In addition, look at the pieces of junk going for big dollars like the Riv. porn girls.

Please Roger, don't try to tell me auctions establish true value. It just isn't so. My best to you, Jim