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Madness!! Seafarer Sold at 11,250 CHF

This Abercrombie & Fitch Seafarer, in what appears to be fair condition, just sold for 11,250 CHF, including the buyers' premium.

Here's the link to the auction -- http://catalog.antiquorum.com/catalog.html?action=load&lotid=165&auctionid=283

Has the world gone mad? Is this the "Hodinkee Effect", from this posting?

Thoughts? Reactions? Explanations?

Jeff

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