LewRockwell A Los Angeles Lakers jersey worn by basketball legend Wilt Chamberlain is expected to sell for more than $4 million in a forthcoming Sotheby’s auction. Chamberlain wore the jersey in the fifth game of the 1972 NBA championship series between the Lakers and the New York Knicks, which was won by the Lakers. The previous record for Chamberlain memorabilia was set just a few months ago when another jersey worn by Wilt as a Philadelphia Warriors’ rookie sold for a mere $1.79 million. So what goes on here? Is the seller of the former jersey “greedier” than the seller of the latter jersey? Is this an instance of a new kind of inflation fueled purely by greed? Are sellers really able to arbitrarily raise prices in a single market or for the entire economy whenever their greed intensifies?
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