On Yekim's suggestion, "It could be possible that they are large enough to order from Spyderco direct, and be large enough to get Distributor rates... " - Small dealers can buy directly from Spyderco too, but they ain't buying directly from Spyderco if they're selling retail at those prices, which one normally sees at a liquidation sale.
However, opportunities for dealers to buy below wholesale do sometimes occur. Go to "Mammoth Mart" and check out their prices on Leatherman tools. You may find them even slightly below what I and other low-volume dealers pay our distributors. If Spyderco just had a handfull of models with a few variations, like Leatherman, they could possibly make money with the mass-market deep-discount route, as Leatherman does. But I doubt if "Mammoth Mart" is about to carry the whole Spyderco line at those prices. In order to support Spyderco's variety in the long run, it has to be possible for dealers to make money selling the whole line.
[This message has been edited by James Mattis (edited 07 February 1999).]