I, perhaps, bit off more than I could chew. What the young gentleman, who specializes in Ancients at NGC was saying was whatever the auction prices realized at sale at an auction house like Heritage's dictated because they appeal to a vast audience rather than an unusually high price that just happened to have been realized in one sale. Come to think of it, that was what the NGC expert was maintaining, and it
made sense.
Yes, you, and I, may have been prepared to go higher but our stratospheric bid is not FMV, only a benchmark of what had been achieved for a specific coin on a specific occasion under what very well may have been a fluke situation. Cooler heads usually prevail and it is their incremental bidding that counts in auctions -- rather than the price for a coin that just happened to wind up way out there because someone just "had to have it."
In consideration of how FMV is really determined, I must withdraw my objection. There will always be an upper limit set but it by itself does not establish market value. I suppose the same could be said for the reverse case where no one's bidding approaches the reserve price af which point lack of sufficient demand is reflected in the negative prices a perfectly good coin fails to achieve and the coin may very well be withdrawn from sale.