My comment was based on what a good businessman would want to make on a deal like this, Damon. Given the risk of further chips coming out and the length of time required to move 100 chips, most dealers would want to make 200-300% on their investment. I recognize that in the heat of an auction, a buyer may pay more than his initial limit.

His bidding may also be influenced by the 'hope' that he can wholesale the lot to a dealer quickly at a smaller profit, maybe 50% or so. In either case, I would think the purchaser may be experiencing some buyer's remorse about now.

What we sometimes tend to forget is that auctions have traditionally been a dealer market. Due to limited access and the need for substantial capital, there have been fewer individuals buying collectibles in auctions. eBay and other electronic markets may be changing this somewhat due to easier access, but dealers with a desire to make a profit will always be the underlying base for the auction mode of selling. They tend to scan the offerings on a regular basis whereas a collector may do so only intermittently or when he is seeking a particular item. If there is no competing retail buyer for a partucular lot, the sales price will represent wholesale value, not retail.

Some believe that values listed in a reference like The Chip Rack are indicative of all kind of sales; in reality the values you pay at a chip show or convention will typically be significantly higher than auction prices. Bargains may be had in these markets as well, but dealers want to (must) make a profit in the long run or they will go do something else.