Supply sophism

Mike Brandly, Auctioneer Blog

gulfstream11 years ago this month, I was boarding a Gulfstream G100 on a flight from Ohio to Missouri.

We were flying to Missouri to inspect a noted inventory of antiques and collectibles. The owners (husband and wife) wanted to discuss us selling this entire collection at auction, live and online, at our secondary auction facility in Lancaster, Ohio.

Once on the ground in Missouri, we met our prospective clients. We enjoyed some dinner and then proceeded to their home stocked with these aforementioned items.

As I walked from room to room … to room, both the husband and wife showed me paintings, pottery pieces, glassware, silver, furniture, statuary, and so forth. For each item, a typical remark was something along the lines of “Now this piece is particularly rare …”

“Particularity rare?” I thought not. I had seen (and sold at auction) many identical like-kind pieces numerous times. In fact…

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