In fields such as fine art and jewelry, market commentators have pointed out the growing divide between the best and the rest. Heritage Auction Galleries' Platinum Night U.S. coin auction at the January Florida United Numismatists shows that more than ever, well-heeled collectors are all gravitating toward a handful of landmark rarities.

The performance of top rarities at auction is important because it's what noncollectors see. Newspapers publishing stories on million-dollar coins leads to positive stories on the strength of the rare coin market. That in turn leads to increased market confidence, which leads to buying.

For the 2010 FUN Heritage U.S. coin auction, the top five lots realized an astounding $7.14 million, while the top 10 realized $8.49 million. This represents the highest total, but the smallest dollar difference between the top five lots and next five lots since 2006. Historically at FUN:

• 2009: top five lots realized $2.63 million, top 10 lots brought $4.46 million

• 2008: top five lots realized $4.39 million, top 10 lots brought $6.52 million

• 2007: top five lots realized $5.92 million, top 10 lots brought $8.22 million

• 2006: top five lots realized $2.96 million, top 10 lots brought $3.96 million

Will strength at the very top of the market lead to strength in the rest of the super-coin ($100,000 and up) market? Part of this will depend on the willingness of consignors to put their rare coins on the auction block.

That three separate bidders competed for the 1913 Liberty Head 5-cent coin on its way to $3,757,500 speaks as much to the strength at the top end as the $322,000 that the 1921 Mint State 64 1921 Saint-Gaudens gold $20 double eagle – the fourth most expensive coin sold that night – realized.

Heritage has offered an MS-64 1921 double eagle on four occasions since 2005, with prices ranging from $373,750 to $474,375.

In an auction that featured many exceptional Saint-Gaudens gold double eagles, many performed well-above expectations and the sell-through rate was very strong when some wondered if the market could absorb so many expensive coins.