I think part of it comes down to psychology.
I book a name at a catcher, which misses the name. Somebody comes on here offering the name for say 30 pounds (the same amount as the catcher).
But here's where the psychology kicks in: I might have 100 more domains still booked at catchers for the next few weeks (and 100s, 1,000s or even more domains already in my portfolio) so my level of interest in THAT domain is limited to "if it drops and I get it, it's nice to have". Suddenly having to transact a sale with somebody - even if it's nominally at the same price - is a LOT more work and requires a LOT more interest in the name. The catch is 100% passive, but a sale? Well, I have to work out how to transfer the money (and the name) and worry that the seller will take care of their side of the bargain. Then there's the info for the invoice, etc. etc.
And if that name's on an auction site (e.g. DomainLore) it's even worse, because then you've got the fear of losing the name (you bid but get outbid) all over again (you had that fear once already when the name was dropping) and/or the fear of paying "too much" precisely because you don't want to feel that you're going to lose the name.
Contrast that to the hands-off, zero seconds of work required when you successfully catch a name and it's not that surprising that SOME names that are caught don't sell for catch-level prices or a little bit higher.
If we knew with a cast-iron certainty that the drops would end next month, I think the situation would be different as people would be stocking up, but they're ongoing (for now anyway) and the supply of "if it drops and I get it, it's nice to have" quality names is seemingly limitless.
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Last edited by Edwin; 11-07-2009 at 12:48:15 AM.