How much is a Leeteg worth?

What is the deal?
There was recently an incredible Leeteg on Ebay that had hung at Don the Beachcomber.
This painting was on eBay twice, the first time the highest bid was $2700 the second auction reached only $2900.
The reserve price was not met.
I don't blame the owner...I would not sell my Leeteg for that kind of money.
Is it that the people who want a Leeteg don't have that kind of money to spend?
Are Leetegs just not worth as much as we think?
Do you have to reach the "real" collectors?
I would think an original black velvet Leeteg should fetch $10,000.
I watch the Antiques Roadshow....am I crazy?
Any experts out there?

It is truly sad that Edgar Leeteg isn't recognized as the innovative artist he was, but let's put this in today's perspective.

The subject matter isn't widely appreciated, the materials (black velvet) is universally now accepted as crap. Many of these beautiful paintings were hung where years of smoke, possibly cooking grease, and rough handling have dimmed the luminosity, and removed paint.
It makes art collectors wary. Now as it did when he was producing them.

All of that being said, it adds up to allowing we collectors access to possibly still afford to own one- a piece of our collective history, before (in Leeteg's words) "them bastards" (art collectors) drive the prices up for their own investment good.
Personally, I think it's cool that you can still walk into a few old drinking establishments and find one.

Shipwreck Kelly