Hi Neal,
I read these posts involving auctions and laugh to myself about the reactions of all on this board. People haven't you attended our club auction at the convention? Nothing different than what happened on Ebay. Maybe just a little twist in the facts.

Individuals place a "rare" piece in auction while maintaining vast quantities behind the scenes. They wait for the auction to start. While the bidding is going on for their piece, they pass word to the bidders they have "some" pieces available for sale at less money.

Usually a "new" collector/investor gets stuck with the "rare" piece at top dollar while all the "smart" individuals laugh and buy the chip considerably less than the auction price. Happens all the time. "New" collector stuck! "In" crowd happy - with "rare" piece at less money. Nothing is ever done about it because the facts do not become known until AFTER the auction.

How about this one? I place the "rare" piece in auction. Meanwhile I have my friends bidding on it to drive up the price. One of my friends gets the piece at a high value. I buy it back from him so he doesn't get stuck. I now wait a period of time and than offer this "rare" gem <G> at less money.

Do these practices happen often? Not really - but when they do many "new" collectors bite the bullet. I have been in this hobby over two years. I know for a fact what I describe has happened at the last two convention auctions. I do the best I can, but sometimes even I know when to shut up<LOL>.

Just a few more reasons why I personally do not care for auctions. Best, Jim