The My Miami chalice – World Wide Corals Acanthastrea is so 2008. Or at least that’s how I feel when observing the latest coral craze that has people swarming like locust over these ‘hot’ and ‘rare’ Chalice corals. Let me start by saying I am all for capitalism. People have the right to buy and sell [...]
The My Miami chalice – World Wide Corals
Acanthastrea is so 2008. Or at least that’s how I feel when observing the latest coral craze that has people swarming like locust over these ‘hot’ and ‘rare’ Chalice corals. Let me start by saying I am all for capitalism. People have the right to buy and sell corals for the amount they please. It seems now people are exercising that right more than ever, as one coral fragment has pushed coral pricing to new heights. Take a look at the recent eBay listing for the “My Miami Chalice”.
At MACNA XXI, two 1″ frags (one eye each) sold for $1,500 each to a single willing buyer. Prior to this, the coral has marketed on the interwebs as only having four owners. This ‘limited supply’ creating all kinds of hype leading to the high prices. Now a frag has gone up for auction on eBay and in just a few hours it surpassed that 1.5K price tag that was seen at MACNA. As of Monday night, after 20 bids, World Wide Coral’s 1 eye fragment auction on eBay is fetching $1,875 dollars. For those unfamiliar with Chalice pricing, they go per “eye”. The eye refers to the mouth of the coral; a single eye typically measures in at 1/2 to 1 inch.
Whether directly and indirectly, this coral has been marketed extremely well. The limited ownership of this coral has made it more alluring to some reefers. The coral is pretty, but is it’s value really close to $2,000USD? For me, no. But valuation is unique to each individual. One of my all time favorite quotes (which has become overused, but is still very effective) comes from Warren Buffet.
“Price is what you pay, value is what you get”
This applies to many aspects of life and is something to consider. To some reefers the value of owning this coral now, is worth the price tag. I highlight the word now, because I think we all know such a price is not sustainable. They will be grown and propagated and new owners will continue to sell them. I don’t mean this in a negative way, but it is only natural for it to happen and the result of an increase in supply. One owner of the My Miami that we spoke with purchased the coral because he really enjoyed the coloration and he knew he could easily get his money back–and more power to him.
For those familiar with trading (stocks) and technical analysis it reminds me of price stability amidst sky rocketing volume. This happens when those in the know are selling, and those chasing and wanting to get on the bandwagon are buying. As such, supply and demand are meeting eye to eye and the price stays stable… momentarily. A very water downed version for those unfamiliar with the concept, but it applies to the bubble and burst of trendy corals quite well.
Chalice crazy?
“Chalices are some of the most expensive corals our hobby has seen and are the latest ‘must have species’. Are you a fan? How long do you think this craze will last?
[Disclosure : Short Echinophyllia, Long Cycloseris]
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