Auctions have usually been won by long term investors. Why buy at a premium (and they do buy at a premium most of the time) only to dump immediately? That's burning money...
How do you know they buy at a premium? Have there been any major auctions where the price was made public?
Nope, and never quite figured out why people think this.
The losing bids that were made public after the first USMS were up to 10% below the market price. No reason to think the winning bid wasn't 9% or 5% under, or even just market price.
I am of the belief that Draper bid 5 to 10% above market price (if NOT more) in order to win all 10 lots of nearly 30k coins. Seems to be the most logical conclusion in order to win all 10 lots.