I would think, although it's just speculation, that there is a very significant volume of private transactions at the high end that aren't reflected in auction house sales. Certainly there is incentive to avoid the premiums and sell directly. If this is true, then perhaps there are more collectors in Bruce's categories than his numbers reflect.
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Four phrases I nave coined that sum up today's hobby:
No consequences.
Stuff trumps all.
The flip is the commoodity.
Animal Farm grading.
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