The man in charge of the auctions are doing it at the behest of the family that owns the chips. I made an offer for a $1 Las Vegas Club chip and received an email back saying he took the offer to the family who passed on it.

Also for sale is a $1 El Cortez chip for $8,000 and a thrashed $1 7th One chip for $500. These chips have been up for at least five years now.