Maybe a different point of discussion, what does this event mean for the industry and other auction houses generally, or even the insurance companies? A $2mm loss/payout changes things.
- Will the insurance provider survive the payout, assuming they make one? Will there be any changes to policies? Additional restrictions or requirements? Will rates go up?
- Will auction houses change their liability limits to theft or other issues? If so, how does a consignor secure their interests when listing with an auction house? I've never consigned anything, but what are the current limits?
- Will auction houses cut back on what they bring to shows? I've personally bid after seeing something in person at a show and its always been cool to see some rare stuff.
- What impact will this have on ML? Even if they recover the cards today and every buyer follows through and receives their purchases by Friday, almost as if this never happened, will consignors be concerned with ML's stability or decision making? More competition in the auction space is probably good, so this can only be negative.
- Will/should there be changes to security at shows, especially the smaller ones? Will other dealers be reluctant to bring their best material, especially if insurance policies change?