HI mjp,
No toes are being crushed, but I must say, that in my case, usually the lettered are extra special. They may have original art or they may be just signed. In the case of the issues of Bottle (#1 - #4), every broadside is signed by the poet. Some even have original artwork. As many of the poets are outside the US, that is another logistical issue. I do see your point about rarity. Truthfully, though, if the publisher does not sell them for slightly more, then the after market sellers sure will. Most of the copies of Bukowski's 'as Buddha smiles' were sold to my good customers by me for the $50 that the regular edition, even though the list price was $75.
In conclusion, I probably agree with your assesment more than I disagree with it. Of course, the publisher selling the lettered of Bukowski allowed him the funds to publish other authors that although he felt them deserving of publication, may not be profitable (this is my theory. No evidence to back it up). I once heard a statement that as far as Black Sparrow Press, Bukowski sold more for them than all of their other authors COMBINED. I think that this is realistic given that Bukowski and BSP were so intertwined. Many times, I will use money from projects that sell well (like the Bukowski & Bottle projects) to help me afford to publish what I think is an amazing, but unknown writer. I rarely worry about money and at the end of the year, rarely make any. Most books will not cost me, but once all is said and done, my labor is pennies. Just as I like it!
All best,
Bill (right-handed and almost in the poor house) Roberts
p.s. I'm not complaining about not making much money publishing. I love doing it and would do it even if I lost money. Of course, it would be a much harder sell to my wife....