And the value of the inventories of all those licensed Harbour Lights dealers was just devalued significantly through no fault of their own. The devaluation of inventory is NOT 33% -- it's 66%.

Let's take a lighthouse with a SRP of $75 that was introduced in 2009. LHD now offers it at $50 (one-third off).

Dealer X paid $37.50 for this piece in 2009, expecting to eventually make $37.50 in profit when they sold it at the agreed-upon retail price of $75.

Their $37.50 purchase is now worth $12.50, a devaluation of 66% on their 'inventory investment.' For the dealer to make the $37.50 profit they expected, they have to accept that the piece in their inventory is now worth only worth $12.50 if they sell it for $50.

A dealer with $5,000 worth of unsold Harbour Lights now has to think of that investment as worth only $1,650. And this on top of a decline in demand for Harbour Lights -- and all collectibles.

The "Harbour Lights Bubble" has burst.