Posted By:
peter chaoScott,
Right now the ultimate in bragging rights is owning the New York Yankees or some other sports franchise. As a business, sports is very profitable but it is not as profitable as many other businesses.
But it has the advantage of being a high profile business. So some really rich people that want the spotlight decide to buy franchises just so that others know how wealthy they are and are not necessarily making the purchase because they have found the most profitable business.
The same dynamic works in an auction to some degree. If a wealthy individual bought the Gretzky T-206 Wagner you can bet the spotlight will shine on them, and certainly they might brag that they have something that Barry Halper doesn't have.
Peter