Most likely it's the way you said... Dealers pay half the list and sell for 1/3 off list. BUT, Gibson is a pretty big time franchise and I almost garauntee that they sell their guitars to big name dealers (Guitar Center/Musicians Friend... etc.) for a lot less than 1/2 list... It's probably a cost based on annual sales margins and supply and demand curves... So it may fluxuate annually. But on average I would say 1/2 list is probably pretty decent. Gibsons prices are so inflated that it's ridiculous... I can't even justify buying a Gibson... I love my two Fenders....