Pricing reflects the fact that auctions attract a different cadre of buyers than most who do business collector to collector or by using the internet. Essentially, they agree to pay a premium over eBay pricing in exchange for vetting and due diligence done by the auction house. As they do not educate themselves thoroughly, they are not aware than in very many cases, the auction house does not hold up its end of that deal - essentially, you get nothing at all in exchange for the price premium. As a result, sub-par pieces go for premium prices. Antiquorum has been notorious in that respect in the past - you are all familiar with Omegamania, and thanks to them, the record for a Zenith A 386 was until recently held by a forgery.
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