More taxi medallions going on the block .Aspire Federal Credit Union will start the bidding at $150,000.

Crain's New York reports:

At long last, New York's taxi industry may be about to find out how much a taxi medallion is worth in the Uber age.

Aspire Federal Credit Union will auction off 14 medallions from its loan portfolio Jan. 16. One or more of the assets will have an opening price of $150,000, according to Aspire President Thomas O'Shea, who is hoping the low price will draw the attention of bidders and drum up interest in the sale.

It has been difficult to determine the market price for medallions because there have been few outright sales. The last auction that had competitive bidding was for a package of 46 bought by a hedge fund as part of a bankruptcy settlement; they went for $186,000 apiece, but individual sales might have pushed the price higher. Medallions have also recently changed hands in what are believed to be cash transactions for as little as $150,000 and as much as $400,000, according to the Taxi and Limousine Commission.

The struggles of the rent-seeking society.