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Posted By: peter chao

Let's say that a Cobb with Cobb back is bought at auction for $50,000. Look what each party gets out of the deal. The Auctioneer gets their percentage. The Seller gets the net sales price. Basically, that's the same as saying the future value to the Seller is 0. In other words the Seller is willing to surrender any claim of the future value in exchange for the net sales price.

The buyer purchases for a price equal to the market value. To him it is the value of the card in his collection plus an expected future appreciation (i.e. present value).

Peter