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store and convention markets were organized public markets in
1985.
Dealers and collectors who bought and sold at movie
memorabilia conventions were also not necessarily ultimate
consumers. Lio v. Commissioner, 85 T.C. at 70; Anselmo v.
Commissioner, supra at 882. Many collectors, who bought and sold
as ultimate consumers on their own account, were also dealers who
bought and sold inventory for their businesses on the wholesale
level. It is unclear from the record how many buyers at
conventions were “ultimate consumers” and how many were dealers.
The items to be valued must also be available for sale in
the relevant market. The record shows that only a limited number
of types of movie memorabilia were sold in conventions, making
that market comparatively unsuitable for selling much of the
collection in this case. Warren testified that size prevented
the two physically largest categories of movie memorabilia at
issue in this case, six-sheets and twenty-four-sheets, from being
sold at conventions in 1985. Three-sheets were sold only on a
very limited basis. Foreign posters, a major part of the
collection, were also rarely sold at conventions. Memorabilia
sold at conventions also tended to be “picked over” and usually
were not in mint condition. One of the most noteworthy
attributes of the collection was the completely unused, mint
condition of most of the items.
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